Something for people to consider.

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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gbpackerbacker
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Something for people to consider.

Postby gbpackerbacker » Tue Feb 08, 2011 2:24 am

When a school offers you something like 120k and it costs 40k in tuition every semester (x3=120k), you shouldn't necessarily consider it to be a full tuition waiver because many of these scholarships dont account for a rise in tuition (which can be huge at some schools). It could be entirely possible that you could still pay tens of thousands of dollars in tuition if there were a rise. If i were considering one of these offers, I would try to negotiate some insurance that if there will be a tuition increase, I will still be on a "full ride." Just sayin...

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lolschool2011
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Re: Something for people to consider.

Postby lolschool2011 » Tue Feb 08, 2011 5:22 pm

gbpackerbacker wrote:When a school offers you something like 120k and it costs 40k in tuition every semester (x3=120k), you shouldn't necessarily consider it to be a full tuition waiver because many of these scholarships dont account for a rise in tuition (which can be huge at some schools). It could be entirely possible that you could still pay tens of thousands of dollars in tuition if there were a rise. If i were considering one of these offers, I would try to negotiate some insurance that if there will be a tuition increase, I will still be on a "full ride." Just sayin...


Has this ever happened? Which schools have had a huge tuition increase within a period of 3 years?

sarahh
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Re: Something for people to consider.

Postby sarahh » Tue Feb 08, 2011 5:23 pm

lolschool2011 wrote:
gbpackerbacker wrote:When a school offers you something like 120k and it costs 40k in tuition every semester (x3=120k), you shouldn't necessarily consider it to be a full tuition waiver because many of these scholarships dont account for a rise in tuition (which can be huge at some schools). It could be entirely possible that you could still pay tens of thousands of dollars in tuition if there were a rise. If i were considering one of these offers, I would try to negotiate some insurance that if there will be a tuition increase, I will still be on a "full ride." Just sayin...


Has this ever happened? Which schools have had a huge tuition increase within a period of 3 years?


Berkeley

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lolschool2011
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Re: Something for people to consider.

Postby lolschool2011 » Tue Feb 08, 2011 5:25 pm

sarahh wrote:
lolschool2011 wrote:
gbpackerbacker wrote:When a school offers you something like 120k and it costs 40k in tuition every semester (x3=120k), you shouldn't necessarily consider it to be a full tuition waiver because many of these scholarships dont account for a rise in tuition (which can be huge at some schools). It could be entirely possible that you could still pay tens of thousands of dollars in tuition if there were a rise. If i were considering one of these offers, I would try to negotiate some insurance that if there will be a tuition increase, I will still be on a "full ride." Just sayin...


Has this ever happened? Which schools have had a huge tuition increase within a period of 3 years?


Berkeley


So typical of them.

ran12
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Re: Something for people to consider.

Postby ran12 » Tue Feb 08, 2011 10:38 pm

I think most schools will give full tuition scholarships to people if they intend to give them tuition amount so increases wouldn't matter.

Anonymous Loser
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Re: Something for people to consider.

Postby Anonymous Loser » Tue Feb 08, 2011 11:06 pm

lolschool2011 wrote:
gbpackerbacker wrote:When a school offers you something like 120k and it costs 40k in tuition every semester (x3=120k), you shouldn't necessarily consider it to be a full tuition waiver because many of these scholarships dont account for a rise in tuition (which can be huge at some schools). It could be entirely possible that you could still pay tens of thousands of dollars in tuition if there were a rise. If i were considering one of these offers, I would try to negotiate some insurance that if there will be a tuition increase, I will still be on a "full ride." Just sayin...


Has this ever happened? Which schools have had a huge tuition increase within a period of 3 years?


Virtually all law schools increase tuition 6-8% annually. In recent years, a handful of schools have increased tuition only 3-4%, the lowest annual increases in decades. It is all but certain that tuition during your 3L year will cost tens of thousands of dollars more than during your 1L year, no matter which school you attend.

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kswiss
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Re: Something for people to consider.

Postby kswiss » Tue Feb 08, 2011 11:14 pm

Anonymous Loser wrote:
lolschool2011 wrote:
gbpackerbacker wrote:When a school offers you something like 120k and it costs 40k in tuition every semester (x3=120k), you shouldn't necessarily consider it to be a full tuition waiver because many of these scholarships dont account for a rise in tuition (which can be huge at some schools). It could be entirely possible that you could still pay tens of thousands of dollars in tuition if there were a rise. If i were considering one of these offers, I would try to negotiate some insurance that if there will be a tuition increase, I will still be on a "full ride." Just sayin...


Has this ever happened? Which schools have had a huge tuition increase within a period of 3 years?


Virtually all law schools increase tuition 6-8% annually. In recent years, a handful of schools have increased tuition only 3-4%, the lowest annual increases in decades. It is all but certain that tuition during your 3L year will cost tens of thousands of dollars more than during your 1L year, no matter which school you attend.


Hyperbole.

Example: 1L = 30k
30k x 8% = 2400

so 2L = 32,400
32400 x 8% = 2592

3L tuition: 34992

Not exactly tens of thousands of dollars. That wouldn't be true even if your starting tuition was 50k, which despite extremely high tuition rates is far higher than normal.

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gbpackerbacker
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Re: Something for people to consider.

Postby gbpackerbacker » Wed Feb 09, 2011 12:34 am

ran12 wrote:I think most schools will give full tuition scholarships to people if they intend to give them tuition amount so increases wouldn't matter.


I think not. Of the full ride letters which I have seen, most just say the dollar amount. Some even mention that it covers tuition at current levels. None just said "hey you got a full ride."

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gbpackerbacker
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Re: Something for people to consider.

Postby gbpackerbacker » Wed Feb 09, 2011 12:35 am

The point of the thread is that it seems many students are susceptible to falling into more debt than they thought.

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Bildungsroman
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Re: Something for people to consider.

Postby Bildungsroman » Wed Feb 09, 2011 12:38 am

Anonymous Loser wrote:. It is all but certain that tuition during your 3L year will cost tens of thousands of dollars more than during your 1L year, no matter which school you attend.


Completely inaccurate. Even a 10% gain on $50k tuition wouldn't accomplish this, and that would be an extreme situation.

1L: 50,000
2L: 55,000
3L: 60,500

ITT we learn that law schools do not require math skills from their students.

cowgirl_bebop
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Re: Something for people to consider.

Postby cowgirl_bebop » Wed Feb 09, 2011 11:56 am

gbpackerbacker wrote:
ran12 wrote:I think most schools will give full tuition scholarships to people if they intend to give them tuition amount so increases wouldn't matter.


I think not. Of the full ride letters which I have seen, most just say the dollar amount. Some even mention that it covers tuition at current levels. None just said "hey you got a full ride."


My full tuition offer doesnt mention any $ amount, just that my full tuition is covered for all three years plus over the summer session if I want to do that. My stipulation is pretty lax as well.

To the OP:

No, $120K is just $40K per year regardless of where tuition goes from there. But even so, if the sticker price is $42.5K or so then it is well worth it. Just be smart and understand that some loans are necessary and tuition prices will rise.




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