WUSTL c/o 2016 Applicants (2012-2013)

Share Your Experiences, Read About Other Experiences. Please keep posts organized by school and expected year of graduation.
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lhanvt13
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby lhanvt13 » Sat Mar 23, 2013 1:22 pm

Presidentjlh wrote:
lhanvt13 wrote:I know. Overall debt would be rough, 179k, but you only have $748 a month in payments.

--LinkRemoved--
this right ?
could I see ur calculations if you don't mind ? literally just woke up. I love weekends

edit: middle one I mean


Yeah, sure.


Loan Balance: $105,000.00
Adjusted Loan Balance: $105,000.00
Loan Interest Rate: 5.94%
Loan Fees: 0.00%
Loan Term: 20 years
Minimum Payment: $50.00
Degree Program: Lawyer (LLB or JD)

Monthly Loan Payment: $748.62
Number of Payments: 241

Cumulative Payments: $179,670.01
Total Interest Paid: $74,670.01

http://www.finaid.org/calculators/scrip ... yments.cgi

That's if I can get my scholarship upped to 30k a year. Again, huge amount of debt, but, I could live with that, especially if one assumes their pay increases as they get more experience. I calculated the expected value of a WUSTL legal education.

137 people are in private law firms, 51 corporate from the class of 2012 out of 300 The median private-sector salary is high at 100k, so let's be more realistic, say, 80k. PI, Gov't, and clerkships are 25+33+16 = 74 out of 300. Median public is probably 50k

80k*.627 + 50k*.246 = $62460 = expected value.[/quote]
I can get behind that. did you account for the unemployed/advanced degree seeking? I doubt that'll be you but just for a more accurate expected. either way, with experience this will be much more doable. Also with the .5+.5% = 1% discount for opening up checking and automatic repayment, the int rate cant be as low as 4.94, which in case, would bring it down even more. I'm trying to see if there's a catch.

BTW finally somebody who understands statistics \^0^/ yay

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Presidentjlh
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby Presidentjlh » Sat Mar 23, 2013 1:22 pm

That's true, the variable rates are stated as well, but a fixed rate of 5.94% is pretty good, I'd say. They'd be hard-pressed to change that.

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lhanvt13
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby lhanvt13 » Sat Mar 23, 2013 1:23 pm

cusenation wrote:That link says you don't need a co-signer. But damn... Do u think it would be a safe bet to gamble on the variable rate?

I heard the variable int rate's are a pretty hard gamble but I woudnt say it's out of the question. let me crunch some numbers and I'll post something up

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JayJones78
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby JayJones78 » Sat Mar 23, 2013 1:26 pm

lhanvt13 wrote:
cusenation wrote:That link says you don't need a co-signer. But damn... Do u think it would be a safe bet to gamble on the variable rate?

I heard the variable int rate's are a pretty hard gamble but I woudnt say it's out of the question. let me crunch some numbers and I'll post something up


For me all this doesn't matter, my credit is so not in a state where any bank will approve me for a private student loan :oops: :cry:
Thank god for the gov and grad plus!!!

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Presidentjlh
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby Presidentjlh » Sat Mar 23, 2013 1:28 pm

I'm more optimistic about WUSTL's future, however, with this new "anywhere" externship program the dean has implemented. It looks like the sort of thing serious law schools should start doing.

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andy261
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby andy261 » Sat Mar 23, 2013 1:29 pm

The fin aid officer at Hastings just called law school debt a 'good debt' because it's an investment. Dafuq?! Yeah it's an investment obviously but how can anyone responsibly call nondischargeable loans with a ~7% interest rate and 4% disbursement fee, 'good debt'?? Scary.

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Presidentjlh
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby Presidentjlh » Sat Mar 23, 2013 1:30 pm

andy261 wrote:The fin aid officer at Hastings just called law school debt a 'good debt' because it's an investment. Dafuq?! Yeah it's an investment obviously but how can anyone responsibly call nondischargeable loans with a ~7 interest rate and 4% disbursement fee, 'good debt'?? Scary.


It would only be good debt if you're assured of a way to pay it off. If law school had 90%-100% employment rates with everyone making 75k+, it'd be all great.

wannabelawstudent
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby wannabelawstudent » Sat Mar 23, 2013 1:33 pm

JayJones78 wrote:
lhanvt13 wrote:
cusenation wrote:That link says you don't need a co-signer. But damn... Do u think it would be a safe bet to gamble on the variable rate?

I heard the variable int rate's are a pretty hard gamble but I woudnt say it's out of the question. let me crunch some numbers and I'll post something up


For me all this doesn't matter, my credit is so not in a state where any bank will approve me for a private student loan :oops: :cry:
Thank god for the gov and grad plus!!!

FYI, grad plus is still credit based. If you have bad credit you might not get approved for a grad plus loan.

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Presidentjlh
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby Presidentjlh » Sat Mar 23, 2013 1:34 pm

wannabelawstudent wrote:
JayJones78 wrote:
lhanvt13 wrote:
cusenation wrote:That link says you don't need a co-signer. But damn... Do u think it would be a safe bet to gamble on the variable rate?

I heard the variable int rate's are a pretty hard gamble but I woudnt say it's out of the question. let me crunch some numbers and I'll post something up


For me all this doesn't matter, my credit is so not in a state where any bank will approve me for a private student loan :oops: :cry:
Thank god for the gov and grad plus!!!

FYI, grad plus is still credit based. If you have bad credit you might not get approved for a grad plus loan.


Grad plus loans are truly evil.

wannabelawstudent
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby wannabelawstudent » Sat Mar 23, 2013 1:36 pm

Everyone forgets the Grad Plus loan also has a 4% one time charge as well....

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Presidentjlh
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby Presidentjlh » Sat Mar 23, 2013 1:37 pm

wannabelawstudent wrote:Everyone forgets the Grad Plus loan also has a 4% one time charge as well....

Yep. That's why my biggest goal is to avoid those things the best I can.

Stafford I can deal with. Grad Plus...not so much.

If I can get the Grad Plus eliminated or replaced with a better loan, that would be huge.

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DoveBodyWash
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby DoveBodyWash » Sat Mar 23, 2013 1:39 pm

wannabelawstudent wrote:Everyone forgets the Grad Plus loan also has a 4% one time charge as well....


Lol gotta maximize dat stafford.... But private loans don't seem bad either.. My only concern is that there aren't any options like IBR that you can use if shit truly hits the fan

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JayJones78
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby JayJones78 » Sat Mar 23, 2013 1:39 pm

wannabelawstudent wrote:
JayJones78 wrote:
lhanvt13 wrote:
cusenation wrote:That link says you don't need a co-signer. But damn... Do u think it would be a safe bet to gamble on the variable rate?

I heard the variable int rate's are a pretty hard gamble but I woudnt say it's out of the question. let me crunch some numbers and I'll post something up


For me all this doesn't matter, my credit is so not in a state where any bank will approve me for a private student loan :oops: :cry:
Thank god for the gov and grad plus!!!

FYI, grad plus is still credit based. If you have bad credit you might not get approved for a grad plus loan.


Untrue.
All thst you need is not to have any delinquent accounts or open collections that are not in an agreement to pay that is current. The credit score does not get factored in. That is, you can have bad credit but as long as you show that you are in agreeement to pay (i.e payment plan for defaulted credit cards for example) and you can show proof that you're in agreement (sometimes those things take a while to get updated on the report) you will be approved. I'v done substantial research on this.

wannabelawstudent
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby wannabelawstudent » Sat Mar 23, 2013 1:40 pm

Note I said *might*. But what you said is correct. Ima gonna pm you because this is an issue of concern for me.
Last edited by wannabelawstudent on Sat Mar 23, 2013 1:44 pm, edited 1 time in total.

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Presidentjlh
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby Presidentjlh » Sat Mar 23, 2013 1:41 pm

cusenation wrote:
wannabelawstudent wrote:Everyone forgets the Grad Plus loan also has a 4% one time charge as well....


Lol gotta maximize dat stafford.... But private loans don't seem bad either.. My only concern is that there aren't any options like IBR that you can use if shit truly hits the fan

Certainly I'll have to do more research into these options with Wells Fargo, but they are promising.

Of course, Nebraska is offering me now a 1500 stipend for books... I'd be looking at cost of living and that's it if I attend there, and I kinda want to practice in Nebraska. Too bad their scholarships are dependent upon you getting top 50%.

wannabelawstudent
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby wannabelawstudent » Sat Mar 23, 2013 1:42 pm

I love how everyone that's using IBR is essentially hoping the law changes before the tax bomb hits.

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DoveBodyWash
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby DoveBodyWash » Sat Mar 23, 2013 1:46 pm

wannabelawstudent wrote:I love how everyone that's using IBR is essentially hoping the law changes before the tax bomb hits.


Even if they did I doubt they would retroactively change the terms for ppl already under the original terms... That would essentially make it a bailout of sorts

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Presidentjlh
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby Presidentjlh » Sat Mar 23, 2013 1:47 pm

cusenation wrote:
wannabelawstudent wrote:I love how everyone that's using IBR is essentially hoping the law changes before the tax bomb hits.


Even if they did I doubt they would retroactively change the terms for ppl already under the original terms... That would essentially make it a bailout of sorts

It would be political suicide in many ways.

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lhanvt13
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby lhanvt13 » Sat Mar 23, 2013 1:48 pm

wannabelawstudent wrote:I love how everyone that's using IBR is essentially hoping the law changes before the tax bomb hits.

$100B/year.. damn Obama LOL

wannabelawstudent
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby wannabelawstudent » Sat Mar 23, 2013 1:49 pm

cusenation wrote:
wannabelawstudent wrote:I love how everyone that's using IBR is essentially hoping the law changes before the tax bomb hits.


Even if they did I doubt they would retroactively change the terms for ppl already under the original terms... That would essentially make it a bailout of sorts

I think they would. You gotta realize some people are not able to pay any of the principle on it. If you paid sticker then continue this including interest. They're gonna be 55+ when they're hit with a 100k+ tax bill. Govt (hopefully) wont let that happen.

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DoveBodyWash
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby DoveBodyWash » Sat Mar 23, 2013 1:52 pm

wannabelawstudent wrote:
cusenation wrote:
wannabelawstudent wrote:I love how everyone that's using IBR is essentially hoping the law changes before the tax bomb hits.


Even if they did I doubt they would retroactively change the terms for ppl already under the original terms... That would essentially make it a bailout of sorts

I think they would. You gotta realize some people are not able to pay any of the principle on it. If you paid sticker then continue this including interest. They're gonna be 55+ when they're hit with a 100k+ tax bill. Govt (hopefully) wont let that happen.

You're assuming that we have a rational and effective govt... And the plight of professional students is politically irrelevant because there are so few of us... The focus will probably remain on undergrads

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Presidentjlh
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby Presidentjlh » Sat Mar 23, 2013 1:58 pm

I'm going to go talk with a banker at Wells Fargo with my parents. I'll let you guys know if I find anything out.

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lhanvt13
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby lhanvt13 » Sat Mar 23, 2013 2:01 pm

Presidentjlh wrote:I'm going to go talk with a banker at Wells Fargo with my parents. I'll let you guys know if I find anything out.

sweet keep us updated

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JayJones78
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby JayJones78 » Sat Mar 23, 2013 2:04 pm

lhanvt13 wrote:
Presidentjlh wrote:I'm going to go talk with a banker at Wells Fargo with my parents. I'll let you guys know if I find anything out.

sweet keep us updated


I think that many people (like me :oops: ) will just never get approved for a private bank based student loan. I can't see a situation where I'll get one. I am not saying they are wrong to do so but in this financial climate to get approved for a loan product of any kind is a very hard thing (this will prob apply more to older students who are completely independent from their parents) which is why grad plus is still the best (and only) option for many of us

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alwayssunnyinfl
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Re: Eternal, Never Off the First Page, WUSTL is the Best Thread.

Postby alwayssunnyinfl » Sat Mar 23, 2013 2:21 pm

JayJones78 wrote:
lhanvt13 wrote:
Presidentjlh wrote:I'm going to go talk with a banker at Wells Fargo with my parents. I'll let you guys know if I find anything out.

sweet keep us updated


I think that many people (like me :oops: ) will just never get approved for a private bank based student loan. I can't see a situation where I'll get one. I am not saying they are wrong to do so but in this financial climate to get approved for a loan product of any kind is a very hard thing (this will prob apply more to older students who are completely independent from their parents) which is why grad plus is still the best (and only) option for many of us

You never know unless you apply. I'm considering applying for one of these without a cosigner. I highly doubt I'll get it, but I would hate myself for not at least trying to save ~$5000 in origination fees and then oodles more in interest.




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