Is BU Worth Sticker?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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swc65
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Re: Is BU Worth Sticker?

Postby swc65 » Tue May 10, 2011 11:48 am

I agree with many of the above posters. no risk no reward.

go to BU- your class will likely have more than a 30% chance of getting BigLaw (if that's your goal).

Also, yes debt sucks, but student loan debt is the most friendly debt you can have. So many people only focus on how difficult it is to discharge. They often fail to mention that there are many repayment options. It is nearly the only debt where you can skip payments for years and years with no adverse credit consequences (if you get your forbearance/deferment stuff approved). The payments are capped at a percentage of your income under IBR, etc etc.

Debt is scary, but student loan debt is highly manageable if you familiarize your self with all of your options when it comes time to repay.

fingersxd
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Re: Is BU Worth Sticker?

Postby fingersxd » Tue May 10, 2011 12:47 pm

swc65 wrote:I agree with many of the above posters. no risk no reward.

go to BU- your class will likely have more than a 30% chance of getting BigLaw (if that's your goal).

Also, yes debt sucks, but student loan debt is the most friendly debt you can have. So many people only focus on how difficult it is to discharge. They often fail to mention that there are many repayment options. It is nearly the only debt where you can skip payments for years and years with no adverse credit consequences (if you get your forbearance/deferment stuff approved). The payments are capped at a percentage of your income under IBR, etc etc.

Debt is scary, but student loan debt is highly manageable if you familiarize your self with all of your options when it comes time to repay.


I agree with the above, and I think I mentioned that BU is the right choice here. I just wanted to make sure OP saw both sides of the coin and could make an informed decision -- nothing like playing a little devil's advocate to get ready for law school!

P.S. - For all the consipracy theorists out there, I am in at BU so I have no personal incentive to discourage OP from attending.

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swc65
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Re: Is BU Worth Sticker?

Postby swc65 » Tue May 10, 2011 3:37 pm

fingersxd wrote:
swc65 wrote:I agree with many of the above posters. no risk no reward.

go to BU- your class will likely have more than a 30% chance of getting BigLaw (if that's your goal).

Also, yes debt sucks, but student loan debt is the most friendly debt you can have. So many people only focus on how difficult it is to discharge. They often fail to mention that there are many repayment options. It is nearly the only debt where you can skip payments for years and years with no adverse credit consequences (if you get your forbearance/deferment stuff approved). The payments are capped at a percentage of your income under IBR, etc etc.

Debt is scary, but student loan debt is highly manageable if you familiarize your self with all of your options when it comes time to repay.


I agree with the above, and I think I mentioned that BU is the right choice here. I just wanted to make sure OP saw both sides of the coin and could make an informed decision -- nothing like playing a little devil's advocate to get ready for law school!

P.S. - For all the consipracy theorists out there, I am in at BU so I have no personal incentive to discourage OP from attending.



Birth certificate, long form, or it didn't happen.

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bk1
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Re: Is BU Worth Sticker?

Postby bk1 » Tue May 10, 2011 3:51 pm

I think BU is too risky at sticker. (But at least for OP it is a better idea than BLS with nasty stips.)

I would rather go with a lesser school (e.g. lower T1) on a large scholarship with no stips, though that would probably mean being shut out of Boston since the next best schools in Boston below BU/BC are terribad.

aliarrow
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Re: Is BU Worth Sticker?

Postby aliarrow » Tue May 10, 2011 3:59 pm

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Last edited by aliarrow on Thu May 12, 2011 11:45 pm, edited 1 time in total.

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bk1
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Re: Is BU Worth Sticker?

Postby bk1 » Tue May 10, 2011 4:06 pm

aliarrow wrote:Given this conundrum, I think BU at sticker is the best option available. At least it's relatively cheap compared to it's peers. Just think of it as going to Fordham on a 10k scholarship if it makes you feel any better.


I'm actually not really opposed to the "go at sticker, drop out if grades aren't good enough" plan at any level of law school if that is what you are working with.

aliarrow
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Re: Is BU Worth Sticker?

Postby aliarrow » Tue May 10, 2011 4:12 pm

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bk1
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Re: Is BU Worth Sticker?

Postby bk1 » Tue May 10, 2011 4:18 pm

aliarrow wrote:Works if you're Biglaw/Clerkship or bust, but what about if you're Public Sector oriented, since these are more about dedication to the cause than ranking? Seems like more a crapshoot.

Either way, I'm not even opposed to sticking it out and trying to get whatever you can, just know that if you don't hit Biglaw or get a solid Gov't/PI legal job you'll pretty much be forced to scramble for whatever public sector work you can find (legal or not) in order to qualify for PSLF.


Eh, that just seems like a bad idea to me when you have to rely on your chances of getting a PSLF qualifying job to escape soulcrushing debt because your grades can't get you biglaw. It's not about being biglaw or bust, it's about understanding what the feasible options for escaping $200,000 debt in a reasonable amount of are. Biglaw seems like a much more sure path to employment than competing for PSLF jobs once you know your grades.

I mean conversely if you are okay with paying back your debt under regular IBR and living like a college student for the next 2-3 decades, then going to a decent school for 3 years at sticker isn't that bad. But I don't think many people would really be okay with that.

aliarrow
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Re: Is BU Worth Sticker?

Postby aliarrow » Tue May 10, 2011 4:23 pm

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Last edited by aliarrow on Thu May 12, 2011 11:45 pm, edited 1 time in total.

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bk1
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Re: Is BU Worth Sticker?

Postby bk1 » Tue May 10, 2011 4:29 pm

aliarrow wrote:I hate to sound like a broken record since I've said this a lot in other threads, but...
PSLF includes nonlegal jobs, so it isn't too difficult to get something that qualifies, even if it's a public school cafeteria worker, public school teacher, peace corps, teach for America, Americorps, etc. Just find SOMETHING and you can escape the debt in 10 years and never worry about it again. This is really the only feasible option if you don't hit biglaw.

Under the 25 year IBR loan forgiveness, the tax bomb can very easily be six figures, so everything would be for nothing. You'd just have to go bankrupt and attempt to discharge the now tax debt (no longer student loans).


But my point is that if you are seriously considering nonlegal PSLF jobs, why not drop out in the first place? On the small chance that the PSLF job you find is legal?

aliarrow
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Re: Is BU Worth Sticker?

Postby aliarrow » Tue May 10, 2011 4:33 pm

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Last edited by aliarrow on Thu May 12, 2011 11:45 pm, edited 1 time in total.

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bk1
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Re: Is BU Worth Sticker?

Postby bk1 » Tue May 10, 2011 4:36 pm

aliarrow wrote:Because if you drop out you still have a good chunk of debt, may as well at least have a JD to show for it (especially if it can just be forgiven). Not sure if you can still do IBR if you drop out, I'm guessing so.


If you drop out you have less than 1/3 the debt. You probably won't need IBR if you drop out because you can repay that in less than 10 years fairly easily plus you won't be restricted to just PSLF jobs.

What's the point of having a JD if you spend the first 10 years after getting it, not actually practicing law? I really think that dropping out makes more sense at that point than staying in.

i_heart_fmma
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Re: Is BU Worth Sticker?

Postby i_heart_fmma » Wed May 18, 2011 1:12 am

I am a rising 3L who chose to go to BU at sticker. I am very happy I took the risk. BU has a lot of great academic programs, and from what I have seen, many of my classmates have pretty solid 2L summer jobs. OP, if you would like to talk more, please feel free to message me. I think you have similar options/goals as I had when I was went through the decision process.

Either way, best of luck!

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174
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Re: Is BU Worth Sticker?

Postby 174 » Wed May 18, 2011 2:43 am

BU, then see what your grades look like after first semester.




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