Pick the better scholarship....

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.

Which is the better scholarship?

20k per year with a 3.25 / 10k per year with a 3.0 - 3.25
18
72%
12k per year guaranteed
7
28%
 
Total votes: 25

unbrokenchain
Posts: 23
Joined: Wed Apr 28, 2010 5:06 am

Pick the better scholarship....

Postby unbrokenchain » Thu Apr 29, 2010 12:41 am

for chicago kent, I have 2 options...

Option A ) 20k a year if I can maintain a 3.25 at the end of each year (roughly top 25-30%). If I can't maintain that, it slides to 10k a year if I maintain at least a 3.0. Once is slides down, it can never slide back up.

Option B) 12k a year, guaranteed.


FWIW, I am pretty confident I can maintain a 3.25, and plan on working my ASS OFF and shooting for top 10% in order to hopefully transfer to UIUC or another better school. But I also recognize that there are no guarantees when it comes to grades.

All input is greatly appreciated.
Thanks for your time.

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pugalicious
Posts: 190
Joined: Thu Mar 25, 2010 10:52 pm

Re: Pick the better scholarship....

Postby pugalicious » Thu Apr 29, 2010 12:49 am

unbrokenchain wrote:for chicago kent, I have 2 options...

Option A ) 20k a year if I can maintain a 3.25 at the end of each year (roughly top 25-30%). If I can't maintain that, it slides to 10k a year if I maintain at least a 3.0. Once is slides down, it can never slide back up.

Option B) 12k a year, guaranteed.


FWIW, I am pretty confident I can maintain a 3.25, and plan on working my ASS OFF and shooting for top 10% in order to hopefully transfer to UIUC or another better school. But I also recognize that there are no guarantees when it comes to grades.

All input is greatly appreciated.
Thanks for your time.


So your potential options are:
a) 60k total
b)40k total (if you don't get the gpa requirement)
c)36k total

so....both options with the larger scholly are better than the lower one. Why is this a thread?

unbrokenchain
Posts: 23
Joined: Wed Apr 28, 2010 5:06 am

Re: Pick the better scholarship....

Postby unbrokenchain » Thu Apr 29, 2010 12:54 am

pugalicious wrote:
unbrokenchain wrote:for chicago kent, I have 2 options...

Option A ) 20k a year if I can maintain a 3.25 at the end of each year (roughly top 25-30%). If I can't maintain that, it slides to 10k a year if I maintain at least a 3.0. Once is slides down, it can never slide back up.

Option B) 12k a year, guaranteed.


FWIW, I am pretty confident I can maintain a 3.25, and plan on working my ASS OFF and shooting for top 10% in order to hopefully transfer to UIUC or another better school. But I also recognize that there are no guarantees when it comes to grades.

All input is greatly appreciated.
Thanks for your time.


So your potential options are:
a) 60k total
b)40k total (if you don't get the gpa requirement)
c)36k total

so....both options with the larger scholly are better than the lower one. Why is this a thread?



You might want to brush up on your math. If I end up getting 10k a year because I can't reach a 3.25, that's 30k total.... does that explain the existence of this thread?

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badfish
Posts: 1160
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Re: Pick the better scholarship....

Postby badfish » Thu Apr 29, 2010 12:58 am

pugalicious wrote:
unbrokenchain wrote:for chicago kent, I have 2 options...

Option A ) 20k a year if I can maintain a 3.25 at the end of each year (roughly top 25-30%). If I can't maintain that, it slides to 10k a year if I maintain at least a 3.0. Once is slides down, it can never slide back up.

Option B) 12k a year, guaranteed.


FWIW, I am pretty confident I can maintain a 3.25, and plan on working my ASS OFF and shooting for top 10% in order to hopefully transfer to UIUC or another better school. But I also recognize that there are no guarantees when it comes to grades.

All input is greatly appreciated.
Thanks for your time.


So your potential options are:
a) 60k total
b)40k total (if you don't get the gpa requirement)
c)36k total

so....both options with the larger scholly are better than the lower one. Why is this a thread?


Image

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Lawl Shcool
Posts: 763
Joined: Tue Oct 27, 2009 6:44 pm

Re: Pick the better scholarship....

Postby Lawl Shcool » Thu Apr 29, 2010 1:08 am

Bet on yourself to do well

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blurbz
Posts: 1229
Joined: Mon Jun 29, 2009 10:43 pm

Re: Pick the better scholarship....

Postby blurbz » Thu Apr 29, 2010 1:09 am

pugalicious wrote:
unbrokenchain wrote:for chicago kent, I have 2 options...

Option A ) 20k a year if I can maintain a 3.25 at the end of each year (roughly top 25-30%). If I can't maintain that, it slides to 10k a year if I maintain at least a 3.0. Once is slides down, it can never slide back up.

Option B) 12k a year, guaranteed.


FWIW, I am pretty confident I can maintain a 3.25, and plan on working my ASS OFF and shooting for top 10% in order to hopefully transfer to UIUC or another better school. But I also recognize that there are no guarantees when it comes to grades.

All input is greatly appreciated.
Thanks for your time.



So your potential options are:
a) 60k total
b)40k total (if you don't get the gpa requirement)
c)36k total

so....both options with the larger scholly are better than the lower one. Why is this a thread?


There are more options:

a. 20k total (20k 1L, 0 2/3L)
b. 30k total (20k 1L, 10k 2L, 0 3L)
c. 36k total (12k/year)
d. 40k total (20k 1/2L, 0 3L)
e. 40k total (20k 1L, 10k 2/3L)
f. 50k total (20k 1/2L, 12k 3L)
g. 60k total (20k 1/2/3L)

I suspect that's why this is a thread.

There are more options that are higher than the guaranteed 36k than are below it, but, of course, they are progressively harder to achieve. Does Kent have a stipulation where you have to pay back scholarship money if you transfer? I' be surprised if they do, but I know a few schools do this (though they're normally much lower ranked).

Sorry I can't give you real advice: I guess personally I'm optimistic (and confident) enough that if it were me I'd take the 20 and hope I did well enough to keep at least the 10 for 2L and 3L years.

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joeshmo39
Posts: 533
Joined: Tue Jun 09, 2009 5:15 am

Re: Pick the better scholarship....

Postby joeshmo39 » Thu Apr 29, 2010 1:12 am

What we need to know is if this is wrong:

option 1: 12+12+12=36
option 2: 20+10+10=40

So, the first year you can't have a 3.25 cause you have no GPA and the scholarship stays all year. This means you get 20 year one no matter what happens in year 2 and 3 which adds up to 40. The other one is lower than the worst case scenario it seems. What you need to find out is the curve. If the curve is like 3.3 then you can hold the 'ship if you are only in the top 60% or so. If it is 3.0 then you have to be top.. I dunno 30% maybe. Figure out the curve.

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Rock Chalk
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Joined: Sun Feb 21, 2010 3:11 pm

Re: Pick the better scholarship....

Postby Rock Chalk » Thu Apr 29, 2010 1:13 am

.
Last edited by Rock Chalk on Wed May 16, 2012 3:02 am, edited 1 time in total.

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blurbz
Posts: 1229
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Re: Pick the better scholarship....

Postby blurbz » Thu Apr 29, 2010 1:20 am

Rock Chalk wrote:
unbrokenchain wrote:
pugalicious wrote:So your potential options are:
a) 60k total
b)40k total (if you don't get the gpa requirement)
c)36k total

so....both options with the larger scholly are better than the lower one. Why is this a thread?



You might want to brush up on your math. If I end up getting 10k a year because I can't reach a 3.25, that's 30k total.... does that explain the existence of this thread?

I think pugalicious assumed that you'd get 20k the first year since you won't have a GPA yet. I would have assumed the same, at least for first semester (or year, since my UG does award packages by year and just splits them into semesters, but can't drop scholarships once granted for that year), but I'm an uninformed 0L.

So if you take the 20k and get below 3.25, they send you a bill for what they've already given you?


If you accept the 20k challenge, they give you 20k for your first year. They will not bill you for that for not meeting the gpa requirements; it simply will not be renewed in subsequent years. They might bill you for it if you drop out, though I suspect that would be done on a pro-rated basis. Some schools also have stipulations where, if you were to transfer, you would have to pay back scholarship monies. I don't think that's all that common.

Short answer: If you accept the 20k challenge, you get at least 20k.

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thalassocrat
Posts: 488
Joined: Wed Sep 23, 2009 8:07 pm

Re: Pick the better scholarship....

Postby thalassocrat » Thu Apr 29, 2010 1:22 am

joeshmo39 wrote:What we need to know is if this is wrong:

option 1: 12+12+12=36
option 2: 20+10+10=40

So, the first year you can't have a 3.25 cause you have no GPA and the scholarship stays all year. This means you get 20 year one no matter what happens in year 2 and 3 which adds up to 40. The other one is lower than the worst case scenario it seems. What you need to find out is the curve. If the curve is like 3.3 then you can hold the 'ship if you are only in the top 60% or so. If it is 3.0 then you have to be top.. I dunno 30% maybe. Figure out the curve.


Except worst case scenario is he completely fails at his 1L year, ends up with below a 3.0 GPA, and has to pay sticker for 2L/3L assuming he doesn't drop out. Blurbz's rundown above seems spot on. Idk what the school's curve is set to, but I'd say if median will let you keep at least $10k (that is, median is at least 3.0) to take the $20k option.

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dspit
Posts: 53
Joined: Fri Apr 23, 2010 1:12 pm

Re: Pick the better scholarship....

Postby dspit » Thu Apr 29, 2010 1:27 am

Take the LSAT again.

unbrokenchain
Posts: 23
Joined: Wed Apr 28, 2010 5:06 am

Re: Pick the better scholarship....

Postby unbrokenchain » Thu Apr 29, 2010 1:46 am

dspit wrote:Take the LSAT again.



Going to... but if I have 161, how much better would I have to do to consider taking a year off and applying to UIUC next time around. 165 at least I'm thinking...

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dspit
Posts: 53
Joined: Fri Apr 23, 2010 1:12 pm

Re: Pick the better scholarship....

Postby dspit » Thu Apr 29, 2010 1:53 am

unbrokenchain wrote:
dspit wrote:Take the LSAT again.



Going to... but if I have 161, how much better would I have to do to consider taking a year off and applying to UIUC next time around. 165 at least I'm thinking...


I just say "take the LSAT again" in every thread for some reason. It's fun I guess. Transferring seems to be a bad option from what i've read. You should just go for it and work your ass off to keep that money.

unbrokenchain
Posts: 23
Joined: Wed Apr 28, 2010 5:06 am

Re: Pick the better scholarship....

Postby unbrokenchain » Thu Apr 29, 2010 2:14 am

dspit wrote:You should just go for it and work your ass off to keep that money.


that's the plan. why is transferring so bad?

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im_blue
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Joined: Sun Apr 12, 2009 3:53 am

Re: Pick the better scholarship....

Postby im_blue » Thu Apr 29, 2010 4:13 am

ITT: lawyers try to do math




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