UVA (sticker) v. Texas (sticker/in-state)

(Rankings, Profiles, Tuition, Student Life, . . . )
albanach

Gold
Posts: 1599
Joined: Tue Jul 08, 2008 10:05 pm

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby albanach » Wed Mar 22, 2017 2:28 pm

Extended fixed payments if the entire $300k was at 6.8% are $2,082. Manage that and you have no tax bomb.

Of course if you have biglaw, you can do two things. One, you're lockstep so you can put your annual increase into loan repayments. Let's say you stay for four years. That's $10k in y2, $30k in y3 and $55k in y4. In total you paid down almost $100k, Add in your bonuses and after four years you'd get another almost $100k. You'd also likely be able to refinance, slashing that interest rate.

Now, if you don't make BigLaw you are either PAYE with a tax bomb, or PSLF if it still exists. So there's obviously a potential downside.

BigZuck

Diamond
Posts: 11730
Joined: Tue Sep 04, 2012 9:53 am

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby BigZuck » Wed Mar 22, 2017 3:54 pm

albanach wrote:Extended fixed payments if the entire $300k was at 6.8% are $2,082. Manage that and you have no tax bomb.

Of course if you have biglaw, you can do two things. One, you're lockstep so you can put your annual increase into loan repayments. Let's say you stay for four years. That's $10k in y2, $30k in y3 and $55k in y4. In total you paid down almost $100k, Add in your bonuses and after four years you'd get another almost $100k. You'd also likely be able to refinance, slashing that interest rate.

Now, if you don't make BigLaw you are either PAYE with a tax bomb, or PSLF if it still exists. So there's obviously a potential downside.

Lol

albanach

Gold
Posts: 1599
Joined: Tue Jul 08, 2008 10:05 pm

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby albanach » Wed Mar 22, 2017 6:15 pm

BigZuck wrote:Lol


Well, yeah it's a big downside. But the op was asking if UVA at sticker is doable. I've tried to present figures, op just needs to decide how risk averse they are.

IMHO, UVA is a better prospect than UT when you look at the numbers. Is an eighty percent chance of being (relatively) comfortable when it comes to loan repayments enough? Only op can decide that.

tinyvessels

Bronze
Posts: 101
Joined: Wed Nov 23, 2016 9:05 pm

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby tinyvessels » Wed Mar 22, 2017 7:49 pm

BigZuck wrote:
albanach wrote:Extended fixed payments if the entire $300k was at 6.8% are $2,082. Manage that and you have no tax bomb.

Of course if you have biglaw, you can do two things. One, you're lockstep so you can put your annual increase into loan repayments. Let's say you stay for four years. That's $10k in y2, $30k in y3 and $55k in y4. In total you paid down almost $100k, Add in your bonuses and after four years you'd get another almost $100k. You'd also likely be able to refinance, slashing that interest rate.

Now, if you don't make BigLaw you are either PAYE with a tax bomb, or PSLF if it still exists. So there's obviously a potential downside.

Lol

tinyvessels

Bronze
Posts: 101
Joined: Wed Nov 23, 2016 9:05 pm

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby tinyvessels » Wed Mar 22, 2017 8:04 pm

If you absolutely have to go to law school this year, then UT is the better choice. It would be way less debt than UVA and it seems like you have ties there. I don't think law school is the time to 'experience something different' tbh.

However, when you take six figure debt out like this, you should probably think about the worst case scenario, not the best. All these posts running under the assumption that you'll get big law and use PAYE, or do PSFL instead, are not helpful. You need to prepare for having this amount of debt, with potentially no big law job, and, considering the political climate, we don't even know it stuff like PAYE or PSFL will be viable down the road.

I think you should check out the loan thread on this site, it will help put all this into perspective from people that are actually living it, not just 0ls and current law students with rose-colored glasses. Although that thread does skew toward people who landed big law.

albanach

Gold
Posts: 1599
Joined: Tue Jul 08, 2008 10:05 pm

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby albanach » Wed Mar 22, 2017 8:32 pm

tinyvessels wrote:If you absolutely have to go to law school this year, then UT is the better choice. It would be way less debt than UVA and it seems like you have ties there. I don't think law school is the time to 'experience something different' tbh.


Really? $200k in debt with a 40% chance of Biglaw and 50% chance of earning under $100k is better than $300k with a 70+% chance of Biglaw and a median of $145k?

Both schools mean a lot of debt. One had significantly better employment stats.

tinyvessels

Bronze
Posts: 101
Joined: Wed Nov 23, 2016 9:05 pm

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby tinyvessels » Wed Mar 22, 2017 9:40 pm

albanach wrote:
tinyvessels wrote:If you absolutely have to go to law school this year, then UT is the better choice. It would be way less debt than UVA and it seems like you have ties there. I don't think law school is the time to 'experience something different' tbh.


Really? $200k in debt with a 40% chance of Biglaw and 50% chance of earning under $100k is better than $300k with a 70+% chance of Biglaw and a median of $145k?

Both schools mean a lot of debt. One had significantly better employment stats.


Of the approx. eighty percent of students that go into law firms, seventy percent or so of them do Big Law. I mean yes, the stats are around forty percent better, I guess the OP needs ti decide if that increased chance is worth 100k more. I'm a lot more debt averse than a majority of TLS fwiw, so that skews my perspective.

Either way, both of these options are not optimal.

libby

New
Posts: 13
Joined: Tue Feb 21, 2017 3:10 pm

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby libby » Thu Mar 23, 2017 10:54 am

albanach wrote:
trebekismyhero wrote:
I really doubt the majority of those that aren't in big law are in mid-law making 100k since that is what the median for the whole law school is.


Whereas with UVA there's a 70% chance of biglaw or federal clerkship probably leading to biglaw. A decent number of the remaining 30% are in biggov or self-selected into public service.

Is $300k servicable on biglaw, biggov (in case pslf goes away) or midlaw is the question? A lot of that will depend on OPs goals and lifestyle.


I wouldn't mind grinding it out for the first few years out of law school if that's what it would take to pay off my loans at UVA... but I feel like I'm young and idealistic at this point. I'm not necessarily debt averse, but I also don't want to be miserable and broke 10 years out of school

BigZuck

Diamond
Posts: 11730
Joined: Tue Sep 04, 2012 9:53 am

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby BigZuck » Thu Mar 23, 2017 11:28 am

libby wrote:
albanach wrote:
trebekismyhero wrote:
I really doubt the majority of those that aren't in big law are in mid-law making 100k since that is what the median for the whole law school is.


Whereas with UVA there's a 70% chance of biglaw or federal clerkship probably leading to biglaw. A decent number of the remaining 30% are in biggov or self-selected into public service.

Is $300k servicable on biglaw, biggov (in case pslf goes away) or midlaw is the question? A lot of that will depend on OPs goals and lifestyle.


I wouldn't mind grinding it out for the first few years out of law school if that's what it would take to pay off my loans at UVA... but I feel like I'm young and idealistic at this point. I'm not necessarily debt averse, but I also don't want to be miserable and broke 10 years out of school

300K is an unfathomable student debt burden IMO. I'm a little less than 100K in debt and it's going to suck to pay this off. 300K is another world. That would be one hell of a grind. Also consider that you could get laid off, or never get a job that allows you to grind. I would never take out that much to go to law school. I think the chances of being miserable and feeling tied down to the debt would be really high.

albanach

Gold
Posts: 1599
Joined: Tue Jul 08, 2008 10:05 pm

Re: UVA (sticker) v. Texas (sticker/in-state)

Postby albanach » Thu Mar 23, 2017 12:19 pm

If you do go to UVA, I guess my one piece of advice would be to work your 1L year like you already have that $300k in debt. Make every use of the guides on here and professor office hours. You really truly want to be above median going into OGI.



Return to “Choosing a Law School�

Who is online

Users browsing this forum: No registered users and 4 guests