If debt was irrelevant?

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apl6783
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If debt was irrelevant?

Postby apl6783 » Tue Feb 22, 2011 1:39 pm

I have two options:

Option one - Go to a school ranked in the 30s with a scholarship that covers full tuition (but no books or stipend or w/e).

Option two - Go to a top 20 school with a partial scholarship that basically amounts to one year's tuition.

I have enough savings from my previous career to easily cover the full cost of option 2, but if I went to option 1 I would have that much more money on graduation.

Other things being equal, is it worth it to attend option 2 with its higher prestige and whatnot given the economy so that it will be easier to get a job? If I'll have no debt either way, does it make sense to go to the best school possible, since they're both in the region I want to live in?

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Neidermeyer519
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Re: If debt was irrelevant?

Postby Neidermeyer519 » Tue Feb 22, 2011 2:31 pm

While you won't have debt either way, you will still be spending thousands and thousands of dollars on option two. At the end of the day you have to ask yourself if Option 2 will truly make that much of a difference in your career goals. I am debt averse, so I would naturally flock to Option 1, but I understand desiring to go to the more prestigous school.

Personally, having the savings to live off of while I was in school as well as to put a nice down payment on a house after graduation would be much better. Law school is going to be stressful enough, so if you can minimize that stress by removing the financial burden, then I would highly advise it.

sparty99
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Re: If debt was irrelevant?

Postby sparty99 » Tue Feb 22, 2011 3:36 pm

Please choose option 1. If you are leaning to option 2, please listen to Dave Ramsey on the radio for ONE WEEK.

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zonto
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Re: If debt was irrelevant?

Postby zonto » Tue Feb 22, 2011 4:33 pm

sparty99 wrote:Please choose option 1. If you are leaning to option 2, please listen to Dave Ramsey on the radio for ONE WEEK.


Except for his actual investment advice and the calculations he gives based on a 12% annual rate of return. :roll:

OP, if the schools are both in the same region you want to live in I think Option one would definitely make more sense.

sarahlawg
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Re: If debt was irrelevant?

Postby sarahlawg » Tue Feb 22, 2011 6:36 pm

is the option to keep the career that allowed you to save that much money still on the table? Because I would go with that.

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bk1
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Re: If debt was irrelevant?

Postby bk1 » Tue Feb 22, 2011 6:39 pm

This is way too vague.

Where do you want to work? Where are these schools located? What do you want to do after law school? What would you use the money for if you didn't use it for law school? As for "top 20," there is a big difference between USC and WUSTL or Vandy and GW, not to mention that they place in different areas.

It is impossible to accurately answer your question without the answers to these.

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DreamsInDigital
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Re: If debt was irrelevant?

Postby DreamsInDigital » Tue Feb 22, 2011 8:25 pm

sarahlawg wrote:is the option to keep the career that allowed you to save that much money still on the table? Because I would go with that.


seriously?

i think it is kind of absurd that on so many posts, even when the question is NOT related to whether someone should go to law school, someone has to pop up and dissuade the OP from going to law school.

as for your question APL, without knowing more details as to your ultimate goals, I'd go with option 1. The possibility of having a little money to help get you on your feet after graduation just seems too good to pass up, and I don't think the difference in prestige from a 20 to a 30 makes it worth losing that money.

sarahlawg
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Re: If debt was irrelevant?

Postby sarahlawg » Tue Feb 22, 2011 11:16 pm

DreamsInDigital wrote:
sarahlawg wrote:is the option to keep the career that allowed you to save that much money still on the table? Because I would go with that.


seriously?

i think it is kind of absurd that on so many posts, even when the question is NOT related to whether someone should go to law school, someone has to pop up and dissuade the OP from going to law school.


I don't know. it was more in reaction to him/her claiming to have over 100k in savings (hopefully not in a saving account...), when his/her post history suggests s/he's only one year out of UG. That sounds like a job I'd stick out!

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sanjola
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Re: If debt was irrelevant?

Postby sanjola » Tue Feb 22, 2011 11:24 pm

sarahlawg wrote:
DreamsInDigital wrote:
sarahlawg wrote:is the option to keep the career that allowed you to save that much money still on the table? Because I would go with that.


seriously?

i think it is kind of absurd that on so many posts, even when the question is NOT related to whether someone should go to law school, someone has to pop up and dissuade the OP from going to law school.


I don't know. it was more in reaction to him/her claiming to have over 100k in savings (hopefully not in a saving account...), when his/her post history suggests s/he's only one year out of UG. That sounds like a job I'd stick out!


The OP didn't state s/he has over 100k in savings.

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Grizz
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Re: If debt was irrelevant?

Postby Grizz » Tue Feb 22, 2011 11:25 pm

bk1 wrote:This is way too vague.

Where do you want to work? Where are these schools located? What do you want to do after law school? What would you use the money for if you didn't use it for law school? As for "top 20," there is a big difference between USC and WUSTL or Vandy and GW, not to mention that they place in different areas.

It is impossible to accurately answer your question without the answers to these.


This.

sarahlawg
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Re: If debt was irrelevant?

Postby sarahlawg » Tue Feb 22, 2011 11:40 pm

sanjola wrote:
sarahlawg wrote:I don't know. it was more in reaction to him/her claiming to have over 100k in savings (hopefully not in a saving account...), when his/her post history suggests s/he's only one year out of UG. That sounds like a job I'd stick out!


The OP didn't state s/he has over 100k in savings.


No?
apl6783 wrote:
Option two - Go to a top 20 school with a partial scholarship that basically amounts to one year's tuition.

I have enough savings from my previous career to easily cover the full cost of option 2, but if I went to option 1 I would have that much more money on graduation.


With COL it'd have to be close. Not that it matters. I was being sarcastic/jealous. :roll:

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classix
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Re: If debt was irrelevant?

Postby classix » Wed Feb 23, 2011 12:40 am

*were

CanadianWolf
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Re: If debt was irrelevant?

Postby CanadianWolf » Wed Feb 23, 2011 12:53 am

Sounds like Alabama versus Vanderbilt, but without knowing for certain it is difficult to offer meaningful advice, in my opinion.

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Grizz
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Re: If debt was irrelevant?

Postby Grizz » Wed Feb 23, 2011 1:21 am

CanadianWolf wrote:Sounds like Alabama versus Vanderbilt, but without knowing for certain it is difficult to offer meaningful advice, in my opinion.


This could be a good question, but without more info, I'll refrain.

apl6783
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Re: If debt was irrelevant?

Postby apl6783 » Wed Feb 23, 2011 10:15 am

.
Last edited by apl6783 on Sat Feb 11, 2012 7:08 pm, edited 1 time in total.

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Grizz
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Re: If debt was irrelevant?

Postby Grizz » Wed Feb 23, 2011 11:54 am

apl6783 wrote:He's right. It's Bama or Vandy, I just didn't see how it mattered that much. My question is more general:

All other things being equal, and my money situation being what it is - what would you guys do?


It's just not useful to talk about in the abstract for the reasons BK said above.

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bk1
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Re: If debt was irrelevant?

Postby bk1 » Wed Feb 23, 2011 1:52 pm

rad law wrote:
apl6783 wrote:He's right. It's Bama or Vandy, I just didn't see how it mattered that much. My question is more general:

All other things being equal, and my money situation being what it is - what would you guys do?


It's just not useful to talk about in the abstract for the reasons BK said above.


Exactly this. It would be very different if you were talking about WUSTL than if you were talking about Vandy.

Honestly in this situation I would take Vandy unless you really want to work in Alabama. If you want to work elsewhere in the south or you want to work in NYC or DC then it is definitely Vandy.

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Grizz
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Re: If debt was irrelevant?

Postby Grizz » Wed Feb 23, 2011 2:58 pm

bk1 wrote:
rad law wrote:
apl6783 wrote:He's right. It's Bama or Vandy, I just didn't see how it mattered that much. My question is more general:

All other things being equal, and my money situation being what it is - what would you guys do?


It's just not useful to talk about in the abstract for the reasons BK said above.


Exactly this. It would be very different if you were talking about WUSTL than if you were talking about Vandy.

Honestly in this situation I would take Vandy unless you really want to work in Alabama. If you want to work elsewhere in the south or you want to work in NYC or DC then it is definitely Vandy.


I'd take Vandy unless you have no desire to work outside of Alabama ever. Even so, if you wanted a firm job, firms in Bham and other Alabama firms OCI at Vandy, and you'll get a better look. I might just take Vandy outright.




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