Is Anyone Paying Sticker for a T2 School?

(Please Ask Questions and Answer Questions)
b.j.
Posts: 285
Joined: Sun Nov 29, 2009 2:06 am

Is Anyone Paying Sticker for a T2 School?

Postby b.j. » Mon May 24, 2010 9:09 pm

It's very possible I will do this. Assuming nothing changes (more on why it might, but also might not, below), that would leave me with just shy of $200,000 in loans (the school is in the NYC metro area and thus the cost of living is high). That's simply staggering, I'm sure you guys would agree.

I've gone back and forth on this. The optimist in me says that the legal market will be better in three years, even if it's not as great as it once was, and that by doing well, I will either be able to get a good job--not necessarily at a T10 firm on the Vault list, but somewhere respectable that will give me a chance to pay off my debts--or transfer to a better school that will enable me to get a good job. If I end up doing well, perhaps I can get scholarship money (I'm not getting any right now) that will lessen the burden somewhat, but if I do well enough to transfer to a much better school (NYU, perhaps), perhaps the outsized cost will be worth it. If my school has around 400 students, being in the top ten percent, while not easy, isn't that hard, numerically speaking. No, the competition won't be easy, but it won't be as intense as if I attended Harvard.

I'm going to meet with the financial aid people this week to talk about this. I get that I've worked for the past couple of years, but even living at home, I don't see why I got nothing in need-based grants. Maybe I can change that.

The pessimist in me says that I am either insane or a fool to take out that much in loans. (Maybe both?) I could go on about why this might be so, and so can and have many others here, but there's no point. We all know why that would be the case.

The way I see it is that I will simply drop out if I don't do well enough. No, that's not a good position to be in, but if after two semesters I am not doing well enough to justify either staying or transferring, it should be clear that the investment will not be worth it. It'll suck to be that much in the hole without a degree, but at the same time, in this worst case scenario, I would stop adding to the debt. To be clear, I am not going in with the intention of dropping out. It's just that I like to think I know when to cut my losses.

Anyway, is anyone in a similar position?

User avatar
megaTTTron
Posts: 980
Joined: Thu Jan 21, 2010 4:26 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby megaTTTron » Mon May 24, 2010 9:11 pm

b.j. wrote:It's very possible I will do this. Assuming nothing changes (more on why it might, but also might not, below), that would leave me with just shy of $200,000 in loans (the school is in the NYC metro area and thus the cost of living is high). That's simply staggering, I'm sure you guys would agree.

I've gone back and forth on this. The optimist in me says that the legal market will be better in three years, even if it's not as great as it once was, and that by doing well, I will either be able to get a good job--not necessarily at a T10 firm on the Vault list, but somewhere respectable that will give me a chance to pay off my debts--or transfer to a better school that will enable me to get a good job. If I end up doing well, perhaps I can get scholarship money (I'm not getting any right now) that will lessen the burden somewhat, but if I do well enough to transfer to a much better school (NYU, perhaps), perhaps the outsized cost will be worth it. If my school has around 400 students, being in the top ten percent, while not easy, isn't that hard, numerically speaking. No, the competition won't be easy, but it won't be as intense as if I attended Harvard.

I'm going to meet with the financial aid people this week to talk about this. I get that I've worked for the past couple of years, but even living at home, I don't see why I got nothing in need-based grants. Maybe I can change that.

The pessimist in me says that I am either insane or a fool to take out that much in loans. (Maybe both?) I could go on about why this might be so, and so can and have many others here, but there's no point. We all know why that would be the case.

The way I see it is that I will simply drop out if I don't do well enough. No, that's not a good position to be in, but if after two semesters I am not doing well enough to justify either staying or transferring, it should be clear that the investment will not be worth it. It'll suck to be that much in the hole without a degree, but at the same time, in this worst case scenario, I would stop adding to the debt. To be clear, I am not going in with the intention of dropping out. It's just that I like to think I know when to cut my losses.

Anyway, is anyone in a similar position?


IN before this post gets shredded.

User avatar
scribelaw
Posts: 771
Joined: Thu Jul 02, 2009 3:27 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby scribelaw » Mon May 24, 2010 9:12 pm

Don't do this.

keg411
Posts: 5935
Joined: Tue Apr 21, 2009 9:10 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby keg411 » Mon May 24, 2010 9:16 pm

As someone who will be attending a T2... you are insane to take out $200k. Please, do yourself a favor and go to your state school if you can't get T14 - not some overpriced private that you will likely regret spending the $$$ on.

User avatar
megaTTTron
Posts: 980
Joined: Thu Jan 21, 2010 4:26 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby megaTTTron » Mon May 24, 2010 9:17 pm

keg411 wrote:As someone who will be attending a T2... you are insane to take out $200k. Please, do yourself a favor and go to your state school if you can't get T14 - not some overpriced private that you will likely regret spending the $$$ on.


keg -- are you getting a phat scholly???

User avatar
General Tso
Posts: 2289
Joined: Sun Dec 07, 2008 6:51 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby General Tso » Mon May 24, 2010 9:18 pm

200k for a NYC T2 is not an option. you should either retake or rethink your career plans.

Mr. Pablo
Posts: 283
Joined: Thu Mar 05, 2009 8:21 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby Mr. Pablo » Mon May 24, 2010 9:21 pm

b.j. wrote:I... If my school has around 400 students, being in the top ten percent, while not easy, isn't that hard, numerically speaking. No, the competition won't be easy, but it won't be as intense as if I attended Harvard.
...

The problem here is that there are at least 40 other people who think this, but only 40 of them can be there. They are just as smart and hard-working as you are. Some of them turned down higher ranked, and possibly much more competitive, schools for highly tempting financial offers. They, too, think they are going to be in the top 10%.

User avatar
megaTTTron
Posts: 980
Joined: Thu Jan 21, 2010 4:26 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby megaTTTron » Mon May 24, 2010 9:23 pm

Mr. Pablo wrote:
b.j. wrote:I... If my school has around 400 students, being in the top ten percent, while not easy, isn't that hard, numerically speaking. No, the competition won't be easy, but it won't be as intense as if I attended Harvard.
...

The problem here is that there are at least 40 other people who think this, but only 40 of them can be there. They are just as smart and hard-working as you are. Some of them turned down higher ranked, and possibly much more competitive, schools for highly tempting financial offers. They, too, think they are going to be in the top 10%.


Only 40? Try 350.

keg411
Posts: 5935
Joined: Tue Apr 21, 2009 9:10 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby keg411 » Mon May 24, 2010 9:24 pm

megaTTTron wrote:
keg411 wrote:As someone who will be attending a T2... you are insane to take out $200k. Please, do yourself a favor and go to your state school if you can't get T14 - not some overpriced private that you will likely regret spending the $$$ on.


keg -- are you getting a phat scholly???


;)

Scholly + state school + don't need COL loans (or private loans at all) + massive legal connections in state (not BigLaw, but good enough that I will be employed at worst 9 months after grad) = win :D.

BTW, anything less than that, I would have just bagged the whole thing and stayed at my job. Realized about halfway through my cycle that spending $$$ and leaving my home market was a poor idea.

b.j.
Posts: 285
Joined: Sun Nov 29, 2009 2:06 am

Re: Is Anyone Paying Sticker for a T2 School?

Postby b.j. » Mon May 24, 2010 9:24 pm

Mr. Pablo wrote:
b.j. wrote:I... If my school has around 400 students, being in the top ten percent, while not easy, isn't that hard, numerically speaking. No, the competition won't be easy, but it won't be as intense as if I attended Harvard.
...

The problem here is that there are at least 40 other people who think this, but only 40 of them can be there. They are just as smart and hard-working as you are. Some of them turned down higher ranked, and possibly much more competitive, schools for highly tempting financial offers. They, too, think they are going to be in the top 10%.


I understand this.

User avatar
megaTTTron
Posts: 980
Joined: Thu Jan 21, 2010 4:26 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby megaTTTron » Mon May 24, 2010 9:25 pm

keg411 wrote:
megaTTTron wrote:
keg411 wrote:As someone who will be attending a T2... you are insane to take out $200k. Please, do yourself a favor and go to your state school if you can't get T14 - not some overpriced private that you will likely regret spending the $$$ on.


keg -- are you getting a phat scholly???


;)

Scholly + state school + don't need COL loans (or private loans at all) + massive legal connections in state (not BigLaw, but good enough that I will be employed at worst 9 months after grad) = win :D.

BTW, anything less than that, I would have just bagged the whole thing and stayed at my job. Realized about halfway through my cycle that spending $$$ and leaving my home market was a poor idea.


Enjoy what will undoubtably be a baller career. Well done.

User avatar
megaTTTron
Posts: 980
Joined: Thu Jan 21, 2010 4:26 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby megaTTTron » Mon May 24, 2010 9:26 pm

b.j. wrote:
Mr. Pablo wrote:
b.j. wrote:I... If my school has around 400 students, being in the top ten percent, while not easy, isn't that hard, numerically speaking. No, the competition won't be easy, but it won't be as intense as if I attended Harvard.
...

The problem here is that there are at least 40 other people who think this, but only 40 of them can be there. They are just as smart and hard-working as you are. Some of them turned down higher ranked, and possibly much more competitive, schools for highly tempting financial offers. They, too, think they are going to be in the top 10%.


I understand this.


Clearly not, if you did, you would realize that it is not "numerically easy" to get into the top 10%.

K, done hijacking your thread.

User avatar
PLATONiC
Posts: 358
Joined: Mon Oct 05, 2009 8:13 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby PLATONiC » Mon May 24, 2010 9:27 pm

If you're seriously interested in law, then a T2 could still prepare you to do what this guy did: http://www.startlawpractice.com/

I mean, it only costs like $3,000 dollars to start your own solo practice.

User avatar
jlnoa0915
Posts: 428
Joined: Fri Aug 28, 2009 7:25 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby jlnoa0915 » Mon May 24, 2010 9:30 pm

I don't think I would pay sticker for any law school. (YH as possible exceptions)

User avatar
lostjake
Posts: 320
Joined: Sat Feb 06, 2010 7:07 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby lostjake » Mon May 24, 2010 9:37 pm

PLATONiC wrote:If you're seriously interested in law, then a T2 could still prepare you to do what this guy did: http://www.startlawpractice.com/

I mean, it only costs like $3,000 dollars to start your own solo practice.


This has to be a flame...

keg411
Posts: 5935
Joined: Tue Apr 21, 2009 9:10 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby keg411 » Mon May 24, 2010 9:37 pm

Enjoy what will undoubtably be a baller career. Well done.


Dunno if it will be "baller" (as I'm not looking at anything prestigious by a long shot)... but it will be at least be "okay".

/end hijack

User avatar
T14_Scholly
Posts: 416
Joined: Mon Jan 18, 2010 8:46 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby T14_Scholly » Mon May 24, 2010 9:44 pm

1. You assume that your employment prospects will depend on the state of the economy three years from now, rather than one year from now.

2. You think you'll probably get a biglaw job (though "not in the V10" - I guess you're just going to settle for the V20?).

3. In the alternative, you think you'll be able to transfer to a top 10 school.

4. You think that being in the top 10% isn't that hard.

5. You claim to be willing to eat ~$60,000 in first-year cost of attendance if you don't do well your first year.

6. You think that you'll get scholarship money for doing well your first year.

In short, you're an idiot six times over, in all the quintessential ways an aspiring law student could be an idiot.

User avatar
sanpiero
Posts: 574
Joined: Sat Feb 14, 2009 8:09 am

Re: Is Anyone Paying Sticker for a T2 School?

Postby sanpiero » Mon May 24, 2010 9:49 pm

T14_Scholly wrote:1. You assume that your employment prospects will depend on the state of the economy three years from now, rather than one year from now.

2. You think you'll probably get a biglaw job (though "not in the V10" - I guess you're just going to settle for the V20?).

3. In the alternative, you think you'll be able to transfer to a top 10 school.

4. You think that being in the top 10% isn't that hard.

5. You claim to be willing to eat ~$60,000 in first-year cost of attendance if you don't do well your first year.

6. You think that you'll get scholarship money for doing well your first year.

In short, you're an idiot six times over, in all the quintessential ways an aspiring law student could be an idiot.


+1
I really hope this is a flame

TexasDemocrat
Posts: 59
Joined: Mon May 10, 2010 1:30 am

Re: Is Anyone Paying Sticker for a T2 School?

Postby TexasDemocrat » Mon May 24, 2010 9:52 pm

Just say no.

TexasDemocrat
Posts: 59
Joined: Mon May 10, 2010 1:30 am

Re: Is Anyone Paying Sticker for a T2 School?

Postby TexasDemocrat » Mon May 24, 2010 9:53 pm

PLATONiC wrote:
I mean, it only costs like $3,000 dollars to start your own solo practice.


LOL

User avatar
bk1
Posts: 18410
Joined: Sun Mar 14, 2010 7:06 pm

Re: Is Anyone Paying Sticker for a T2 School?

Postby bk1 » Mon May 24, 2010 9:55 pm

T14_Scholly wrote:1. You assume that your employment prospects will depend on the state of the economy three years from now, rather than one year from now.

2. You think you'll probably get a biglaw job (though "not in the V10" - I guess you're just going to settle for the V20?).

3. In the alternative, you think you'll be able to transfer to a top 10 school.

4. You think that being in the top 10% isn't that hard.

5. You claim to be willing to eat ~$60,000 in first-year cost of attendance if you don't do well your first year.

6. You think that you'll get scholarship money for doing well your first year.

In short, you're an idiot six times over, in all the quintessential ways an aspiring law student could be an idiot.


5 seems to be the only rational way to pay sticker at a T2 if for some reason you really want to be a lawyer and don't have better options. It is of course a $60k gamble, but at least it isn't a $200k forfeiture so that one can do document review and one would be going in with their eyes wide.

b.j.
Posts: 285
Joined: Sun Nov 29, 2009 2:06 am

Re: Is Anyone Paying Sticker for a T2 School?

Postby b.j. » Mon May 24, 2010 9:57 pm

megaTTTron wrote:
b.j. wrote:
Mr. Pablo wrote:
b.j. wrote:I... If my school has around 400 students, being in the top ten percent, while not easy, isn't that hard, numerically speaking. No, the competition won't be easy, but it won't be as intense as if I attended Harvard.
...

The problem here is that there are at least 40 other people who think this, but only 40 of them can be there. They are just as smart and hard-working as you are. Some of them turned down higher ranked, and possibly much more competitive, schools for highly tempting financial offers. They, too, think they are going to be in the top 10%.


I understand this.


Clearly not, if you did, you would realize that it is not "numerically easy" to get into the top 10%.

K, done hijacking your thread.


You didn't hijack the thread.

I guess my thought wasn't clear. Maybe that's because it wasn't entirely sensible, but whatever.

b.j.
Posts: 285
Joined: Sun Nov 29, 2009 2:06 am

Re: Is Anyone Paying Sticker for a T2 School?

Postby b.j. » Mon May 24, 2010 9:58 pm

lostjake wrote:
PLATONiC wrote:If you're seriously interested in law, then a T2 could still prepare you to do what this guy did: http://www.startlawpractice.com/

I mean, it only costs like $3,000 dollars to start your own solo practice.


This has to be a flame...


What is flame? Me or the guy who made the suggestion involving $3,000?

User avatar
atlantalaw
Posts: 156
Joined: Sun Jan 11, 2009 2:37 am

Re: Is Anyone Paying Sticker for a T2 School?

Postby atlantalaw » Mon May 24, 2010 10:00 pm

i don't recommend this often, but you should really read jdunderground (google it). just...check it out. it could be you. very soon.

User avatar
creamedcats
Posts: 241
Joined: Mon Mar 29, 2010 5:44 am

Re: Is Anyone Paying Sticker for a T2 School?

Postby creamedcats » Mon May 24, 2010 10:00 pm

Don't do it unless you're so well connected that your school is really just a formality or there is literally no other path for you and you must be a lawyer no matter what, and this is the best school, by far, that you got into. Even then, you're making a terribly expensive decision. I'm going to a T2 and even though I like the school, I would not go without $$$$/other factors.

Dare I ask - did you get money at a T3?




Return to “Law School FAQ”

Who is online

Users browsing this forum: taxman14 and 1 guest