In at Chicago!

Share Your Experiences, Read About Other Experiences. Please keep posts organized by school and expected year of graduation.
protokurios
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Re: In at Chicago!

Postby protokurios » Thu Feb 25, 2010 3:56 pm

I LOLed when I did this...rough estimate but still...

Loan Calculator

Loan Balance: $200,000.00
Adjusted Loan Balance: $200,000.00
Loan Interest Rate: 7.00%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,322.17
Number of Payments: 120

Note: The monthly loan payment was calculated at 119 payments of $2,322.17 plus a final payment of $2,322.10.

It is estimated that you will need an annual salary of at least $278,660.40 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. This corresponds to a debt-to-income ratio of 0.7. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $185,773.60, but you may experience some financial difficulty.This corresponds to a debt-to-income ratio of 1.1.

Only $185,773.60 bahahaha.

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parker09
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Re: In at Chicago!

Postby parker09 » Thu Feb 25, 2010 3:56 pm

Kronk wrote:
parker09 wrote:
johnstuartmill wrote:Wow. I have literally four dollars in my bank account, my parents aren't helping me with school (and wouldn't be able to pitch in more than a few thousand dollars even if they were), and I'm getting ZERO need-based aid. Classy, Chicago.

+1!

$0 + crappy LRAP + PI program years behind that of many other schools... Chicago just dropped way way way down on my list.


Not to ruin this thread, but if you have a SO, Chicago's HPIP might actually be better than a lot of LRAPs for you. NYU for instance takes into account SO contribution, whereas Chicago doesn't. Just something to think about.


No SO... thanks for rubbing it in! :(

(i kid, i kid. well, about the SO part. not the $0 part-- that part still sucks.)

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sundevil77
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Re: In at Chicago!

Postby sundevil77 » Thu Feb 25, 2010 3:57 pm

maudlinstreet wrote:haha, wtf! I got no money either with pretty decent numbers :P ah well, columbia is looking more likely by the day!


You mind sharing your numbers? I just got the same email and not a single effing dollar from Chicago. 171/4 with average softs by TLS standards. Man this pisses me off so bad. :evil: Is the scholly decision completely random? I mean, some people with similar numbers get $30K-$75K and others get none?! Doesn't make sense.

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of Benito Cereno
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Re: In at Chicago!

Postby of Benito Cereno » Thu Feb 25, 2010 3:57 pm

maudlinstreet wrote:haha, wtf! I got no money either with pretty decent numbers :P ah well, columbia is looking more likely by the day!
Last edited by of Benito Cereno on Fri Feb 26, 2010 4:29 pm, edited 1 time in total.

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johnstuartmill
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Re: In at Chicago!

Postby johnstuartmill » Thu Feb 25, 2010 3:58 pm

Hey, if anyone reading this happens to have a time machine, can you do me a favor and go back to right before I submitted my ED application and slap me a around a little bit?

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parker09
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Re: In at Chicago!

Postby parker09 » Thu Feb 25, 2010 3:58 pm

protokurios wrote:I LOLed when I did this...rough estimate but still...

Loan Calculator

Loan Balance: $200,000.00
Adjusted Loan Balance: $200,000.00
Loan Interest Rate: 7.00%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,322.17
Number of Payments: 120

Note: The monthly loan payment was calculated at 119 payments of $2,322.17 plus a final payment of $2,322.10.

It is estimated that you will need an annual salary of at least $278,660.40 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. This corresponds to a debt-to-income ratio of 0.7. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $185,773.60, but you may experience some financial difficulty.This corresponds to a debt-to-income ratio of 1.1.

Only $185,773.60 bahahaha.

Oh, bloody hell :evil:
(Are you allowed to swear in these forums? If not... sorry mods!)

I don't understand loans at all so that was very useful for me. If... ridiculously depressing.

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Fancy Pants
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Re: In at Chicago!

Postby Fancy Pants » Thu Feb 25, 2010 3:59 pm

sundevil77 wrote:
maudlinstreet wrote:haha, wtf! I got no money either with pretty decent numbers :P ah well, columbia is looking more likely by the day!


You mind sharing your numbers? I just got the same email and not a single effing dollar from Chicago. 171/4 with average softs by TLS standards. Man this pisses me off so bad. :evil: Is the scholly decision completely random? I mean, some people with similar numbers get $30K-$75K and others get none?! Doesn't make sense.


Chicago is pretty purposeful about saying that people with similar numbers will not get similar offers because it is a very individualized process. I'm sure there is something that drives the decision-making despite it feeling random without being able to see that process.

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sundevil77
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Re: In at Chicago!

Postby sundevil77 » Thu Feb 25, 2010 4:01 pm

Fancy Pants wrote:
sundevil77 wrote:
maudlinstreet wrote:haha, wtf! I got no money either with pretty decent numbers :P ah well, columbia is looking more likely by the day!


You mind sharing your numbers? I just got the same email and not a single effing dollar from Chicago. 171/4 with average softs by TLS standards. Man this pisses me off so bad. :evil: Is the scholly decision completely random? I mean, some people with similar numbers get $30K-$75K and others get none?! Doesn't make sense.


Chicago is pretty purposeful about saying that people with similar numbers will not get similar offers because it is a very individualized process. I'm sure there is something that drives the decision-making despite it feeling random without being able to see that process.


Well, I guess I wish they'd shed some light on that process instead of sending an insulting email (as others have referenced).

0L Hoping for 1
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Re: In at Chicago!

Postby 0L Hoping for 1 » Thu Feb 25, 2010 4:03 pm

Can someone copy the email? I am curious at what it says

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AngryAvocado
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Re: In at Chicago!

Postby AngryAvocado » Thu Feb 25, 2010 4:03 pm

OMG!! 132k!!!

...is what I'll be paying for 3 years tuition. Oh well, never expected anything. Still <3 you, Chicago.

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parker09
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Re: In at Chicago!

Postby parker09 » Thu Feb 25, 2010 4:05 pm

Edited for quote fail, and cause someone else then posted it (with proper quotes... well done).

And then a student budget and loan breakdown at bottom (total for loans/cost: $67,842)
Last edited by parker09 on Thu Feb 25, 2010 4:08 pm, edited 3 times in total.

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johnstuartmill
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Re: In at Chicago!

Postby johnstuartmill » Thu Feb 25, 2010 4:06 pm

0L Hoping for 1 wrote:Can someone copy the email? I am curious at what it says


Dear Robert,
Congratulations on your admission to The University of Chicago Law School! While this is an exciting time for you, we also understand the stress that accompanies choosing a law school. Financing a legal education is one of the students’ most important considerations, and we would like to ease your financial burden (and ease your mind) by explaining the resources that will allow you to join us. After all, the Class of 2013 wouldn’t be the same without you!
After carefully reviewing your application, we would like to offer you a loan package that will cover the cost of attending the Law School. This package will include Federal Direct Stafford loans and a Federal Direct Graduate Plus loan or the alternative loan of your choice. It may also include a subsidized Perkins loan. The exact amounts of each loan will be determined by the University’s Student Loan Administration in the early summer after they process and review your University of Chicago Loan Application and FAFSA. If you have questions about student loans, please contact the Student Loan Administration directly at 773-702-6061 or student-loans@uchicago.edu
Though we are unable to offer you a scholarship or grant funds, we are still excited for you to join us and would like to point out a few other financing options. The median salary for 2009 graduates is $160,000; however Chicago Law strives to provide for our students who choose careers in the non-profit and government sectors. The Hormel Public Interest Program (HPIP) provides loan repayment assistance for our graduates who choose one of those career paths. Details and requirements of this program are available at --LinkRemoved-- . Chicago Law also supports public interest minded students during their law school years by offering generous funding to those who spend their summers engaged in qualifying public interest work over the summer.
A wide variety of internal and external scholarships are available, as well. We would like to encourage you take advantage opportunities such as the Law School’s Tony Patino Fellowship or the American Bar Association Legal Opportunity Scholarship Fund. Details for these scholarships and more are available at http://www.law.uchicago.edu/prospective ... aid/patino .
We hope that you join us in Hyde Park next year. If you have any questions, or would like to discuss the Hormel program, please feel free to contact me directly at 773-702-8376 or kvargas@uchicago.edu .

Warmest Wishes,

Karla Vargas
Director of Financial Aid


And yes, the formatting IS that weird.

0L Hoping for 1
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Re: In at Chicago!

Postby 0L Hoping for 1 » Thu Feb 25, 2010 4:08 pm

I understand peoples frustrations (I am very frustrated with someother schools financial aid, etc.) but I dont think there is really anything wrong with the email itself. It seems to be worded just fine..

Edit: The formatting seems a little screwed up, but it didnt in the first quoted email)
Last edited by 0L Hoping for 1 on Thu Feb 25, 2010 4:09 pm, edited 1 time in total.

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parker09
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Re: In at Chicago!

Postby parker09 » Thu Feb 25, 2010 4:09 pm

0L Hoping for 1 wrote:I understand peoples frustrations (I am very frustrated with someother schools financial aid, etc.) but I dont think there is really anything wrong with the email itself. It seems to be worded just fine..


I'm not personally offended, but they took a while to get to the point.

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AngryAvocado
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Re: In at Chicago!

Postby AngryAvocado » Thu Feb 25, 2010 4:11 pm

0L Hoping for 1 wrote:I understand peoples frustrations (I am very frustrated with someother schools financial aid, etc.) but I dont think there is really anything wrong with the email itself. It seems to be worded just fine..


+1. They could've done without the "wouldn't be the same without you!" part, but I didn't really have a problem with it.
Last edited by AngryAvocado on Thu Feb 25, 2010 4:11 pm, edited 1 time in total.

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maudlinstreet
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Re: In at Chicago!

Postby maudlinstreet » Thu Feb 25, 2010 4:11 pm

sundevil77 wrote:
maudlinstreet wrote:haha, wtf! I got no money either with pretty decent numbers :P ah well, columbia is looking more likely by the day!


You mind sharing your numbers? I just got the same email and not a single effing dollar from Chicago. 171/4 with average softs by TLS standards. Man this pisses me off so bad. :evil: Is the scholly decision completely random? I mean, some people with similar numbers get $30K-$75K and others get none?! Doesn't make sense.

I pm'd you!

and I agree the letter is a little misleading. the text about getting no real financial aid, which is the most important part of the letter by far, is buried in a huge block of text :p

legendwaitforitdairy
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Re: In at Chicago!

Postby legendwaitforitdairy » Thu Feb 25, 2010 4:12 pm

$0. BOOOOO.

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sundevil77
Posts: 391
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Re: In at Chicago!

Postby sundevil77 » Thu Feb 25, 2010 4:13 pm

johnstuartmill wrote:
0L Hoping for 1 wrote:Can someone copy the email? I am curious at what it says


Dear Robert,
Congratulations on your admission to The University of Chicago Law School! While this is an exciting time for you, we also understand the stress that accompanies choosing a law school. That is why we have decided to add to your stress by giving you zero scholarship or grant money towards your legal education! We hope that you join us in Hyde Park next year. If you have any questions, or would like to discuss why we decided to give you the shaft, please feel free to contact me directly at 773-702-8376 or kvargas@uchicago.edu .

Warmest Wishes,

Karla Vargas
Director of Financial Aid


And yes, the formatting IS that weird.


FTFY. I'm totally flipping you off in my head right now, Chicago.
Last edited by sundevil77 on Thu Feb 25, 2010 4:15 pm, edited 1 time in total.

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JollyGreenGiant
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Re: In at Chicago!

Postby JollyGreenGiant » Thu Feb 25, 2010 4:14 pm

....
Last edited by JollyGreenGiant on Thu Feb 25, 2010 5:09 pm, edited 1 time in total.

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maudlinstreet
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Re: In at Chicago!

Postby maudlinstreet » Thu Feb 25, 2010 4:14 pm

also, since it seemed a bit off to me, I just added up the "award breakdown" column. all the loans added up equal 57842, but it says the total aid is 67842. interesting :p

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johnstuartmill
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Re: In at Chicago!

Postby johnstuartmill » Thu Feb 25, 2010 4:18 pm

Financing a legal education is one of the students’ most important considerations, and we would like to ease your financial burden (and ease your mind) by[...]

The only thing that could sensibly complete this sentence is "giving you some money". Instead, we get this:

Financing a legal education is one of the students’ most important considerations, and we would like to ease your financial burden (and ease your mind) by explaining the resources that will allow you to join us.
"Explaining resources" does not actually "ease my financial burden", Chicago. But I'll give you creativity points for the lexical prestidigitation.

After all, the Class of 2013 wouldn’t be the same without you!
What is the purpose of this exclamation point? To infect me with an enthusiasm for taking on a crippling debt load? Yiiikes.
Last edited by johnstuartmill on Thu Feb 25, 2010 4:22 pm, edited 1 time in total.

protokurios
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Re: In at Chicago!

Postby protokurios » Thu Feb 25, 2010 4:19 pm

maudlinstreet wrote:also, since it seemed a bit off to me, I just added up the "award breakdown" column. all the loans added up equal 57842, but it says the total aid is 67842. interesting :p


OMG you're right hahaha. ROFLMAO Chicago law and economics fail.
Last edited by protokurios on Thu Feb 25, 2010 4:27 pm, edited 1 time in total.

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parker09
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Re: In at Chicago!

Postby parker09 » Thu Feb 25, 2010 4:20 pm

maudlinstreet wrote:also, since it seemed a bit off to me, I just added up the "award breakdown" column. all the loans added up equal 57842, but it says the total aid is 67842. interesting :p


You're totally right.
I didn't even notice that.

Though I don't think it matters since Grad Plus covers the remainder up to cost of attendance (I think I read somewhere?). So that amount should be $47342, I guess...

hesitantstyle
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Re: In at Chicago!

Postby hesitantstyle » Thu Feb 25, 2010 4:23 pm

parker09 wrote:
johnstuartmill wrote:Wow. I have literally four dollars in my bank account, my parents aren't helping me with school (and wouldn't be able to pitch in more than a few thousand dollars even if they were), and I'm getting ZERO need-based aid. Classy, Chicago.

+1!

$0 + crappy LRAP + PI program years behind that of many other schools... Chicago just dropped way way way down on my list.


+1 NYU looking sweeter by the day.

Ernst Cassier
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Re: In at Chicago!

Postby Ernst Cassier » Thu Feb 25, 2010 4:24 pm

Fuck them. I'm an alumnus. 3.64 gpa 176 lsat and some pretty damn fantastic softs, including extensive legal research work. yea, not only will I now be going to a higher ranked law school for sure but the university of chicago will now see exactly zero dollars ever in donations from me over the course of my career. Seriously very insulted and can't believe that would go out of their way to offend a potential double alumnus like that. It'd be one thing if I were a borderline admit who just squeeked in, but my numbers are easily auto-admit and my application was really well rounded. Honestly, they throw 60K at people with lower numbers and then send this ridiculous email to an alumnus. Is this university at all interested in fundraising. Don't they think a college and law school alumnus would like end up donating more back quite a bit more than some token 30k grant you throw at pretty much any medianish admit (hello! a 174/3.5 got 45k). I loved Chicago undergrad and would seriously have not thought twice of donating at least 5k a year if I was making big law money. A token grant to make me feel respected by the school would have been enough. but now with that candy ass letter "offering" me 180K of high interest loans the UofC can go fuck themselves. A college and law school alum who could afford to pay full undergrad tuition through parental resources and who didn't submit a financial aid form, doesn't that SCREAM "potential major future donor." fuck you chicago, seriously. now, not only will I not attend your law school (if you didn't want me why admit me and hurt your yield) but I also will give no donations based on my undergrad experience. well done.




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