U of Chicago giving 60 full tuition scholarships!

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mfeller2
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U of Chicago giving 60 full tuition scholarships!

Postby mfeller2 » Wed Sep 08, 2010 9:57 am

http://www.law.uchicago.edu/news/rubensteingift090810

Former alum donated $10 million for merit scholarships. U of Chi just went up in my book!

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Dany
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Re: U of Chicago giving 60 full tuition scholarships!

Postby Dany » Wed Sep 08, 2010 10:07 am

This sucks.

Now people will be doing the Hamilton v. HYS debate, but now it'll be Chicago's Rubenstein v. HLS, and since I have no chance at getting one of these, it's just upping my competition. :(

(Thanks for posting the story, though; I guess it is good for the school.)

The Real Jack McCoy
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Re: U of Chicago giving 60 full tuition scholarships!

Postby The Real Jack McCoy » Wed Sep 08, 2010 10:10 am

Wow! The Rubinstein v. Hamilton debate should now commence.

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doyleoil
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Re: U of Chicago giving 60 full tuition scholarships!

Postby doyleoil » Wed Sep 08, 2010 10:36 am

This is incredibly good news for the school (and long overdue). Dean Schill deserves a raise - :).

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hemm
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Re: U of Chicago giving 60 full tuition scholarships!

Postby hemm » Wed Sep 08, 2010 10:40 am

I can dream....

jimmyd11011
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Re: U of Chicago giving 60 full tuition scholarships!

Postby jimmyd11011 » Wed Sep 08, 2010 10:43 am

wow so over 10% of the class could be on full rides...

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St.Remy
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Re: U of Chicago giving 60 full tuition scholarships!

Postby St.Remy » Wed Sep 08, 2010 10:45 am

Considering that last year UChi only gave 5 full scholarships (according to the ABA law school guide) this is going to greatly increase the total amount of scholarship money that they give out.

My rankings prediction is that with NYU's large LSAT gains they'll take spot #5 this year, but next year when Chicago starts spending this $$$ they will regain their top 5 position.

0L Hoping for 1
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Re: U of Chicago giving 60 full tuition scholarships!

Postby 0L Hoping for 1 » Wed Sep 08, 2010 10:50 am

They are only giving 20 per year, its 60 total

d34d9823
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Re: U of Chicago giving 60 full tuition scholarships!

Postby d34d9823 » Wed Sep 08, 2010 11:11 am

Ooh shiny

rundoxierun
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Re: U of Chicago giving 60 full tuition scholarships!

Postby rundoxierun » Wed Sep 08, 2010 11:12 am

wow. Uchicago actually gives out money now?!

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JollyGreenGiant
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Re: U of Chicago giving 60 full tuition scholarships!

Postby JollyGreenGiant » Wed Sep 08, 2010 1:08 pm

*grumbles*

rynabrius
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Re: U of Chicago giving 60 full tuition scholarships!

Postby rynabrius » Wed Sep 08, 2010 1:13 pm

St.Remy wrote:Considering that last year UChi only gave 5 full scholarships (according to the ABA law school guide) this is going to greatly increase the total amount of scholarship money that they give out.

My rankings prediction is that with NYU's large LSAT gains they'll take spot #5 this year, but next year when Chicago starts spending this $$$ they will regain their top 5 position.


I was thinking the same thing. It's apparently much easier to gain ranking with $$ than with LSAT scores, at least at the high end, due to the per capita expenditure measure. And since Chicago is small....

spondee
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Re: U of Chicago giving 60 full tuition scholarships!

Postby spondee » Wed Sep 08, 2010 1:25 pm

This sounds great. But I'm confused: it's only going to last 3 years for 60 students total? How many scholarships per year could $10 million endow permanently?

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JollyGreenGiant
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Re: U of Chicago giving 60 full tuition scholarships!

Postby JollyGreenGiant » Wed Sep 08, 2010 1:25 pm

JollyGreenGiant wrote:*grumbles*

On second thought, this is great for Chicago. It brings in much more "qualified" applicants, yet keeps them out of my class! Excellent.

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vanwinkle
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Re: U of Chicago giving 60 full tuition scholarships!

Postby vanwinkle » Wed Sep 08, 2010 1:29 pm

This is an expendable fund, meaning that they're going to spend the money until it runs out (apparently in three years), and then the scholarship will go away. Kind of unusual for a named scholarship, or at least different from something lasting like the Hamilton.

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im_blue
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Re: U of Chicago giving 60 full tuition scholarships!

Postby im_blue » Wed Sep 08, 2010 5:14 pm

spondee wrote:This sounds great. But I'm confused: it's only going to last 3 years for 60 students total? How many scholarships per year could $10 million endow permanently?

Chicago's tuition is currently $45k, so if we ignore inflation and tuition increases and assume only incoming students get scholarships, that's 222 student-years.
1st year: 20
2nd year: 40
3rd year: 60
4th year: 60
5th year: 60
Total: 240

On the other hand, had they treated it as an endowment with 5% annual returns instead, that would be $500k per year ~= 10 full scholarships per year instead of 60.

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rayiner
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Re: U of Chicago giving 60 full tuition scholarships!

Postby rayiner » Wed Sep 08, 2010 5:24 pm

im_blue wrote:
spondee wrote:This sounds great. But I'm confused: it's only going to last 3 years for 60 students total? How many scholarships per year could $10 million endow permanently?

Chicago's tuition is currently $45k, so if we ignore inflation and tuition increases and assume only incoming students get scholarships, that's 222 student-years.
1st year: 20
2nd year: 40
3rd year: 60
4th year: 60
5th year: 60
Total: 240

On the other hand, had they treated it as an endowment with 5% annual returns instead, that would be $500k per year ~= 10 full scholarships per year instead of 60.


Or you could just say that each full scholarship costs $150k (over 3 years) and divide $10m / $150k = ~60.

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im_blue
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Re: U of Chicago giving 60 full tuition scholarships!

Postby im_blue » Wed Sep 08, 2010 5:43 pm

rayiner wrote:
im_blue wrote:
spondee wrote:This sounds great. But I'm confused: it's only going to last 3 years for 60 students total? How many scholarships per year could $10 million endow permanently?

Chicago's tuition is currently $45k, so if we ignore inflation and tuition increases and assume only incoming students get scholarships, that's 222 student-years.
1st year: 20
2nd year: 40
3rd year: 60
4th year: 60
5th year: 60
Total: 240

On the other hand, had they treated it as an endowment with 5% annual returns instead, that would be $500k per year ~= 10 full scholarships per year instead of 60.


Or you could just say that each full scholarship costs $150k (over 3 years) and divide $10m / $150k = ~60.

True. I wonder why Rubenstein chose to front-load the money rather than spread it out over fewer permanent scholarships (other than his stated purpose of attracting similar donations). Ranking purposes, perhaps?

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rayiner
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Re: U of Chicago giving 60 full tuition scholarships!

Postby rayiner » Wed Sep 08, 2010 5:45 pm

im_blue wrote:
rayiner wrote:
im_blue wrote:
spondee wrote:This sounds great. But I'm confused: it's only going to last 3 years for 60 students total? How many scholarships per year could $10 million endow permanently?

Chicago's tuition is currently $45k, so if we ignore inflation and tuition increases and assume only incoming students get scholarships, that's 222 student-years.
1st year: 20
2nd year: 40
3rd year: 60
4th year: 60
5th year: 60
Total: 240

On the other hand, had they treated it as an endowment with 5% annual returns instead, that would be $500k per year ~= 10 full scholarships per year instead of 60.


Or you could just say that each full scholarship costs $150k (over 3 years) and divide $10m / $150k = ~60.

True. I wonder why Rubenstein chose to front-load the money rather than spread it out over fewer permanent scholarships (other than his stated purpose of attracting similar donations). Ranking purposes, perhaps?


Almost certainly. Giving another 10% of the class full rides could definitely help U Chi match NYU's new medians...

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ConMan345
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Re: U of Chicago giving 60 full tuition scholarships!

Postby ConMan345 » Wed Sep 08, 2010 6:10 pm

More relevant question: how does one become a former alum?

vickers711
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Re: U of Chicago giving 60 full tuition scholarships!

Postby vickers711 » Wed Sep 08, 2010 6:33 pm

doyleoil wrote:This is incredibly good news for the school (and long overdue). Dean Schill deserves a raise - :).


Other than the possibility of upping the rankings through attracting more qualified applicants, how does this affect students now?

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dbrddr
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Re: U of Chicago giving 60 full tuition scholarships!

Postby dbrddr » Wed Sep 08, 2010 8:35 pm

David Rubenstein is the same man who bought a 13th-century copy of the Magna Carta and loaned it permanently to the National Archives, in case anyone wanted to know :)

jaymoney
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Re: U of Chicago giving 60 full tuition scholarships!

Postby jaymoney » Thu Sep 09, 2010 1:30 am

He front-loaded it because he's hoping there'll be an immediate impact and that it will encourage others to donate as well.

He's said that if it seems to be successful he may donate more.

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s0ph1e2007
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Re: U of Chicago giving 60 full tuition scholarships!

Postby s0ph1e2007 » Thu Sep 09, 2010 1:32 am

... yay chicago for getting lots of money


@#$% I'm not getting in anymore lol

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kazu
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Re: U of Chicago giving 60 full tuition scholarships!

Postby kazu » Thu Sep 09, 2010 1:34 am

jaymoney wrote:He front-loaded it because he's hoping there'll be an immediate impact and that it will encourage others to donate as well.

He's said that if it seems to be successful he may donate more.

Thanks for explaining!




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