Am I being too risk averse?

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

Am I being too risk averse?

Yes
5
24%
No
16
76%
 
Total votes: 21

Crleed
Posts: 3
Joined: Fri Jan 14, 2011 6:31 pm

Am I being too risk averse?

Postby Crleed » Fri Jan 14, 2011 7:06 pm

I applied to a number of schools last cycle and was fortunate to be accepted at a few T14's, including my top choice, UVA. However, I deferred for financial reasons. During that time, I've had a chance to reflect a bit more on the astronomical cost of law school, my goals afterwards and where I would like to be in 10 years.

Being a slightly older student (early 30's) with a desire to eventually raise a family, I am balking at the idea of borrowing $200,000. My goal has always been public interest with a strong bent towards criminal defense. I do not want the often coveted Big-law job (which are quickly disappearing anyway). I've read and re-read articles concerning IBR, but am stumbling over the idea of being in my mid-40's and still broke (This is also assuming I am able to get qualifying public interest employment ITE). Geographically, I am pretty happy in the NW and could see myself staying here for the long term, though my family is back East.

So my question is, considering my age and long-term goals, is it really worth the $200,000? Or would it be more prudent to reapply and consider my options at schools offering money? (For background, during my last cycle, I secured some decent scholarships ($50,000 & up, all three years) at a few T30 schools).

Crleed
Posts: 3
Joined: Fri Jan 14, 2011 6:31 pm

Re: Am I being too risk averse?

Postby Crleed » Fri Jan 14, 2011 9:00 pm

For those that have or will vote, would you mind sharing your reasoning? I've been thinking about this from a lot of different angles lately and am curious why others would/wouldn't, in my situation, choose to forgo UVA.

User avatar
s0ph1e2007
Posts: 1054
Joined: Sat Oct 10, 2009 10:37 pm

Re: Am I being too risk averse?

Postby s0ph1e2007 » Fri Jan 14, 2011 9:03 pm

If you're really interested in PI, then you should seriously consider schools LRAP programs and compare and see whose is best. Also, you should probably see if you can get money from GULC or Cornell, even though UVA is your top choice, since that seems like it would make you feel better about law school. Of course, making sure you want to go to law school altogether is always a good thing.
If you're looking to start a family right now though, of course you wouldn't have a lot of extra cash while you worked in PI, but I'm sure you were aware of that.
Good luck, I hope you find the information you're looking for.

User avatar
northwood
Posts: 4872
Joined: Fri May 14, 2010 7:29 pm

Re: Am I being too risk averse?

Postby northwood » Fri Jan 14, 2011 9:12 pm

I voted No. You are not fresh out of undergrad, and as a result will have less earning years than people graduating at their upper 20's. YOu also want to raise a family, purchase a home,and be able to save for both your childrens educations and your retirement. You will be graduating in your mid 30's, and wont be working until then. By that age, a lot of people will have 5 or more years working and saving and paying off their loans, while you will just be starting out. 200K is a mortgage for a decent house, which you will be spending on your brain.( cant repo that). It will take a lot of time as a criminal defense/ public interest lawyer to repay those loans, so you will have to put off ( or forgo) those dreams and aspirations for a while.

Also, since you want to stay in the NW, you are looking at going to a school, setting up a network across the country from where you want to practice. I would strongly suggest looking at schools in the region you want to work. Since you were deferred at UVA, you most likely have the numbers to get into a school that has a lot of prestigue and drawing power in the NW. ( U washingtion comes to mind). I would suggest that all schools ( other than HYS) are mostly regionsl in this economy, so where you go to school will have a bigger impact on where you will get work for a few years after you graduate. If you want the NW or West, then i would say go to school there. Apply to those schools, and see what offers you get. Im sure you will be able to get a lot of good scholarship deals there.

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Blindc1rca
Posts: 288
Joined: Sun Aug 22, 2010 6:11 pm

Re: Am I being too risk averse?

Postby Blindc1rca » Sun Jan 16, 2011 11:13 am

northwood wrote:I voted No. You are not fresh out of undergrad, and as a result will have less earning years than people graduating at their upper 20's. YOu also want to raise a family, purchase a home,and be able to save for both your childrens educations and your retirement. You will be graduating in your mid 30's, and wont be working until then. By that age, a lot of people will have 5 or more years working and saving and paying off their loans, while you will just be starting out. 200K is a mortgage for a decent house, which you will be spending on your brain.( cant repo that). It will take a lot of time as a criminal defense/ public interest lawyer to repay those loans, so you will have to put off ( or forgo) those dreams and aspirations for a while.

Also, since you want to stay in the NW, you are looking at going to a school, setting up a network across the country from where you want to practice. I would strongly suggest looking at schools in the region you want to work. Since you were deferred at UVA, you most likely have the numbers to get into a school that has a lot of prestigue and drawing power in the NW. ( U washingtion comes to mind). I would suggest that all schools ( other than HYS) are mostly regionsl in this economy, so where you go to school will have a bigger impact on where you will get work for a few years after you graduate. If you want the NW or West, then i would say go to school there. Apply to those schools, and see what offers you get. Im sure you will be able to get a lot of good scholarship deals there.



TITCR

U.Washington
Hastings
Davis
=
$$$$
=
Happiness

Crleed
Posts: 3
Joined: Fri Jan 14, 2011 6:31 pm

Re: Am I being too risk averse?

Postby Crleed » Sun Jan 16, 2011 1:49 pm

northwood wrote:I voted No. You are not fresh out of undergrad, and as a result will have less earning years than people graduating at their upper 20's. YOu also want to raise a family, purchase a home,and be able to save for both your childrens educations and your retirement. You will be graduating in your mid 30's, and wont be working until then. By that age, a lot of people will have 5 or more years working and saving and paying off their loans, while you will just be starting out. 200K is a mortgage for a decent house, which you will be spending on your brain.( cant repo that). It will take a lot of time as a criminal defense/ public interest lawyer to repay those loans, so you will have to put off ( or forgo) those dreams and aspirations for a while.

Also, since you want to stay in the NW, you are looking at going to a school, setting up a network across the country from where you want to practice. I would strongly suggest looking at schools in the region you want to work. Since you were deferred at UVA, you most likely have the numbers to get into a school that has a lot of prestigue and drawing power in the NW. ( U washingtion comes to mind). I would suggest that all schools ( other than HYS) are mostly regionsl in this economy, so where you go to school will have a bigger impact on where you will get work for a few years after you graduate. If you want the NW or West, then i would say go to school there. Apply to those schools, and see what offers you get. Im sure you will be able to get a lot of good scholarship deals there.


This is actually a great summation of the arguments I've put forth in favor of not going to UVA. Thank you for the response. Last cycle I focused exclusively on Eastern schools to be closer to family (its a long story as to why that became a sticking point), but after subsequent trips back, I've come to realize I'm much happier in the NW. I hope Blindc1rca is right and UW, Hastings or Davis would offer decent money.




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