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Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
sch6les
Posts: 53
Joined: Fri Jun 05, 2009 5:19 pm

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Postby sch6les » Tue Mar 01, 2011 6:25 pm

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Last edited by sch6les on Tue May 01, 2012 6:01 pm, edited 2 times in total.

TheStrand
Posts: 179
Joined: Mon Dec 13, 2010 5:53 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby TheStrand » Tue Mar 01, 2011 6:54 pm

Do it. The less you can take out in loans for law school the beter. And seriously, how much is 15 hours a week going to really cramp your lifestyle. Who knows what expenses you'll have when you graduate (do they have deposits for apartments in Canada? Are you working in America after you graduate? Moving expenses to get to law school? There might be a gap between when you graduate and when you find a job, you might need to buy stuff for school like a computer, you might get knocked up if you're working as a prostitute to make all this sweet tax free cash and I don't know what Canadian health care covers, but it still can't be cheap). Plus, if you can work without paying taxes now do it. You certainly will have to give a big chunk of your paychecks over when you graduate and people always save considerably less than they think they will.

God I should have gone to school in Canada, 5.5k??? That's about what I paid for one class + fees and books
Last edited by TheStrand on Wed Mar 02, 2011 4:42 pm, edited 1 time in total.

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hipstermafia
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Re: How much did you have saved ($$) when you graduated UG?

Postby hipstermafia » Wed Mar 02, 2011 2:05 pm

edit: CANADA

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legalmo
Posts: 43
Joined: Thu Feb 03, 2011 5:20 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby legalmo » Wed Mar 02, 2011 4:51 pm

I'm nearing end of my first year in UG, have about $3k saved. I can either continue the pattern or transfer to an expensive school for the rest of my BA (obviously leaning towards name vs. Free ride).

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TommyK
Posts: 1309
Joined: Fri Jun 25, 2010 3:08 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby TommyK » Wed Mar 02, 2011 5:19 pm

legalmo wrote:I'm nearing end of my first year in UG, have about $3k saved. I can either continue the pattern or transfer to an expensive school for the rest of my BA (obviously leaning towards name vs. Free ride).


Not to derail the thread, but why on earth would you do this? On its face it sounds like a horrible decision.

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legalmo
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Re: How much did you have saved ($$) when you graduated UG?

Postby legalmo » Wed Mar 02, 2011 6:57 pm

TommyK wrote:
legalmo wrote:I'm nearing end of my first year in UG, have about $3k saved. I can either continue the pattern or transfer to an expensive school for the rest of my BA (obviously leaning towards name vs. Free ride).


Not to derail the thread, but why on earth would you do this? On its face it sounds like a horrible decision.


You're right, it isn't exactly responsible. I just don't like where I am going now, it was a safety to begin with. Also, the school offers scholarships for transfers based on GPA which I would have to get (and if I didn't I just wouldn't go).

/back to main topic, sorry

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fatduck
Posts: 4186
Joined: Mon Sep 13, 2010 10:16 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby fatduck » Wed Mar 02, 2011 7:10 pm

I have about -$10,000 saved, but I don't graduate for another 2 months, so who knows!

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OnlyLivingBoyinNY
Posts: 90
Joined: Wed Jul 14, 2010 11:09 am

Re: How much did you have saved ($$) when you graduated UG?

Postby OnlyLivingBoyinNY » Tue Mar 08, 2011 7:36 pm

So, you don't spend any money...ever? It sounds like your meal plan, housing, and tuition are covered. But, have you ever actually had a job? I think you will find it extremely difficult to not do anything that costs money.

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gatorgirl4life
Posts: 354
Joined: Mon Dec 28, 2009 1:06 am

Re: How much did you have saved ($$) when you graduated UG?

Postby gatorgirl4life » Tue Mar 08, 2011 7:42 pm

I graduated a little early with no debt and have saved a couple thousand since then...which I realized at NYU's ASW will cover about one month's rent + living expenses. :shock:
Barring a full scholarship somewhere, you're going to be taking out a ridiculous sum of $$ in loans. embrace it. :wink:

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LLB2JD
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Joined: Tue Sep 29, 2009 5:32 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby LLB2JD » Tue Mar 08, 2011 7:46 pm

sch6les wrote:I'm currently 2nd year, and will graduate UG with no debt.

I haven't really started saving yet, but I've calculated I can save quite a bit (~30k) by graduation if I work part-time during the school year and full-time over the summer.

My question: did you guys save a lot by the end of UG? Obviously this doesn't apply if you had UG debt.


Isn't it too early for you to be on here anyways? Going by your join date, it appeared you joined when you were a senior in high school. :shock: Do people join TLS that early these days?

A12345
Posts: 229
Joined: Fri Dec 24, 2010 3:53 am

Re: How much did you have saved ($$) when you graduated UG?

Postby A12345 » Wed Mar 09, 2011 2:13 am

I'm 20 and graduating in the spring and will have a little over 18,000 saved when i graduate in a couple months

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pleasetryagain
Posts: 762
Joined: Sat Sep 06, 2008 1:04 am

Re: How much did you have saved ($$) when you graduated UG?

Postby pleasetryagain » Wed Mar 09, 2011 2:26 am

God I wish I had rich parents. I worked 40 hours/ week all through college and graduated having to borrow money to pay to move to law school.

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powerlawyer06
Posts: 233
Joined: Fri Jan 14, 2011 3:20 am

Re: How much did you have saved ($$) when you graduated UG?

Postby powerlawyer06 » Wed Mar 09, 2011 2:35 am

I graduated with 60k. I worked throughout UG making 65k+. I was the a-typical student.

Long story short I "invested" most of that in real estate (after the bubble burst). I have been working since but I will go into law school with about 30k in cash. If you have the capacity to make money and you are planning ahead, which it sounds sounds like you are, then let me offer you some advice.

At the best law schools merit based aid is hard to come by. It is by no means unheard of but smaller need based grants or scholarships are much more common. The need based aid is based off of your income and assests and your parent's income and assets the year prior to you starting school.

1. The FAFSA does not count money held in retirement accounts as an asset. Additionally, there is no penalty for withdrawing money from an IRA for tuition or cost of living expenses during law school. So max out your IRA and 401k. The money you withdraw out of a traditional IRA will be taxable but your tax bracket will be extremely low in law school since you are not working. Money withdrawn for school out of a Roth IRA is obviously not taxable since it was already taxed when you deposited it into the Roth.

2. 529 money is considered an asset and will be taken into account when you are applying for need based aid. A 529 account is an education savings account that your parent or relatives would have set up for you for the specific purpose of funding your education.

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rman1201
Posts: 959
Joined: Mon Jan 25, 2010 4:11 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby rman1201 » Wed Mar 09, 2011 8:46 am

pleasetryagain wrote:God I wish I had rich parents. I worked 40 hours/ week all through college and graduated having to borrow money to pay to move to law school.


+1.
(Priviliged shits)

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legalmo
Posts: 43
Joined: Thu Feb 03, 2011 5:20 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby legalmo » Wed Mar 09, 2011 1:28 pm

rman1201 wrote:
pleasetryagain wrote:God I wish I had rich parents. I worked 40 hours/ week all through college and graduated having to borrow money to pay to move to law school.


+1.
(Priviliged shits)

+2. I could be at Sarah Lawrence right now.

TheStrand
Posts: 179
Joined: Mon Dec 13, 2010 5:53 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby TheStrand » Wed Mar 09, 2011 2:22 pm

legalmo wrote:
rman1201 wrote:
pleasetryagain wrote:God I wish I had rich parents. I worked 40 hours/ week all through college and graduated having to borrow money to pay to move to law school.


+1.
(Priviliged shits)

+2. I could be at Sarah Lawrence right now.

+3 minus the borrowing money to pay to move to law school. I was foolish enough to think I'd make money having a full time job, so I'm cashing out what I've occasionally thrown into my retirement account to pay for the move. Social Security will take care of me.

JTMan
Posts: 164
Joined: Mon Dec 13, 2010 1:58 am

Re: How much did you have saved ($$) when you graduated UG?

Postby JTMan » Wed Mar 09, 2011 3:16 pm

powerlawyer06 wrote:I graduated with 60k. I worked throughout UG making 65k+. I was the a-typical student.

Long story short I "invested" most of that in real estate (after the bubble burst). I have been working since but I will go into law school with about 30k in cash. If you have the capacity to make money and you are planning ahead, which it sounds sounds like you are, then let me offer you some advice.

At the best law schools merit based aid is hard to come by. It is by no means unheard of but smaller need based grants or scholarships are much more common. The need based aid is based off of your income and assests and your parent's income and assets the year prior to you starting school.

1. The FAFSA does not count money held in retirement accounts as an asset. Additionally, there is no penalty for withdrawing money from an IRA for tuition or cost of living expenses during law school. So max out your IRA and 401k. The money you withdraw out of a traditional IRA will be taxable but your tax bracket will be extremely low in law school since you are not working. Money withdrawn for school out of a Roth IRA is obviously not taxable since it was already taxed when you deposited it into the Roth.

2. 529 money is considered an asset and will be taken into account when you are applying for need based aid. A 529 account is an education savings account that your parent or relatives would have set up for you for the specific purpose of funding your education.


I thought there was a 10% fee withdrawing 401 (k) amounts for education purposes.

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powerlawyer06
Posts: 233
Joined: Fri Jan 14, 2011 3:20 am

Re: How much did you have saved ($$) when you graduated UG?

Postby powerlawyer06 » Wed Mar 09, 2011 10:01 pm

JTMan wrote:I thought there was a 10% fee withdrawing 401 (k) amounts for education purposes.


No...assuming that you roll that 401k into a traditional IRA once you start law school. There is no fee if you use it for tuition or COA amounts. You will have to pay tax on it though, but your tax bracket will be very low.

http://www.irs.gov/publications/p590/ch ... 1000230896

jtb00711
Posts: 110
Joined: Sat Jun 26, 2010 7:30 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby jtb00711 » Tue Mar 15, 2011 6:14 pm

~$1,500 saved. Wuuuu! At least that might buy my books for the first semester.

balls
Posts: 57
Joined: Mon Feb 28, 2011 8:58 pm

Re: How much did you have saved ($$) when you graduated UG?

Postby balls » Tue Mar 15, 2011 11:22 pm

i had - $11,000 in loans after working 2-4 years nearly full time. not bad actually.

winner!




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