URM 2010-2011 Application Cycle

(BLS, URM status, non-traditional, GLBT)
jd20132013
Posts: 997
Joined: Sat Oct 09, 2010 4:41 pm

Re: URM 2010-2011 Application Cycle

Postby jd20132013 » Thu Mar 17, 2011 12:14 pm

Tk I'm confused about what you're saying about the LIPP. The gist I got was that it doesn't offer an extra benefit because of something to do with IBR?

Thing about IBR, as far as I know, and I could be wrong,is that you're locked into a narrowly defined public service job for the length of the loan repayment.

LIPP lets you leave when you want and also can be used in a wider range of jobs.
That's been my thinking recently

rundoxierun
Posts: 1893
Joined: Wed Dec 03, 2008 1:46 am

Re: URM 2010-2011 Application Cycle

Postby rundoxierun » Thu Mar 17, 2011 3:28 pm

jd20132013 wrote:Tk I'm confused about what you're saying about the LIPP. The gist I got was that it doesn't offer an extra benefit because of something to do with IBR?

Thing about IBR, as far as I know, and I could be wrong,is that you're locked into a narrowly defined public service job for the length of the loan repayment.

LIPP lets you leave when you want and also can be used in a wider range of jobs.
That's been my thinking recently


Ok, its kind of hard to put it succinctly but basically the biggest problem with IBR based plans is the threat of negative amortization upon leaving the program. This essentially means that your IBR payments dont cover, or barely cover, the interest piling up on your loans so when you leave the program you end up owing just as much or even more. With low debt, however, this isnt an issue because the 15% IBR payment would be more than enough to cover your interest and actually pay down principal(not 100% sure how schools are going to handle this situation) and since most schools forgive the IBR payment annually it makes the difference between their LRAP and LIPP basically null. The simple small size of the loan combined with the low interest rate(6.8% vs. 7.5% average) means that you have full flexibility for the most part. You are locked in to get it fully forgiven(as you also would be with LIPP) but you still get some benefits if you leave the program since you dont have to worry about huge negative amortization.

User avatar
chrissyc
Posts: 257
Joined: Fri Oct 22, 2010 5:14 pm

Re: URM 2010-2011 Application Cycle

Postby chrissyc » Thu Mar 17, 2011 9:03 pm

[quote="BlakcMajikc"]Finally have enough financial info to ask what you guys think. Open to thoughts and comments.

Please don't quote... I plan to delete this at some point.

wow...when did your award letters come?

User avatar
chrissyc
Posts: 257
Joined: Fri Oct 22, 2010 5:14 pm

Re: URM 2010-2011 Application Cycle

Postby chrissyc » Thu Mar 17, 2011 9:12 pm

okay...so i am also in need of a what to do? here's my list:

$$ at only 1 school
UF --36k which is full because i'm in state

In at:
Yale
Harvard
Berkeley
Duke
Northwestern
NYU--interviewing for AnBryce

UR
Cornell
Columbia
UMich
UChicago

WL
UVA
UPenn

How does the LRAP at Harvard compare to Yale? Do you think there will be a difference in opportunities? I want to practice in Fl. Biglaw isn't a HUGE aspiration..I'm sure I would love it if I did it but wouldn't feel that I was missing out if I didn't.

I have no idea what to do. I'm visiting NYU for the interview in 13 days...visiting Berkeley for their ASW in a few weeks. I haven't received award letters yet...maybe its because my apps were all complete in January.

Brock2010
Posts: 82
Joined: Thu Dec 02, 2010 1:01 am

Re: URM 2010-2011 Application Cycle

Postby Brock2010 » Thu Mar 17, 2011 9:21 pm

Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.

dkt4
Posts: 316
Joined: Sat Feb 05, 2011 6:33 pm

Re: URM 2010-2011 Application Cycle

Postby dkt4 » Thu Mar 17, 2011 10:06 pm

my understanding is that b/t yale & harvard, yale's LRAP is stronger because it covers all jobs regardless of whether they are law-related....and i seem to remember it covering a higher salary, but don't quote me on that.

seems like there's a big enough discrepancy b/t UF and Yale in terms of degree quality that it is probably worth the added expense.

User avatar
unc0mm0n1
Posts: 1714
Joined: Sat Dec 25, 2010 1:06 pm

Re: URM 2010-2011 Application Cycle

Postby unc0mm0n1 » Fri Mar 18, 2011 12:44 am

Brock2010 wrote:Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.


well I guess I'm not conventional because I would choose Harvard over Yale.

User avatar
BlakcMajikc
Posts: 763
Joined: Fri Oct 29, 2010 1:05 pm

Re: URM 2010-2011 Application Cycle

Postby BlakcMajikc » Fri Mar 18, 2011 2:52 am

chrissyc wrote:
BlakcMajikc wrote:Finally have enough financial info to ask what you guys think. Open to thoughts and comments.

Please don't quote... I plan to delete this at some point.

wow...when did your award letters come?


Mostly over the past month (or over the past ~4 weeks). UVA called with the Dean's scholly at the same time I was accepted. For Penn, I submitted an essay. For Michigan it was a phone call. The timing was different and the mode of notification ranged from phone call to letter to email. Too many schools to account for.

rundoxierun
Posts: 1893
Joined: Wed Dec 03, 2008 1:46 am

Re: URM 2010-2011 Application Cycle

Postby rundoxierun » Fri Mar 18, 2011 2:48 pm

unc0mm0n1 wrote:
Brock2010 wrote:Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.


well I guess I'm not conventional because I would choose Harvard over Yale.


I'll second that. The "always Yale" thing is a product of the TLS echo chamber.

User avatar
Ratchet Jackson
Posts: 2703
Joined: Wed Nov 17, 2010 6:41 pm

Re: URM 2010-2011 Application Cycle

Postby Ratchet Jackson » Fri Mar 18, 2011 2:50 pm

tkgrrett wrote:
unc0mm0n1 wrote:
Brock2010 wrote:Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.


well I guess I'm not conventional because I would choose Harvard over Yale.


I'll second that. The "always Yale" thing is a product of the TLS echo chamber.


Harvard > all is a proudct of Legally Blonde.





Kidding. Sort of.

Brock2010
Posts: 82
Joined: Thu Dec 02, 2010 1:01 am

Re: URM 2010-2011 Application Cycle

Postby Brock2010 » Fri Mar 18, 2011 3:13 pm

tkgrrett wrote:
unc0mm0n1 wrote:
Brock2010 wrote:Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.


well I guess I'm not conventional because I would choose Harvard over Yale.


I'll second that. The "always Yale" thing is a product of the TLS echo chamber.

Not really dude. I don't spend much time on TLS anymore

jd20132013
Posts: 997
Joined: Sat Oct 09, 2010 4:41 pm

Re: URM 2010-2011 Application Cycle

Postby jd20132013 » Fri Mar 18, 2011 5:02 pm

just got my financial aid award from Stanford....37,000 a year in need based aid.

That's almost "full tuition" there...so I think I'll be withdrawing from UVA + Michigan pretty soon. Not sure if it helps to time scholarship request letters but wanted to let yall know in case someone wanted to send in a letter after I withdrew.

User avatar
unc0mm0n1
Posts: 1714
Joined: Sat Dec 25, 2010 1:06 pm

Re: URM 2010-2011 Application Cycle

Postby unc0mm0n1 » Fri Mar 18, 2011 5:04 pm

Just got Penn and Fordham today. Don't understand Fordham because I withdrew over a month ago. But I guess i have to write them and withdraw again.

rundoxierun
Posts: 1893
Joined: Wed Dec 03, 2008 1:46 am

Re: URM 2010-2011 Application Cycle

Postby rundoxierun » Fri Mar 18, 2011 5:24 pm

jd20132013 wrote:just got my financial aid award from Stanford....37,000 a year in need based aid.

That's almost "full tuition" there...so I think I'll be withdrawing from UVA + Michigan pretty soon. Not sure if it helps to time scholarship request letters but wanted to let yall know in case someone wanted to send in a letter after I withdrew.


Did you get the max? Thats about $7,000 more than the max at harvard but COA at stanford is about $3,000 more so if that is the max then Harvard actually does offer competitive packages like they claim. I need to read through Stanford's materials, they are the last decision Im waiting on and money could def sway me. People have told me they have "heard" of Stanford giving offers of 40k+ but I am skeptical.

jd20132013
Posts: 997
Joined: Sat Oct 09, 2010 4:41 pm

Re: URM 2010-2011 Application Cycle

Postby jd20132013 » Fri Mar 18, 2011 5:28 pm

I'm not sure if I got the max, it didn't say on the offer letter...I was under the impression that this was the max though but I don't have any actual reasoning

CrashingTheGate
Posts: 40
Joined: Wed Feb 23, 2011 5:37 pm

Re: URM 2010-2011 Application Cycle

Postby CrashingTheGate » Fri Mar 18, 2011 5:44 pm

jd20132013 wrote:just got my financial aid award from Stanford....37,000 a year in need based aid.

That's almost "full tuition" there...so I think I'll be withdrawing from UVA + Michigan pretty soon. Not sure if it helps to time scholarship request letters but wanted to let yall know in case someone wanted to send in a letter after I withdrew.



Wow! Congrats, that's huge! I am budgeting for way less than that, so if I'm as lucky as you I may get to quit my job early. :D

How did they notify you?

User avatar
timmna
Posts: 524
Joined: Sat Jun 19, 2010 11:15 am

Re: URM 2010-2011 Application Cycle

Postby timmna » Fri Mar 18, 2011 6:11 pm

jd20132013 wrote:I'm not sure if I got the max, it didn't say on the offer letter...I was under the impression that this was the max though but I don't have any actual reasoning


+1 on both counts. I was pretty happy with it.

rundoxierun
Posts: 1893
Joined: Wed Dec 03, 2008 1:46 am

Re: URM 2010-2011 Application Cycle

Postby rundoxierun » Fri Mar 18, 2011 6:51 pm

timmna wrote:
jd20132013 wrote:I'm not sure if I got the max, it didn't say on the offer letter...I was under the impression that this was the max though but I don't have any actual reasoning


+1 on both counts. I was pretty happy with it.


Yeah.. after reviewing the really old info Stanford has on their website Im pretty sure that offer is the max. Hmm I guess I can stop complaining about Harvard's finaid then.

Congrats!! Does this lock you guys up for Stanford?? In case you havent heard back from H yet, their max offer leaves you with $42,800 in loans.

jd20132013
Posts: 997
Joined: Sat Oct 09, 2010 4:41 pm

Re: URM 2010-2011 Application Cycle

Postby jd20132013 » Fri Mar 18, 2011 6:59 pm

I found out via email, they just told me to check my Stanford axess account and it was on there.


Yeah.. after reviewing the really old info Stanford has on their website Im pretty sure that offer is the max. Hmm I guess I can stop complaining about Harvard's finaid then.

Congrats!! Does this lock you guys up for Stanford?? In case you havent heard back from H yet, their max offer leaves you with $42,800 in loans.



Well, according to Stanford's calculations I'll still have about 40k in loans too(78k estimated total cost of living -37K grants)But I doubt I'll spend their full "living allowance") So it doesn't look like that different on the face of it.

so, I'm not sure if it's going to end up being that big a difference...


That being said it definitely locks me up for HYS

User avatar
chrissyc
Posts: 257
Joined: Fri Oct 22, 2010 5:14 pm

Re: URM 2010-2011 Application Cycle

Postby chrissyc » Fri Mar 18, 2011 9:26 pm

All things being equal how do I choose between harvard and yale??

I'm interviewing for anbryce on the 1st I believe. If I get it I'm going but I have to have a what-if I don't get it plan.

dkt4
Posts: 316
Joined: Sat Feb 05, 2011 6:33 pm

Re: URM 2010-2011 Application Cycle

Postby dkt4 » Fri Mar 18, 2011 9:34 pm

at a certain point i really believe the only significant differences are what kind of environment you think you can best thrive in. the other differences are fairly small in the long-run.

jd20132013
Posts: 997
Joined: Sat Oct 09, 2010 4:41 pm

Re: URM 2010-2011 Application Cycle

Postby jd20132013 » Fri Mar 18, 2011 10:54 pm

chrissyc wrote:All things being equal how do I choose between harvard and yale??

I'm interviewing for anbryce on the 1st I believe. If I get it I'm going but I have to have a what-if I don't get it plan.



go to the asw's, see which strikes your fancy more

if neither, flip a coin .... haha

as far as I can tell the differences really aren't meaningful

User avatar
Zabini
Posts: 210
Joined: Sun Oct 31, 2010 6:45 pm

Re: URM 2010-2011 Application Cycle

Postby Zabini » Sat Mar 19, 2011 1:22 am

In at USC for my first acceptance of the cycle...pretty stoked to get off the schneid!

User avatar
LLB2JD
Posts: 745
Joined: Tue Sep 29, 2009 5:32 pm

Re: URM 2010-2011 Application Cycle

Postby LLB2JD » Sat Mar 19, 2011 7:20 am

Zabini wrote:In at USC for my first acceptance of the cycle...pretty stoked to get off the schneid!


Congrats

ksimon2007
Posts: 532
Joined: Sun Oct 21, 2007 9:23 pm

Re: URM 2010-2011 Application Cycle

Postby ksimon2007 » Sat Mar 19, 2011 7:42 am

.
Last edited by ksimon2007 on Sun Mar 20, 2011 8:12 pm, edited 1 time in total.




Return to “Under Represented Law Student Forum”

Who is online

Users browsing this forum: No registered users and 1 guest