Harvard Class of 2012 Forum
-
- Posts: 84
- Joined: Sat Feb 23, 2008 3:34 am
Re: Harvard Class of 2012
I should have come on here instead of being in an email convo with HUID people.
From what Ive been told you are only supposed to put in the first 8 digits of your HUID BUT they are not ready to email pins, so if you want your pin emailed to you, you have to wait a little big anyways
From what Ive been told you are only supposed to put in the first 8 digits of your HUID BUT they are not ready to email pins, so if you want your pin emailed to you, you have to wait a little big anyways
- excelsiorcaelo
- Posts: 220
- Joined: Sun Dec 14, 2008 1:53 am
Re: Harvard Class of 2012
Mine is nine and worked just fine.ladymacbeth wrote:How many digits is everyone's HUID? The page where you have to log in with your HUID is only letting me put in 8 digits, but my HUID is 9 digits long. Anyone else having this problem?
Oh, huh. I guess I didn't notice that it cut it to 8 digits when I c/p'd it.Krswmact wrote:I should have come on here instead of being in an email convo with HUID people.
From what Ive been told you are only supposed to put in the first 8 digits of your HUID BUT they are not ready to email pins, so if you want your pin emailed to you, you have to wait a little big anyways
- iagolives
- Posts: 686
- Joined: Mon Jun 30, 2008 11:24 pm
Re: Harvard Class of 2012
Ha, its SO overwhelming getting both of those emails at once! I mean, I appreciate getting things asap, but its kind of intense. It just hit me how much debt I/ (we all) will be in in a few months. I mean, I knew it, but seeing the loan terms finally made it real for me.
- Objection
- Posts: 1272
- Joined: Mon Jul 14, 2008 11:48 am
Re: Harvard Class of 2012
No, I don't think so.prelaw wrote:Do people get reimbursed for the first month's rent, last month's rent and security deposit due when they sign a lease? It's kind of a lot out of pocket.
There are places that don't require all of that. The place I'm renting only requires a security deposit at signing. 1st months rent is due at move-in.
Just have to shop around for a place with "cheap" up front costs.
From http://www.law.harvard.edu/current/stud ... index.htmlWhile it is important to know what you can afford on a monthly basis, it is equally important to know what you can afford up-front. It is typical for landlords to require first and last month's rent along with a security deposit. So, for a $1,500 per month one bedroom apartment, you might need to come up with $3,000-$4,500 in order to secure the apartment. Also, if you work with a realtor and choose an apartment shown by the realtor, there will likely be a broker's fee as well.
Yeah man, it's ridiculous.Ha, its SO overwhelming getting both of those emails at once! I mean, I appreciate getting things asap, but its kind of intense. It just hit me how much debt I/ (we all) will be in in a few months. I mean, I knew it, but seeing the loan terms finally made it real for me.
GradPLUS loans require payment 60 days after the last DISBURSEMENT? Anyone know how easy it is to get a deferral?
- FrenchiePatootie
- Posts: 104
- Joined: Sat Oct 04, 2008 5:27 pm
Re: Harvard Class of 2012
Soooooo we are getting a cash advance before september right? that's what i understand from their wording...
Want to continue reading?
Register now to search topics and post comments!
Absolutely FREE!
Already a member? Login
- Objection
- Posts: 1272
- Joined: Mon Jul 14, 2008 11:48 am
Re: Harvard Class of 2012
You pick up your checks at orientation, I believe. That's what the woman on the phone told me when I called.FrenchiePatootie wrote:Soooooo we are getting a cash advance before september right? that's what i understand from their wording...
- iagolives
- Posts: 686
- Joined: Mon Jun 30, 2008 11:24 pm
Re: Harvard Class of 2012
Is it just me or is Harvard's LIPP not nearly as generous as you would expect, especially looking at comperable programs at peer institutions? Any ideas why? If the stereotype holds true that fewer HLS grads go into public service/academia than at other comparable schools, wouldn't they have more money, not less, for the program?
I mean, I'm grateful that they have LIPP at all, especially considering they are under no obligation to do so. However, it just strikes me as slightly odd.
I mean, I'm grateful that they have LIPP at all, especially considering they are under no obligation to do so. However, it just strikes me as slightly odd.
- joshikousei
- Posts: 189
- Joined: Sun Nov 02, 2008 5:38 pm
Re: Harvard Class of 2012
.
Last edited by joshikousei on Fri Aug 28, 2009 2:46 am, edited 1 time in total.
- mallard
- Posts: 1075
- Joined: Thu Aug 07, 2008 5:45 am
Re: Harvard Class of 2012
I thought Harvard had the second-most generous program of any law school.iagolives wrote:Is it just me or is Harvard's LIPP not nearly as generous as you would expect, especially looking at comperable programs at peer institutions? Any ideas why? If the stereotype holds true that fewer HLS grads go into public service/academia than at other comparable schools, wouldn't they have more money, not less, for the program?
I mean, I'm grateful that they have LIPP at all, especially considering they are under no obligation to do so. However, it just strikes me as slightly odd.
-
- Posts: 41
- Joined: Mon Nov 24, 2008 8:52 pm
Re: Harvard Class of 2012
The last digit, which is a 0 at this point, is incremented every time you have your real-world plastic ID replaced so that only one will be up to date at a time.joshikousei wrote:8 digits. the last one is a duplicate key (or something).excelsiorcaelo wrote:Mine is nine and worked just fine.ladymacbeth wrote:How many digits is everyone's HUID? The page where you have to log in with your HUID is only letting me put in 8 digits, but my HUID is 9 digits long. Anyone else having this problem?
Oh, huh. I guess I didn't notice that it cut it to 8 digits when I c/p'd it.Krswmact wrote:I should have come on here instead of being in an email convo with HUID people.
From what Ive been told you are only supposed to put in the first 8 digits of your HUID BUT they are not ready to email pins, so if you want your pin emailed to you, you have to wait a little big anyways
Harvard's LIPP is a little hard to evaluate when compared to others. It covers non-public interest, "law related" jobs as well as public interest jobs, but its terms are not as favorable as Yale's, NYU's, and some others. However, you can also qualify to have a full-tuition scholarship for 3L if you are going into a public interest job under the Public Service Initiative.mallard wrote:I thought Harvard had the second-most generous program of any law school.iagolives wrote:Is it just me or is Harvard's LIPP not nearly as generous as you would expect, especially looking at comperable programs at peer institutions? Any ideas why? If the stereotype holds true that fewer HLS grads go into public service/academia than at other comparable schools, wouldn't they have more money, not less, for the program?
I mean, I'm grateful that they have LIPP at all, especially considering they are under no obligation to do so. However, it just strikes me as slightly odd.
By the way, a lot of Harvard students do go into academia, but they probably aren't covered by LIPP. Jobs in legal academia are actually cushy enough to not need assistance, and the relatively low-paying clerkships that generally lead up to these jobs do not qualify. My guess as to why the plan is not better is that
1) Harvard chooses to emphasize other areas when distributing funds: they fund research very heavily, the undergraduate financial aid is the best there is, and they are trying to fund a massive expansion into Allston.
2) As much as you hear about the huge endowment, it is not actually the largest on a per capita basis. Harvard is a gigantic university, so the money has to be spread around somewhat.
-
- Posts: 135
- Joined: Fri Dec 12, 2008 1:13 pm
Re: Harvard Class of 2012
hey all, two clarifying questions..
in terms of all the id numbers and pins, the current glitch in the system is that once you get your id number and pick a pin, they don't email it to you? i'm confused, it said i successfully picked a pin but i don't know what happens next.
second, what are you guys doing in terms of loans? i'm thinking the direct ones look the simplest but has anyone found any much better private deals you can do through gradplus?
in terms of all the id numbers and pins, the current glitch in the system is that once you get your id number and pick a pin, they don't email it to you? i'm confused, it said i successfully picked a pin but i don't know what happens next.
second, what are you guys doing in terms of loans? i'm thinking the direct ones look the simplest but has anyone found any much better private deals you can do through gradplus?
- iagolives
- Posts: 686
- Joined: Mon Jun 30, 2008 11:24 pm
Re: Harvard Class of 2012
I am still looking, but all the student graduate loans I've seen have interest rates that can vary WIDELY but not a lot of information about what the starting rate is. Most of the rates seem quite steep. It may just be my risk aversion, but a fixed interest rate, even at 8.5%, is more comfortable to me than banks trying to use interest payments to capitalize themselves.Pumpkin wrote:hey all, two clarifying questions..
in terms of all the id numbers and pins, the current glitch in the system is that once you get your id number and pick a pin, they don't email it to you? i'm confused, it said i successfully picked a pin but i don't know what happens next.
second, what are you guys doing in terms of loans? i'm thinking the direct ones look the simplest but has anyone found any much better private deals you can do through gradplus?
Register now!
Resources to assist law school applicants, students & graduates.
It's still FREE!
Already a member? Login
-
- Posts: 135
- Joined: Fri Dec 12, 2008 1:13 pm
Re: Harvard Class of 2012
isn't the direct loan 7.9?? or are you counting the initial 2.5%? ooh i hate this stuff
- iagolives
- Posts: 686
- Joined: Mon Jun 30, 2008 11:24 pm
Re: Harvard Class of 2012
Sorry, I was talking about the GRADplus which is 8.5. Stafford is 6.8% I think.Pumpkin wrote:isn't the direct loan 7.9?? or are you counting the initial 2.5%? ooh i hate this stuff
And I hate this too.
-
- Posts: 135
- Joined: Fri Dec 12, 2008 1:13 pm
Re: Harvard Class of 2012
i actually think gradplus is 7.9, unless i'm reading this wrong? plus that pesky 2.5?
http://www.law.harvard.edu/current/sfs/ ... terms.html
not that .6 makes a difference, although i guess times 200k it does!
http://www.law.harvard.edu/current/sfs/ ... terms.html
not that .6 makes a difference, although i guess times 200k it does!
-
- Posts: 22
- Joined: Tue Mar 03, 2009 1:14 pm
Re: Harvard Class of 2012
Pumpkin wrote:i actually think gradplus is 7.9, unless i'm reading this wrong? plus that pesky 2.5?
http://www.law.harvard.edu/current/sfs/ ... terms.html
not that .6 makes a difference, although i guess times 200k it does!
Yes, compounded, that 0.6 makes a significant difference.
Get unlimited access to all forums and topics
Register now!
I'm pretty sure I told you it's FREE...
Already a member? Login
- iagolives
- Posts: 686
- Joined: Mon Jun 30, 2008 11:24 pm
Re: Harvard Class of 2012
I'm not trying to be difficult, but the citibank website (the bank Harvard makes us go through apparently) and the GRADplus website say 8.5%...Pumpkin wrote:i actually think gradplus is 7.9, unless i'm reading this wrong? plus that pesky 2.5?
http://www.law.harvard.edu/current/sfs/ ... terms.html
not that .6 makes a difference, although i guess times 200k it does!
https://www.studentloan.com/findstudent ... atesButton
http://www.gradloans.com/graduate-plus-loan/
Can anyone clear this up, preferrably by proving me wrong? 7.9 makes me happier than 8.5...
- Objection
- Posts: 1272
- Joined: Mon Jul 14, 2008 11:48 am
Re: Harvard Class of 2012
The 2.5% doesn't really compound, does it?
You take out 2.5% more than you actually need, which covers that 2.5% fee. So really, your principle balance (that accrues the 7.5%) is 2.5% higher. So for the max optional loan of $47,400, you'd take out $48,585.
Now, is interest on gradplus loans compounded daily?
If you want to calculate approximately how much debt you'll be in from gradplus...
http://www.moneychimp.com/calculator/co ... ulator.htm
Plug in the amount you're taking out this year as the current principal.
Plug in the same amount as the "annual addition."
3 years to grow.
7.9% interest.
365 times annually.
Additions at start
Someone taking out the full amount in loans will be $231,054 in debt (from gradplus alone). Let me know if there is anything faulty in the way I used that calculator. I suck at figuring out anything finance related. I hate math.
Let's say my initial job pays market $160,000 + ~$20,000 bonus. Assume a 6% raise every year*
Your salaries for 5 years would be:
180,000
190,800
202,248
214,383
227,245
To pay off the amount of debt I'll be in (around $335k, gross) in 5 years, I'd need to pay $404,000 over 5 years (I figured this out by calculating the monthly payments required to pay each loan off in 5 years using http://www.finaid.org/calculators/loanpayments.phtml (from the balance it will be at the end of law school) and adding those amounts together, and multiplying that # by 60).
Assume 35% in taxes
Taxes/Loans/Living
63,000/70,500/47,000
66,780/77,020/47,000
70,786/80,248/51,214
75,034/83,383/55,966
79,536/91,245/56,465
Gets me right about there.
Remember, the "living" column is after-taxes/after-loan spending money. You'd be living on the same amount that someone making $65,000-$70,000/year without loans would be living on.
It won't be easy. It won't be ideal. You won't be driving fancy cars and you probably won't own a very nice house (if you can afford to own a house at all). But, you'll be debt free by age 30 (for those of us coming straight from UG), at which point your living salary will balloon to $150,000+.
It's intimidating, but doable.
Of course, these are very rough calculations, and there will be some give or take in the amount each year. And these are calculations I did specific for my situation, but I figured putting them out there could help others. I don't know how the people going into a similar amount of debt will pay it off if they go into a low paying job.
* assumes market is still $160k and that firms are even hiring when we apply in Fall 2010
You take out 2.5% more than you actually need, which covers that 2.5% fee. So really, your principle balance (that accrues the 7.5%) is 2.5% higher. So for the max optional loan of $47,400, you'd take out $48,585.
Now, is interest on gradplus loans compounded daily?
If you want to calculate approximately how much debt you'll be in from gradplus...
http://www.moneychimp.com/calculator/co ... ulator.htm
Plug in the amount you're taking out this year as the current principal.
Plug in the same amount as the "annual addition."
3 years to grow.
7.9% interest.
365 times annually.
Additions at start
Someone taking out the full amount in loans will be $231,054 in debt (from gradplus alone). Let me know if there is anything faulty in the way I used that calculator. I suck at figuring out anything finance related. I hate math.
Let's say my initial job pays market $160,000 + ~$20,000 bonus. Assume a 6% raise every year*
Your salaries for 5 years would be:
180,000
190,800
202,248
214,383
227,245
To pay off the amount of debt I'll be in (around $335k, gross) in 5 years, I'd need to pay $404,000 over 5 years (I figured this out by calculating the monthly payments required to pay each loan off in 5 years using http://www.finaid.org/calculators/loanpayments.phtml (from the balance it will be at the end of law school) and adding those amounts together, and multiplying that # by 60).
Assume 35% in taxes
Taxes/Loans/Living
63,000/70,500/47,000
66,780/77,020/47,000
70,786/80,248/51,214
75,034/83,383/55,966
79,536/91,245/56,465
Gets me right about there.
Remember, the "living" column is after-taxes/after-loan spending money. You'd be living on the same amount that someone making $65,000-$70,000/year without loans would be living on.
It won't be easy. It won't be ideal. You won't be driving fancy cars and you probably won't own a very nice house (if you can afford to own a house at all). But, you'll be debt free by age 30 (for those of us coming straight from UG), at which point your living salary will balloon to $150,000+.
It's intimidating, but doable.
Of course, these are very rough calculations, and there will be some give or take in the amount each year. And these are calculations I did specific for my situation, but I figured putting them out there could help others. I don't know how the people going into a similar amount of debt will pay it off if they go into a low paying job.
* assumes market is still $160k and that firms are even hiring when we apply in Fall 2010
- Objection
- Posts: 1272
- Joined: Mon Jul 14, 2008 11:48 am
Re: Harvard Class of 2012
iagolives wrote:I'm not trying to be difficult, but the citibank website (the bank Harvard makes us go through apparently) and the GRADplus website say 8.5%...Pumpkin wrote:i actually think gradplus is 7.9, unless i'm reading this wrong? plus that pesky 2.5?
http://www.law.harvard.edu/current/sfs/ ... terms.html
not that .6 makes a difference, although i guess times 200k it does!
https://www.studentloan.com/findstudent ... atesButton
http://www.gradloans.com/graduate-plus-loan/
Can anyone clear this up, preferrably by proving me wrong? 7.9 makes me happier than 8.5...
http://www.law.harvard.edu/current/sfs/ ... terms.html
Loan fees (2.5%) don't compound in the traditional sense - they are added to the principle.Interest rate is fixed at 7.9%
So perhaps when you factor in the 2.5% additional that you need to take out, it comes out to the same as 8.5% over time?Loan fees are 2.5% and they are deducted from the loan amount prior to disbursement. Therefore, you will want to increase the amount that you borrow by the fees that will be deducted. We will increase your budget for the fee amount and process the loan at the higher amount. For example if you decide you'd like to borrow the full $47,400, the fee would equal $1,185. You would add the $1,185 to the $47,400 for a total loan amount of $48,585.
Although, you may be looking at the wrong type of loan.
It seems most of us will be doing DirectGraduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in both the FFEL and Direct Loan Program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFEL program and 7.9 percent in the Direct Loan program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan. Click here for more information about Direct PLUS Loans for graduate and professional degree students.
--LinkRemoved--
-
- Posts: 108
- Joined: Mon Jul 07, 2008 6:48 pm
Re: Harvard Class of 2012
Objection, where did you find an apartment with such low up front costs? It seems that everywhere I have looked-- craigslist and cambridgepads.com, there are major up front costs included.
Communicate now with those who not only know what a legal education is, but can offer you worthy advice and commentary as you complete the three most educational, yet challenging years of your law related post graduate life.
Register now, it's still FREE!
Already a member? Login
- Objection
- Posts: 1272
- Joined: Mon Jul 14, 2008 11:48 am
Re: Harvard Class of 2012
I lucked out. Renting a condo directly from owner. Low up front cost was one of my criteria. I'll let you know if I hear of any others in the same building with similarly low up front costs.prelaw wrote:Objection, where did you find an apartment with such low up front costs? It seems that everywhere I have looked-- craigslist and cambridgepads.com, there are major up front costs included.
Also, I may have overestimated how much debt I'll be in by $55,000. I sure as hell hope that's the case.
- Objection
- Posts: 1272
- Joined: Mon Jul 14, 2008 11:48 am
Re: Harvard Class of 2012
http://www.law.harvard.edu/current/sfs/ ... /debt.html
About halfway down the page, they list 3 examples. I'm confused why the monthly payment for the 2nd example is only $1164. That would make sense if the total debt was just (amount borrowed * 3), but it's not - interest compounds while in school.
Shouldn't it be (Amount borrowed 1L + 3 years of interest) + (Amount borrowed 2L + 2 years of interest) + (Amount borrowed 3L + 1 year of interest)?
Did HLS goof or am I reading this wrong
About halfway down the page, they list 3 examples. I'm confused why the monthly payment for the 2nd example is only $1164. That would make sense if the total debt was just (amount borrowed * 3), but it's not - interest compounds while in school.
Shouldn't it be (Amount borrowed 1L + 3 years of interest) + (Amount borrowed 2L + 2 years of interest) + (Amount borrowed 3L + 1 year of interest)?
Did HLS goof or am I reading this wrong
- iagolives
- Posts: 686
- Joined: Mon Jun 30, 2008 11:24 pm
Re: Harvard Class of 2012
I think they goofed man. Perhaps the right calculations were sent to them by the same server that sent us our PINS.Objection wrote:http://www.law.harvard.edu/current/sfs/ ... /debt.html
About halfway down the page, they list 3 examples. I'm confused why the monthly payment for the 2nd example is only $1164. That would make sense if the total debt was just (amount borrowed * 3), but it's not - interest compounds while in school.
Shouldn't it be (Amount borrowed 1L + 3 years of interest) + (Amount borrowed 2L + 2 years of interest) + (Amount borrowed 3L + 1 year of interest)?
Did HLS goof or am I reading this wrong
...Was I a bit too harsh on that one?....
-
- Posts: 84
- Joined: Sat Feb 23, 2008 3:34 am
Re: Harvard Class of 2012
for some reason i was under the impression that the fixed interest rate should be the same whether you choose to do GradPlus direct or GradPlus from a private lender. I thought the main differential between these options were on the different terms of the loan ie forgiveness no job temporarily etc. It could just be that some sites havent updated for the 2009-2010 school year (ive seen a few that explicitly have not)....I could also be wrong.
Seriously? What are you waiting for?
Now there's a charge.
Just kidding ... it's still FREE!
Already a member? Login