NYU Class of 2017 - Basically graduated Forum
- lawschool22
- Posts: 3875
- Joined: Thu Jul 25, 2013 5:47 pm
Re: NYU Class of 2017 - New Photos in OP!
Don't forget, you don't get $160k.
In NYC you're looking at around $95k-$99k after taxes. Take out another $16k for your 401k match, $6k for medical, dental, vision. Now you're at $73k.
$250k at 7% would take 4 years to pay off if you gave all $73k to loan payments (which we know you couldn't do). If you were really frugal and could devote half your take home pay, you could do it in 9 years.
Now I'm completely ignoring PAYE. If you did that, you'd probably be paying around $22k per year in loans. But this still leaves you with $51k left to spend on everything else (transportation, rent, food, entertainment, savings, etc.).
I'm not saying any of this is a bad deal, just that if you can get to the same outcome and not have $250k hanging over your head, the HLS prestige probably isn't worth it.
In NYC you're looking at around $95k-$99k after taxes. Take out another $16k for your 401k match, $6k for medical, dental, vision. Now you're at $73k.
$250k at 7% would take 4 years to pay off if you gave all $73k to loan payments (which we know you couldn't do). If you were really frugal and could devote half your take home pay, you could do it in 9 years.
Now I'm completely ignoring PAYE. If you did that, you'd probably be paying around $22k per year in loans. But this still leaves you with $51k left to spend on everything else (transportation, rent, food, entertainment, savings, etc.).
I'm not saying any of this is a bad deal, just that if you can get to the same outcome and not have $250k hanging over your head, the HLS prestige probably isn't worth it.
- cotiger
- Posts: 1648
- Joined: Tue Jul 23, 2013 11:49 pm
Re: NYU Class of 2017 - New Photos in OP!
Yeah, even if you're applying basically all of your discretionary income to paying off loans, it would take five years to get to a zero net worth.DrStudMuffin wrote:Just a heads up - paying off 300k in loans at 6-7 percent interest on a NYC biglaw salary (about 96k a year after taxes and before bonus) in anything close to 3 years is not possible. When you also consider how draining NYC biglaw is, I think that's a pretty unappealing situation.residentemma wrote:Well if you took it all out in loans you'd probably have about 300k of debt, so I guess if you were doing biglaw and getting 160k and being frugal you could pay it off in 3-5 years... but not everyone makes that right out of school. Also think about opportunity cost... 160k a year with no debt sounds pretty nicecharlie.black wrote:I had a young law professor from Ohio State visit my undergrad last fall. He attended SLS, clerked for the supremes, then did some lit work in dc before transitioning into academia. He said T6 > any other T14 at any price. I said, "really? what about full-ride penn or uva?" Reply: "T6. The job placement is just different." Kind of hard for me to believe at the time. Still hard for me to believe.paglababa wrote:Does this rule only apply to CCN? I feel like it would be harder to pick Cornell full ride over HYS for big law even though Cornell places well in NYC.
But is the $ it costs to attend HYS at sticker really that much over a career? At starting 160k, it seems that the debt wouldn't be horrendous to pay back, and you have added job security/opportunities that you wouldn't have at the lower t14.
- cotiger
- Posts: 1648
- Joined: Tue Jul 23, 2013 11:49 pm
Re: NYU Class of 2017 - New Photos in OP!
Pay does increase, though, and there are bonuses. It wouldn't take nine, but it's still much longer than I would consider acceptable.lawschool22 wrote:Don't forget, you don't get $160k.
In NYC you're looking at around $95k-$99k after taxes. Take out another $16k for your 401k match, $6k for medical, dental, vision. Now you're at $73k.
$250k at 7% would take 4 years to pay off if you gave all $73k to loan payments (which we know you couldn't do). If you were really frugal and could devote half your take home pay, you could do it in 9 years.
Now I'm completely ignoring PAYE. If you did that, you'd probably be paying around $22k per year in loans. But this still leaves you with $51k left to spend on everything else (transportation, rent, food, entertainment, savings, etc.).
I'm not saying any of this is a bad deal, just that if you can get to the same outcome and not have $250k hanging over your head, the HLS prestige probably isn't worth it.
- paglababa
- Posts: 888
- Joined: Tue Jun 18, 2013 11:34 pm
Re: NYU Class of 2017 - New Photos in OP!
Dang stop posting sad things A pre-law school 40-50 hr week, 90k income with 0 debt is starting to look better and better....
- cotiger
- Posts: 1648
- Joined: Tue Jul 23, 2013 11:49 pm
Re: NYU Class of 2017 - New Photos in OP!
Did that ever look not awesome? Lolpaglababa wrote:Dang stop posting sad things A pre-law school 40-50 hr week, 90k income with 0 debt is starting to look better and better....
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- paglababa
- Posts: 888
- Joined: Tue Jun 18, 2013 11:34 pm
Re: NYU Class of 2017 - New Photos in OP!
lol so why go to LS for 3 years? am i right?cotiger wrote:Did that ever look not awesome? Lolpaglababa wrote:Dang stop posting sad things A pre-law school 40-50 hr week, 90k income with 0 debt is starting to look better and better....
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- Posts: 1565
- Joined: Thu Jan 31, 2013 1:44 am
Re: NYU Class of 2017 - New Photos in OP!
FYI: big law doesn't match 401(k)lawschool22 wrote:Don't forget, you don't get $160k.
In NYC you're looking at around $95k-$99k after taxes. Take out another $16k for your 401k match, $6k for medical, dental, vision. Now you're at $73k.
$250k at 7% would take 4 years to pay off if you gave all $73k to loan payments (which we know you couldn't do). If you were really frugal and could devote half your take home pay, you could do it in 9 years.
Now I'm completely ignoring PAYE. If you did that, you'd probably be paying around $22k per year in loans. But this still leaves you with $51k left to spend on everything else (transportation, rent, food, entertainment, savings, etc.).
I'm not saying any of this is a bad deal, just that if you can get to the same outcome and not have $250k hanging over your head, the HLS prestige probably isn't worth it.
- t-14orbust
- Posts: 2130
- Joined: Tue Jul 31, 2012 4:43 pm
Re: NYU Class of 2017 - New Photos in OP!
Can I has yer jerb?paglababa wrote:lol so why go to LS for 3 years? am i right?cotiger wrote:Did that ever look not awesome? Lolpaglababa wrote:Dang stop posting sad things A pre-law school 40-50 hr week, 90k income with 0 debt is starting to look better and better....
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- Posts: 2213
- Joined: Mon Oct 01, 2012 10:21 am
Re: NYU Class of 2017 - New Photos in OP!
What in the world are you doing? At least you have savings, right? Right?paglababa wrote:Dang stop posting sad things A pre-law school 40-50 hr week, 90k income with 0 debt is starting to look better and better....
- charlie.black
- Posts: 164
- Joined: Fri Aug 09, 2013 3:11 pm
Re: NYU Class of 2017 - New Photos in OP!
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Last edited by charlie.black on Thu Feb 20, 2014 6:27 pm, edited 1 time in total.
- paglababa
- Posts: 888
- Joined: Tue Jun 18, 2013 11:34 pm
Re: NYU Class of 2017 - New Photos in OP!
I'm hoping to get a fully still. Fingers crossed for one of the named scholarships at NYU.Theopliske8711 wrote:What in the world are you doing? At least you have savings, right? Right?paglababa wrote:Dang stop posting sad things A pre-law school 40-50 hr week, 90k income with 0 debt is starting to look better and better....
And yea, the only reason I want to do big law for as minimal as a time as I possibly can is because I almost feel like it is a prerequisite to going in house, which seems so much more enjoyable.
- moopness
- Posts: 310
- Joined: Fri Jul 16, 2010 8:56 pm
Re: NYU Class of 2017 - New Photos in OP!
This is why NYU is looking better and better for me since it has a strong PI network. Biglaw quite frankly frightens the shit out of me, especially when you have 300k in debt. Being miserable 24/7 due to the big law workload, and having most of your discretionary income going towards loan repayment...sounds pretty bad.
- lawschool22
- Posts: 3875
- Joined: Thu Jul 25, 2013 5:47 pm
Re: NYU Class of 2017 - New Photos in OP!
That's a fair point. But then you would have to take into accounting increases in COL, etc. (although raises would probably outpace this), and also the possibility that you leave biglaw in a few years.cotiger wrote:Pay does increase, though, and there are bonuses. It wouldn't take nine, but it's still much longer than I would consider acceptable.lawschool22 wrote:Don't forget, you don't get $160k.
In NYC you're looking at around $95k-$99k after taxes. Take out another $16k for your 401k match, $6k for medical, dental, vision. Now you're at $73k.
$250k at 7% would take 4 years to pay off if you gave all $73k to loan payments (which we know you couldn't do). If you were really frugal and could devote half your take home pay, you could do it in 9 years.
Now I'm completely ignoring PAYE. If you did that, you'd probably be paying around $22k per year in loans. But this still leaves you with $51k left to spend on everything else (transportation, rent, food, entertainment, savings, etc.).
I'm not saying any of this is a bad deal, just that if you can get to the same outcome and not have $250k hanging over your head, the HLS prestige probably isn't worth it.
But I think we would both agree that to pay it off in less than 5 years it takes a substantial amount and percentage of your overall income to achieve. Sometimes people hear $250k in loans and then $160k salary and think "oh that'll be pretty easy" without taking into all the other factors. I just wanted to show that it's not that simple.
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- paglababa
- Posts: 888
- Joined: Tue Jun 18, 2013 11:34 pm
Re: NYU Class of 2017 - New Photos in OP!
I'm pretty mad about entering a new tax bracket at big law income...also NY taxes suck. Texas Big law = TCRlawschool22 wrote:That's a fair point. But then you would have to take into accounting increases in COL, etc. (although raises would probably outpace this), and also the possibility that you leave biglaw in a few years.cotiger wrote:Pay does increase, though, and there are bonuses. It wouldn't take nine, but it's still much longer than I would consider acceptable.lawschool22 wrote:Don't forget, you don't get $160k.
In NYC you're looking at around $95k-$99k after taxes. Take out another $16k for your 401k match, $6k for medical, dental, vision. Now you're at $73k.
$250k at 7% would take 4 years to pay off if you gave all $73k to loan payments (which we know you couldn't do). If you were really frugal and could devote half your take home pay, you could do it in 9 years.
Now I'm completely ignoring PAYE. If you did that, you'd probably be paying around $22k per year in loans. But this still leaves you with $51k left to spend on everything else (transportation, rent, food, entertainment, savings, etc.).
I'm not saying any of this is a bad deal, just that if you can get to the same outcome and not have $250k hanging over your head, the HLS prestige probably isn't worth it.
But I think we would both agree that to pay it off in less than 5 years it takes a substantial amount and percentage of your overall income to achieve. Sometimes people hear $250k in loans and then $160k salary and think "oh that'll be pretty easy" without taking into all the other factors. I just wanted to show that it's not that simple.
- Dr.Zer0
- Posts: 1027
- Joined: Tue Jul 10, 2012 12:11 pm
Re: NYU Class of 2017 - New Photos in OP!
Got my pizza box in the mail today.
- moopness
- Posts: 310
- Joined: Fri Jul 16, 2010 8:56 pm
Re: NYU Class of 2017 - New Photos in OP!
Congrats!!Dr.Zer0 wrote:Got my pizza box in the mail today.
- residentemma
- Posts: 142
- Joined: Fri Jan 10, 2014 12:54 pm
Re: NYU Class of 2017 - New Photos in OP!
Welcome! As you can see above, crippling six-figure debt is practically yours!!!Dr.Zer0 wrote:Got my pizza box in the mail today.
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- moopness
- Posts: 310
- Joined: Fri Jul 16, 2010 8:56 pm
Re: NYU Class of 2017 - New Photos in OP!
When do we hear about any merit-based aid? Does it come in the pizza box or is it a separate email? I haven't gotten anything (email, mail, box) other than the phone call yet.
- Dr.Zer0
- Posts: 1027
- Joined: Tue Jul 10, 2012 12:11 pm
Re: NYU Class of 2017 - New Photos in OP!
Sweet! Haha, I applied for one of the named schoolies so hopefully that softens the blow.residentemma wrote:Welcome! As you can see above, crippling six-figure debt is practically yours!!!Dr.Zer0 wrote:Got my pizza box in the mail today.
- paglababa
- Posts: 888
- Joined: Tue Jun 18, 2013 11:34 pm
Re: NYU Class of 2017 - New Photos in OP!
Some (fortunate) people got scholarships along with their acceptances. Us mere mortals have gotten an email saying to fill out the need access form. I think that was all I needed to do (didn't ask for w2 or tax return backup right?), though I'm still awaiting a merit offer. Can anyone confirm if I missed a crucial step?moopness wrote:When do we hear about any merit-based aid? Does it come in the pizza box or is it a separate email? I haven't gotten anything (email, mail, box) other than the phone call yet.
- thewaves
- Posts: 384
- Joined: Sun May 12, 2013 7:26 pm
Re: NYU Class of 2017 - New Photos in OP!
Anyone with work experience have savings? Hopefully that will help lessen your debt.
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- lawschool22
- Posts: 3875
- Joined: Thu Jul 25, 2013 5:47 pm
Re: NYU Class of 2017 - New Photos in OP!
I have some, and I will be renting out my condo, so that will help as well. But with COA at $81k per (plus interest) it doesn't make a huge dent lolthewaves wrote:Anyone with work experience have savings? Hopefully that will help lessen your debt.
Last edited by lawschool22 on Thu Feb 20, 2014 5:11 pm, edited 1 time in total.
- thewaves
- Posts: 384
- Joined: Sun May 12, 2013 7:26 pm
Re: NYU Class of 2017 - New Photos in OP!
Renting out your condo? Baller. And yeah, living in NYC as a student should give anyone pause.lawschool22 wrote:thewaves wrote:Anyone with work experience have savings? Hopefully that will help lessen your debt.[/quote
I have some, and I will be renting out my condo, so that will help as well. But with COA at $81k per (plus interest) it doesn't make a huge dent lol
- paglababa
- Posts: 888
- Joined: Tue Jun 18, 2013 11:34 pm
Re: NYU Class of 2017 - New Photos in OP!
You already got your merit offer right? Have you tried negotiating?lawschool22 wrote:thewaves wrote:Anyone with work experience have savings? Hopefully that will help lessen your debt.[/quote
I have some, and I will be renting out my condo, so that will help as well. But with COA at $81k per (plus interest) it doesn't make a huge dent lol
Interest starts accumulating on day 1 of your loan? So someone paying sticker at 81k/year will end up with ~300k in debt if nothing got paid while in school?
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Re: NYU Class of 2017 - New Photos in OP!
God I would love to grab a Biglaw Texas.
Seriously? What are you waiting for?
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