Is it worth going 40K in debt to attend UMN? Forum

[BoomBoom1986]

Or am I an idiot?

I got some scholly $, and my parents are going to throw a little in and foot the bill for my “cost of living.” However, I’m still probably going to have to take out roughly 40K in loans. Is it worth it ITE to go to a T20 (but non-T14) school and come out in debt? Or am I just throwing my money and credit down the toilet? Any and all advice is much appreciated...

*Oh, and I WON’T mind working in the Twin Cities for awhile after I graduate.

[09042014]

Or am I an idiot?

I got some scholly $, and my parents are going to throw a little in and foot the bill for my “cost of living.” However, I’m still probably going to have to take out roughly 40K in loans. Is it worth it ITE to go to a T20 (but non-T14) school and come out in debt? Or am I just throwing my money and credit down the toilet? Any and all advice is much appreciated...

*Oh, and I WON’T mind working in the Twin Cities for awhile after I graduate.

If you want to practice law (that is a big if), and you don't mind practicing law in Minnesota, yes I'd think it is worth it.

[JOThompson]

If you'd like to work in Minnesota, I think it's worthwhile. The school seems to be very well respected there. You should keep in mind that the biglaw placement is not great coming out of UMN. I'll be saddled with closer to 100K in loans and I still feel like the school is a fine regional value for my goals. So, yeah, I'd love to be in your position.

[jcl2]

40k in student loan debt is not that much, and UMN is a pretty decent school. You could make the minimum payments on that kind of debt on a McDonalds manager salary if you had to. So I wouldn't worry too much. The more important question is do you want to be a lawyer? If so, then the opportunity cost, which is much more significant than the small amount of debt you will incure, of spending three years in law school will be worth it.

[Notor]

This is getting ridiculous... as far as law school debt goes $40k is pennies and should be a more than prudent investment in your future, especially at UMN.

[TTH]

Dood, can I have your family? UMN for 40K is a steal.

[Rory1987]

For what, the price of a GMC Yukon, you can graduate (with a graduate degree) from a T20 school in an area you want to practice in? This is really a question? Fuck, in this economy I’d rather graduate with 40 or 50K in debt from a T20ish school, than six figures worth of debt from a lower T14 school (T10 on down, maybe even T6). Your situation is enviable, go for it. I’d kill to switch places with you.

[scribelaw]

This is getting ridiculous... as far as law school debt goes $40k is pennies and should be a more than prudent investment in your future, especially at UMN.

This.

Come on, people.

If you think the job market is tough with a T30 law degree, test it out with your BA in English literature and see how many people are willing to pay you $80k a year.

[TTH]

Homeboy is probably a flame. I would've trolled this thread, but I'm trying to better myself.

[brose002]

Seriously? Like JoThompson, I am going to UMN next year and will incur around 100K in debt. I still think it is a worthwhile investment though, because UMN dominates the Minnesota market. 40K is pretty small for any law school you would go to. I would kill to be in your position right now. Your debt is no more than buying a new car. Your payments won't be that bad, and even if you don't go into a law career, any job that pays 40k+ would allow you to pay off the debt.

[BoomBoom1986]

Thanks for the advice. I’m just scared shitless because of the economy (and I feel things will suck for another five years). After being on here for a few months and reading a horror story in the NYT about a recent Fordham grad doing doc reviews for $20 an hour, I’m almost tempted to attend a few of the T2 schools that I applied to (and where I wouldn’t have to take out any loans). However, UMN is a really good school and although I know it’ll be regional when I graduate, I feel that its long-term prospects are as good as any school not in the T14. Plus, the Twin Cities are handling the recession better than most places (for my short-term employment prospects).

Oh, and I’ve wanted to be a lawyer since high school and not for the money (though that’s nice, too, haha). Plus, I hate my current job

[brose002]

Then go to UMN. It seems like its a pretty easy decision for you to make.

[TTH]

Then go to UMN. It seems like its a pretty easy decision for you to make.

[BoomBoom1986]

Homeboy is probably a flame. I would've trolled this thread, but I'm trying to better myself.

No dude, I’m just as conservative (though not politically) and neurotic as hell. My dream school was/is Hastings (and I got in there), but I’m probably going to attend UMN instead because of the whole UC tuition BS and the fact that my debt will be less (about 50K less) if I go to UMN.

In your opinions, where is the cutoff line for debt ITE for a T20-T40 school? I could attend Hastings and go like 90 in the hole, but that scares the shit out of me.

[SWEDE LAW]

Thanks for the advice. I’m just scared shitless because of the economy (and I feel things will suck for another five years). After being on here for a few months and reading a horror story in the NYT about a recent Fordham grad doing doc reviews for $20 an hour, I’m almost tempted to attend a few of the T2 schools that I applied to (and where I wouldn’t have to take out any loans). However, UMN is a really good school and although I know it’ll be regional when I graduate, I feel that its long-term prospects are as good as any school not in the T14. Plus, the Twin Cities are handling the recession better than most places (for my short-term employment prospects).

Oh, and I’ve wanted to be a lawyer since high school and not for the money (though that’s nice, too, haha). Plus, I hate my current job

This. You are truly interested in the path/the work and you are walking in understanding that you wont necessarily (barring top 10% etc) be making it $$$ upon graduation. Minnesota is a strong regional with a very good reputation. You should be able to find decent/good work in Minnesota or the surrounding area. 40K really is not that much for LS relatively speaking. There are kids graduating from Pub Pol school with 70K and they are going into PI.

[JOThompson]

Homeboy is probably a flame. I would've trolled this thread, but I'm trying to better myself.

No dude, I’m just as conservative (though not politically) and neurotic as hell. My dream school was/is Hastings (and I got in there), but I’m probably going to attend UMN instead because of the whole UC tuition BS and the fact that my debt will be less (about 50K less) if I go to UMN.

In your opinions, where is the cutoff line for debt ITE for a T20-T40 school? I could attend Hastings and go like 90 in the hole, but that scares the shit out of me.

I wouldn't personally go beyond 100K debt for anything outside the T20, but some posters are probably much more debt averse than I am. If you know you want to practice in California and Hastings is your dream school, it might be worth the debt.

[T14_Scholly]

This is a stupid question, because it's not hard to figure out what your minimum payments would be with 40k in debt. OP probably just wants us to tell him how well-off he is.

[09042014]

460 dollars of monthly payments.

[BoomBoom1986]

If I’m doing doc reviews part-time at $20 an hour, those minimum payments become a real pain the ass. If there are Fordham grads doing that, I’m sure that there are some Minny grads in that situation, too.
And I’m not well-off. I went to a shitty state undergrad on scholly to save what money my folks had saved up for me for grad school. I know that I’m not poor and my situation is better than what a lot of people have , but I (and my family) sure as hell am not rich, either.

[BoomBoom1986]

Homeboy is probably a flame. I would've trolled this thread, but I'm trying to better myself.

No dude, I’m just as conservative (though not politically) and neurotic as hell. My dream school was/is Hastings (and I got in there), but I’m probably going to attend UMN instead because of the whole UC tuition BS and the fact that my debt will be less (about 50K less) if I go to UMN.

In your opinions, where is the cutoff line for debt ITE for a T20-T40 school? I could attend Hastings and go like 90 in the hole, but that scares the shit out of me.

I wouldn't personally go beyond 100K debt for anything outside the T20, but some posters are probably much more debt averse than I am. If you know you want to practice in California and Hastings is your dream school, it might be worth the debt.

See, like you, I am debt averse as hell. I am a naturally very cautious person and this economy is making me even more paranoid. And yeah, I’d love to practice in NorCal and I’ve been accepted to Hastings, but the amount of debt I’d need to takeout is approaching that psychological six figure mark. UMN is a better school and I can attend for less than half the debt. Plus, I wouldn’t mind working in the Twin Cities. It seems like the safer and more logical choice. My heart says Hastings, but my mind says UMN.

[JOThompson]

If I’m doing doc reviews part-time at $20 an hour, those minimum payments become a real pain the ass. If there are Fordham grads doing that, I’m sure that there are some Minny grads in that situation, too.
And I’m not well-off. I went to a shitty state undergrad on scholly to save what money my folks had saved up for me for grad school. I know that I’m not poor and my situation is better than what a lot of people have , but I (and my family) sure as hell am not rich, either.

Keep in mind that UMN is the best school in the state. Fordham is vastly overshadowed by NYU, Columbia, Cornell, etc. Still, I do understand your fears.

[JOThompson]

Homeboy is probably a flame. I would've trolled this thread, but I'm trying to better myself.

No dude, I’m just as conservative (though not politically) and neurotic as hell. My dream school was/is Hastings (and I got in there), but I’m probably going to attend UMN instead because of the whole UC tuition BS and the fact that my debt will be less (about 50K less) if I go to UMN.

In your opinions, where is the cutoff line for debt ITE for a T20-T40 school? I could attend Hastings and go like 90 in the hole, but that scares the shit out of me.

I wouldn't personally go beyond 100K debt for anything outside the T20, but some posters are probably much more debt averse than I am. If you know you want to practice in California and Hastings is your dream school, it might be worth the debt.

See, like you, I am debt averse as hell. I am a naturally very cautious person and this economy is making me even more paranoid. And yeah, I’d love to practice in NorCal and I’ve been accepted to Hastings, but the amount of debt I’d need to takeout is approaching that psychological six figure mark. UMN is a better school and I can attend for less than half the debt. Plus, I wouldn’t mind working in the Twin Cities. It seems like the safer and more logical choice. My heart says Hastings, but my mind says UMN.

I think that personal comfort and happiness are underrated on TLS. You might not mind the Twin Cities, but if your dream market is California, that's a pretty tough choice. For what it's worth, I was pretty set on working in California myself, but when I visited Minneapolis, I realized I'd much rather be in the midwest. I don't have any qualms about passing up Hastings/Davis/etc. now.

[BoomBoom1986]

I think that personal comfort and happiness are underrated on TLS. You might not mind the Twin Cities, but if your dream market is California, that's a pretty tough choice. For what it's worth, I was pretty set on working in California myself, but when I visited Minneapolis, I realized I'd much rather be in the midwest. I don't have any qualms about passing up Hastings/Davis/etc. now.

[/quote]

Trust me, I know. However, I’m trying to convince myself that after I get some work experience that I will be able to work in NorCal with a UMN degree. Unfortunately, I’m having some difficulty finding out how portable a UMN degree actually is (ever after being out a few years). Davis has given me a little money and the COL would be a little lower than Hastings, but my debt would still be worse than if I went to UMN. However, I’m thinking that it might be the best overall option (more debt than UMN, but better location. Not in SF like Hastings, but less debt). I’m actually going to visit both Davis and UMN in April (they both have travel stipends) and hopefully that will help sway me one way or another. It’s actually reassuring to know that you were in the same boat as me somewhat, and that you have no regrets about picking UMN over the UC schools.

[jcl2]

460 dollars of monthly payments.

Only if you do 10 year repayment, if you really weren't making much money you could stretch it out to 30 and your payments would be under $200.

[JOThompson]

Trust me, I know. However, I’m trying to convince myself that after I get some work experience that I will be able to work in NorCal with a UMN degree. Unfortunately, I’m having some difficulty finding out how portable a UMN degree actually is (ever after being out a few years). Davis has given me a little money and the COL would be a little lower than Hastings, but my debt would still be worse than if I went to UMN. However, I’m thinking that it might be the best overall option (more debt than UMN, but better location. Not in SF like Hastings, but less debt). I’m actually going to visit both Davis and UMN in April (they both have travel stipends) and hopefully that will help sway me one way or another. It’s actually reassuring to know that you were in the same boat as me somewhat, and that you have no regrets about picking UMN over the UC schools.

Right out of law school, a UMN degree doesn't seem to offer much portability. The site only shows a few California firms that recruit at OCI. It's certainly possible if you have strong connections back west though. With a few years of experience, I imagine it'll be easier to relocate. For you, Davis might be a good compromise. You'll be positioned for NorCal but with less debt than Hastings. I think it'll be very helpful to visit all the schools.

I was unsure about UMN until I visited. The school and the city impressed me. I feel that the Minnesota economy is also somewhat insulated from the economic woes that are affecting states like California. It'd also be cheaper for me to attend UMN than a school like Hastings at sticker. So it was a pretty clear decision in my mind.