should a kid looking to avoid terrible debt transfer? Forum

[ClarDarr]

Accepted at Penn. Waiting on CLS and NYU. Current school in the 60s, 25k scholarship making debt at graduation roughly 100k exactly. Law Review at current school. Have ~25k in undergraduate debt as well. Cost of attending new school roughly 130-145k.

[ClarDarr]

A decisive poll! (kidding). I should add that I'm top 1-2% at my current school and if I wait on CLS or NYU it will likely foreclose an option at Penn.

[ran12]

You should transfer. 100k plus the UG debt is considerable for a school in the 60s. Your best bet at being able to pay off debt and have a comfortable life is transferring to Penn. Is is possible to deposit at Penn and then withdraw and go to NYU or CLS?

[Aqualibrium]

This doesn't even make any sense (no offense) [hey that rhymed!]. You're gonna be in 100k debt at your current school and that's not accounting for tuition increases each year. You have the opportunity to transfer to a place that will probably raise your total debt by 60k or so, but will also make you infinitely more employable/able to pay your debt off. Absent a "please baby don't leave" scholarship from your old school, why wouldn't you transfer?

[ms2010]

I agree. Go.

[ClarDarr]

This doesn't even make any sense (no offense) [hey that rhymed!]. You're gonna be in 100k debt at your current school and that's not accounting for tuition increases each year. You have the opportunity to transfer to a place that will probably raise your total debt by 60k or so, but will also make you infinitely more employable/able to pay your debt off. Absent a "please baby don't leave" scholarship from your old school, why wouldn't you transfer?

If I transfer this will be my debt calc:

25k (undergrad) + 45k (1L) + 140k (transfer tuition, for the sake of argument) = 210k

If I stay:

25k + 100k = 125k


This takes into account tuition increases and additional scholarship monies made available for 2L/3L

[Total Litigator]

Also, be prepared for a scholarship increase. Probably not full, more closer to 4/5ths, but at least have that in the back of your mind when making this decision so you don't get side swiped by the scholly offer and have to return to square one of the decision making process.

[ClarDarr]

Also, be prepared for a scholarship increase. Probably not full, more closer to 4/5ths, but at least have that in the back of your mind when making this decision so you don't get side swiped by the scholly offer and have to return to square one of the decision making process.

My scholarship was increased by my current school; this data accounts for it. Sorry for not mentioning.

[JOThompson]

Debt is temporary. Prestige lasts a long time.

[ClarDarr]

Debt is temporary. Prestige lasts a long time.

how temporary is this debt?

[ClarDarr]

anyone else care to share?

[kaiser]

I'm in a similar situation and people seem to recommend transferring. I even have the same amount of scholarship, though my debt total is different. I'm not totally sold on the idea yet, but the overwhelming recommendation seemed to be that I transfer. Given how similar your situation yours is to mine, I'm guessing the same logic applies.

[keg411]

I'm in a similar situation and people seem to recommend transferring. I even have the same amount of scholarship, though my debt total is different. I'm not totally sold on the idea yet, but the overwhelming recommendation seemed to be that I transfer. Given how similar your situation yours is to mine, I'm guessing the same logic applies.

OP has LR. I don't know if the situations are the same.
Also, OP -- hold out for CLS/NYU since Penn hasn't rejected me yet .

[kaiser]

I'm in a similar situation and people seem to recommend transferring. I even have the same amount of scholarship, though my debt total is different. I'm not totally sold on the idea yet, but the overwhelming recommendation seemed to be that I transfer. Given how similar your situation yours is to mine, I'm guessing the same logic applies.

OP has LR. I don't know if the situations are the same.
Also, OP -- hold out for CLS/NYU since Penn hasn't rejected me yet .

His jump in school rank would be much more substantial though, so that sort of balances it

[keg411]

I'm in a similar situation and people seem to recommend transferring. I even have the same amount of scholarship, though my debt total is different. I'm not totally sold on the idea yet, but the overwhelming recommendation seemed to be that I transfer. Given how similar your situation yours is to mine, I'm guessing the same logic applies.

OP has LR. I don't know if the situations are the same.
Also, OP -- hold out for CLS/NYU since Penn hasn't rejected me yet .

His jump in school rank would be much more substantial though, so that sort of balances it

True .
OP: where do you want to work after graduation?

[ClarDarr]

I'm in a similar situation and people seem to recommend transferring. I even have the same amount of scholarship, though my debt total is different. I'm not totally sold on the idea yet, but the overwhelming recommendation seemed to be that I transfer. Given how similar your situation yours is to mine, I'm guessing the same logic applies.

OP has LR. I don't know if the situations are the same.
Also, OP -- hold out for CLS/NYU since Penn hasn't rejected me yet .

His jump in school rank would be much more substantial though, so that sort of balances it

True .
OP: where do you want to work after graduation?

Philly, NYC, or my current LS market are all fine with me. I have no real preference except "the northeast" and dc.

[m1234]

A school in the 60s is a regional based school. If you are happy practicing in your location and are worried about debt I would stay. Top 1-2% pretty much guarantees (I would say about 90% chance) one of the big firm positions offered by recruiters on your campus. Transferring to a higher ranked school means big firms hire more of those grads, but you still have to be ranked high. If you place in the top 20% at one of the schools applied to you would likely have the same chance as you did at your old school, but more debt. But if you get in the top 10% your chances will increase.*****BUT if you want to practice in a location far from your school, I would transfer, because those names carry weight across the country unlike a school in the 60s****

[ClarDarr]

A school in the 60s is a regional based school. If you are happy practicing in your location and are worried about debt I would stay. Top 1-2% pretty much guarantees (I would say about 90% chance) one of the big firm positions offered by recruiters on your campus. Transferring to a higher ranked school means big firms hire more of those grads, but you still have to be ranked high. If you place in the top 20% at one of the schools applied to you would likely have the same chance as you did at your old school, but more debt. But if you get in the top 10% your chances will increase.*****BUT if you want to practice in a location far from your school, I would transfer, because those names carry weight across the country unlike a school in the 60s****

True, but I would be applying to those large firms at my potential new school with my stellar old school grades.

[m1234]

A school in the 60s is a regional based school. If you are happy practicing in your location and are worried about debt I would stay. Top 1-2% pretty much guarantees (I would say about 90% chance) one of the big firm positions offered by recruiters on your campus. Transferring to a higher ranked school means big firms hire more of those grads, but you still have to be ranked high. If you place in the top 20% at one of the schools applied to you would likely have the same chance as you did at your old school, but more debt. But if you get in the top 10% your chances will increase.*****BUT if you want to practice in a location far from your school, I would transfer, because those names carry weight across the country unlike a school in the 60s****

True, but I would be applying to those large firms at my potential new school with my stellar old school grades.

Yes, but those grades are at your old school. Employers will not equate grades at a second tier school with students at a top tier school. It will look good, but not as good as the kids who got top 10% at that school who got them at that school the first year. Many people view the first year as the hardest, so transferring and not going through the first year puts you at a disadvantage with those that went to that school for the first year. It's not a deal breaker, but it is something to consider.

[UCLAtransfer]

How well known will your current LS be to firms in Philly and NYC that you would presumably be targeting if you transfer?

This is another thing to keep in mind re transferring: If you are at a school nearby (in the NE) that the firms will be readily familiar with, then you will have a much better shot at landing something at OCI out of Penn/NYU/Columbia, because the firms will know how to place you. On the other hand, if your current school isn't one they are likely very familiar with (e.g., if they never hire anyone from there), it will be harder to land something at OCI even with your solid 1L grades.

[ClarDarr]

My current law school is moderately well known in NYC and not known much, if at all, in philly.

[ClarDarr]

Whose advice changes now that I'm admitted to CLS?

[ran12]

Columbia is better than Penn. You'll prob have slightly more debt out of Columbia but better opportunities. But can't really go wrong either way.