Rubenstein?

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

Postby LegaleZy » Tue Feb 05, 2013 9:26 pm

Does anyone have knowledge about the scholarship continuing after the class of 2016?

20141023
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Re: Rubenstein?

Postby 20141023 » Wed Feb 06, 2013 10:27 am

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Last edited by 20141023 on Sun Feb 15, 2015 12:15 am, edited 1 time in total.

RodneyRuxin
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Re: Rubenstein?

Postby RodneyRuxin » Wed Feb 06, 2013 10:59 am

kappycaft1 wrote:No mention has been made of it lasting past this cycle. It even says here that it was only for 3 years starting with the class of 2014.

Also, if you assume that tuition has been approximately $50,000 per year and there has been a $10,000 living stipend, you get $60,000 per year x 3 = $180,000. Because 60 students over the three years of the scholarship will receive a Ruby, you get 60 x $180,000 = $10,800,000... so it actually looks like they're over budget by $800,000 (the gift from Rubenstein was $10,000,000). Then again, these are just approximate calculations, but we can assume that the money is pretty much spent after this year. :|


Remember that they are probably giving Rubies to people who would have gotten substantial scholarships otherwise (they likely aren't 10M over expected scholarships without the ruby).

Your point still stands, pretty sure it's ending with 2016.

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LegaleZy
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Re: Rubenstein?

Postby LegaleZy » Wed Feb 06, 2013 11:19 am

Thanks for your responses. I assumed it would be ending since the gift was just 10mil. But didn't know if the Univesity could extend the scholarship beyond the initial gift using other gifts they may have received. Does Chicago have other scholarships other than Rubenstein? I was trying to get information on merit aid using Law School by the Numbers and the forums here, but couldn't find much. Any information would be greatly appreciated.

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Tiago Splitter
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Re: Rubenstein?

Postby Tiago Splitter » Wed Feb 06, 2013 11:23 am

kappycaft1 wrote:No mention has been made of it lasting past this cycle. It even says here that it was only for 3 years starting with the class of 2014.

Also, if you assume that tuition has been approximately $50,000 per year and there has been a $10,000 living stipend, you get $60,000 per year x 3 = $180,000. Because 60 students over the three years of the scholarship will receive a Ruby, you get 60 x $180,000 = $10,800,000... so it actually looks like they're over budget by $800,000 (the gift from Rubenstein was $10,000,000). Then again, these are just approximate calculations, but we can assume that the money is pretty much spent after this year. :|

Supposedly they couldn't even find 20 people to take those schollies, at least in the first year. The ABA data seems to match up with that:

https://officialguide.lsac.org/Release/ ... spx?sid=29

So maybe there is something left, especially when you consider interest on the original gift.

AspiringAcademic
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Re: Rubenstein?

Postby AspiringAcademic » Wed Feb 06, 2013 12:03 pm

Tiago Splitter wrote:Supposedly they couldn't even find 20 people to take those schollies, at least in the first year. The ABA data seems to match up with that:

https://officialguide.lsac.org/Release/ ... spx?sid=29

So maybe there is something left, especially when you consider interest on the original gift.

The ABA data is either wrong or does not refer to a year containing the class of 2014 (no idea why, but there were more than 8 Rubys that year). Chicago was a couple under budget, but only a couple. There is talk of them continuing the program after this year, but that is dependent on donations. Whether they will be able to is anyone's guess.

20141023
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Re: Rubenstein?

Postby 20141023 » Wed Feb 06, 2013 12:05 pm

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Last edited by 20141023 on Sun Feb 15, 2015 12:15 am, edited 1 time in total.

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Tiago Splitter
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Re: Rubenstein?

Postby Tiago Splitter » Wed Feb 06, 2013 1:12 pm

If that number I gave is from the pre-Ruby days, that's not such a bad thing for potential UChi students because it means even without Rubenstein's money they gave out 8 full rides.

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Crowing
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Re: Rubenstein?

Postby Crowing » Wed Feb 06, 2013 1:20 pm

Hah, if they can't find 20 to give full-rides to they should give me one. In return, I promise to be a gazillionaire some day and fund future full rides for the school :lol:




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