Law School Financial Model

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pissantvache
Posts: 115
Joined: Thu Jul 23, 2009 2:37 pm

Law School Financial Model

Postby pissantvache » Thu Apr 01, 2010 9:51 pm

Hi All,

I've done some work creating a fairly simple financial model for law school debt repayment. Everyone is always wondering about how much of a premium one should put on financial awards at more highly ranked schools vs. less highly ranked schools, but there's rarely a structured way to evaluate just what effect those awards will have on debt repayment timelines. This model is designed to help do that.

A couple of quick points:
The model is clearly biglaw-aligned, and is limited in a number of very significant ways (don't worry, I'm working on a more flexible one now).
If you build in that you'll be going to the East Bufu College of Law, you should be sure to create salary cases that reflect the likeliest outcomes. don't put in that you'll get 160,000 your first year with a 100,000 bonus.

Feel free to let me know if you have any questions (either in the thread or by PM). Also feel free to throw out suggestions on how to improve

Edit (4/4): discovered some minor errors in formulas in the 2003 version; have updated accordingly. Previous links no longer work.

Excel 2007 (prettier): http://www.mediafire.com/file/byz2ni33zzg/Public%20Law%20School%20Financial%20Model%20v2.xlsx
Excel 2003 (meh): http://www.mediafire.com/file/knjml3gzjmq/Public%20Law%20School%20Financial%20Model%202003%20v2.xls
Last edited by pissantvache on Sun Apr 04, 2010 9:56 am, edited 1 time in total.

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vexion
Posts: 490
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Re: lawl skool Financial Model

Postby vexion » Thu Apr 01, 2010 10:29 pm

pissantvache wrote:I'm happy to provide a 2003-compatible version upon request.


Please provide a 2003-compatible version.

pissantvache
Posts: 115
Joined: Thu Jul 23, 2009 2:37 pm

Re: lawl skool Financial Model

Postby pissantvache » Thu Apr 01, 2010 10:35 pm

2003 compatible here: http://www.mediafire.com/file/qcqtzzmj2kx/Public%20Law%20School%20Financial%20Model%202003.xls

(unfortunately, some of the tables might not work due to levels of nesting, so to figure out when loans will be done you might have to go to the p&l sheet...

Kretzy
Posts: 1431
Joined: Tue Jun 30, 2009 5:11 pm

Re: lawl skool Financial Model

Postby Kretzy » Thu Apr 01, 2010 10:37 pm

Really helpful, thanks a lot!!

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Panther7
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Re: lawl skool Financial Model

Postby Panther7 » Fri Apr 02, 2010 12:08 am

you just produced the most useful information on TLS to date.

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romothesavior
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Joined: Fri Jun 26, 2009 4:29 pm

Re: lawl skool Financial Model

Postby romothesavior » Fri Apr 02, 2010 12:15 am

I'm sure its useful, but too many numbers in one place makes my brain do an R2D2-esque meltdown. "WaaaaaOOOOOOO!"

But seriously, good work. I'll try and take a better look at this sometime.

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OneSixtySix
Posts: 121
Joined: Tue Jun 30, 2009 12:40 am

Re: lawl skool Financial Model

Postby OneSixtySix » Fri Apr 02, 2010 1:27 am

Um can we T.L.S knight the OP?

This is phenomenal. Thank you.

pissantvache
Posts: 115
Joined: Thu Jul 23, 2009 2:37 pm

Re: Law School Financial Model

Postby pissantvache » Fri Apr 02, 2010 5:27 pm

Thanks guys. Do you have any suggestions on how to improve this? It makes sense to me, but that's because I wrote it in a format that I'm relatively familiar with. I just want to make it as useful as possible...

Thanks,
pissantvache

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dood
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Re: Law School Financial Model

Postby dood » Fri Apr 02, 2010 5:49 pm

...
Last edited by dood on Tue Jun 29, 2010 9:10 pm, edited 1 time in total.

GatorBait09
Posts: 82
Joined: Tue Oct 13, 2009 11:02 pm

Re: Law School Financial Model

Postby GatorBait09 » Fri Apr 02, 2010 7:35 pm

Amazing resource. I hope you don't mind me sharing this with friends.

As far as helpful criticism, the only thing I think that greatly limits it is the assumption that all of these variables remain the same year after year (i.e. my rent one year may be different the next year, the % I decide to save one year may be enormously different from the next, etc.). But I'm sure you know that already and I wouldn't bother trying to complicate this tool that much more anyways...unless you love that sort of thing.

Awesome though, simply awesome. I can definitely see this helping people plan their financial futures (and thus saving a lot of money and headaches if they stick to a plan).

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ConMan345
Posts: 577
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Re: Law School Financial Model

Postby ConMan345 » Fri Apr 02, 2010 7:50 pm

Wow, amazing.

pissantvache
Posts: 115
Joined: Thu Jul 23, 2009 2:37 pm

Re: Law School Financial Model

Postby pissantvache » Fri Apr 02, 2010 10:32 pm

GatorBait09 wrote:Amazing resource. I hope you don't mind me sharing this with friends.

As far as helpful criticism, the only thing I think that greatly limits it is the assumption that all of these variables remain the same year after year (i.e. my rent one year may be different the next year, the % I decide to save one year may be enormously different from the next, etc.). But I'm sure you know that already and I wouldn't bother trying to complicate this tool that much more anyways...unless you love that sort of thing.

Awesome though, simply awesome. I can definitely see this helping people plan their financial futures (and thus saving a lot of money and headaches if they stick to a plan).


Thanks for the comments. Feel free to share it with your friends--it's already public!

In regards to your comment, I actually am working on building in functionality to allow for changes to rent, but as I'm sure you can imagine, creating extra variables complicates the whole thing significantly. (But don't worry; I'll get there eventually).

Thank you all for your comments. If you have any other special requests or other suggestions, please feel free to post or PM--I want to make this as valuable a tool as I can.

pissantvache.

rodewan
Posts: 112
Joined: Tue Oct 27, 2009 12:37 pm

Re: Law School Financial Model

Postby rodewan » Fri Apr 02, 2010 10:40 pm

great job! this spreadsheet just made my life!

nucat
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Re: Law School Financial Model

Postby nucat » Sat Apr 03, 2010 1:56 pm

Bump.

This is awesome. Thanks for setting it up.

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Olive
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Re: Law School Financial Model

Postby Olive » Sat Apr 03, 2010 4:09 pm

Wow. Thank you!

pissantvache
Posts: 115
Joined: Thu Jul 23, 2009 2:37 pm

Re: Law School Financial Model

Postby pissantvache » Sun Apr 04, 2010 9:52 am

Thanks for the continuing comments guys. Just a quick update: I've noticed some mistakes in the way the 2003-compatible file works, so I've corrected them in the updated version, at this link: http://www.mediafire.com/file/knjml3gzjmq/Public%20Law%20School%20Financial%20Model%202003%20v2.xls. This update corrects the problems in the 'year finished with loans' cell and enables the information in the data tables to the right to update correctly.

Similarly, I've updated a minor error in the 2007 version (doesn't affect any calculations), attached here: http://www.mediafire.com/file/byz2ni33zzg/Public%20Law%20School%20Financial%20Model%20v2.xlsx.

As always, please feel free to let me know of any other deficiencies you'd like to see fixed in future models.

Thanks,
pissantvache

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ConMan345
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Re: Law School Financial Model

Postby ConMan345 » Tue Apr 20, 2010 2:32 am

Bump for incredible usefulness.

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parker09
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Re: Law School Financial Model

Postby parker09 » Tue Apr 20, 2010 4:25 am

Woah, awesome! Thanks for providing those financially-inept of us with a user-friendly way to understand what six-figure debt really means.

traficante
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Joined: Sun Sep 20, 2009 11:53 pm

Re: Law School Financial Model

Postby traficante » Tue Apr 20, 2010 11:21 am

Maybe you should post this in the TLS content competition forum?

Great resource, thanks for it.

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YCrevolution
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Re: Law School Financial Model

Postby YCrevolution » Tue Apr 20, 2010 12:39 pm

..

SuperFreak
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Re: Law School Financial Model

Postby SuperFreak » Thu May 27, 2010 8:43 am

bumpin!

AsylumPB
Posts: 113
Joined: Tue Jan 26, 2010 7:30 pm

Re: Law School Financial Model

Postby AsylumPB » Thu May 27, 2010 9:36 am

Great job! Thank you!

coffeecake
Posts: 2
Joined: Fri Apr 16, 2010 10:39 am

Re: Law School Financial Model

Postby coffeecake » Thu May 27, 2010 10:00 am

Thank you so much for this invaluable tool! I will look over it more carefully later today and post any recommendations, although at this point it looks like you've covered everything.




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