U Iowa 2010 App Cycle

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Jerome
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Re: U Iowa 2010 App Cycle

Postby Jerome » Thu Apr 15, 2010 10:31 am

traehekat wrote:Just sent in my deposit. I wish the previous sentence could be followed an exclamation mark instead of a period, but I've also deposited at Wake Forest and will be visiting there Friday and Saturday. Right now, Iowa looks like the backup plan, in case I absolutely hate WFU.

But you know, a really, really good looking backup plan.

:P

OH. Almost forgot. I don't know how many of you have looked at the actual numbers regarding law school financing, but it is shocking, especially for those looking at paying sticker. I went to http://www.accessgroup.org and played with one of the calculators... here are my results.

If you are paying sticker at Iowa, 1 year of nonresident tuition and 1 year of resident tuition, assuming about $15,000 in COL each year, and accounting for some tuition increases, you will be borrowing around $140,000, $8,500 of which will be subsidized with an interest rate at 6.8%. $12,000 will be unsubsidized, but also at an interest rate of 6.8%. The rest will be PLUS loans at 8.5%. Unfortunately, they just have a subsidized and unsubsidized calculator, so I am just taking that $12,000 in Stafford loans and putting it at 8.5%. The difference shouldn't be too much. So we put $8,500 in subsidized loans at 6.8% over 10 years, and $131,500 in unsubsidized loans at 8.5%, over lets say... 25 years...

You will be paying a monthly payment of $1,314 for ten years, $1,216 for the remaining 15 years.
The total payment (principal + interest) over the life of the loan will be $376,292.
The total interest paid over the life of the loan will be $236,652.

Of course, the amount of interest paid over the life of the loan shrinks as the life of the loan shrinks. I have heard of some people using their large salaries and leaving pretty modestly for a few years after school in order to put a huge dent in debt. I think the above scenario is a bit more typical, though.

Anyway, those are some large numbers.


Yeah, it is pretty scary. I think it is worth remembering that we can get IBR on consolidated federal loans (which will drop your overall interest rate a little bit). I checked out the IBR calculator:

Assuming you have 140K in debt after three years, with an interest rate of 8%, make 75,000/year, have no kids, are not married, and do not live in Alaska or Hawaii, you'd pay $730 per month. If you worked in PI, the remaining debt would be forgiven in ten years.

Better, but still scary.

cathysc
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Joined: Sun Mar 28, 2010 11:19 am

Re: U Iowa 2010 App Cycle

Postby cathysc » Thu Apr 15, 2010 11:29 am

itsablessing wrote:
evilxs wrote:Folks were admitted post 4/1. I have a friend that just got her offer in the mail yesterday. Don't lose hope those still out there.


Doesn't seem like hope for those us waitlisted right before 4/1 :(

I was waitlisted and they emailed me on 4.13 to see if I'm still interested. They said that there were openings available. I said yes and I'm in on 4.14 via email.
I'm just wondering about the RA thing. Is it easy to get in-state tuition? I definitely will not go to Iowa if I have to pay 42.922 for tuition&fees at Iowa.

Slimpee
Posts: 777
Joined: Wed Apr 22, 2009 6:18 pm

Re: U Iowa 2010 App Cycle

Postby Slimpee » Thu Apr 15, 2010 11:33 am

cathysc wrote:I was waitlisted and they emailed me on 4.13 to see if I'm still interested. They said that there were openings available. I said yes and I'm in on 4.14 via email.
I'm just wondering about the RA thing. Is it easy to get in-state tuition? I definitely will not go to Iowa if I have to pay 42.922 for tuition&fees at Iowa.


At ASW they made it clear that RA positions aren't too hard to get. I hope they're right...you will have to pay out-of-state for your first year, though...

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webbylu87
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Joined: Sun Mar 29, 2009 9:07 pm

Re: U Iowa 2010 App Cycle

Postby webbylu87 » Thu Apr 15, 2010 11:45 am

traehekat wrote:Just sent in my deposit. I wish the previous sentence could be followed an exclamation mark instead of a period, but I've also deposited at Wake Forest and will be visiting there Friday and Saturday. Right now, Iowa looks like the backup plan, in case I absolutely hate WFU.

But you know, a really, really good looking backup plan.

:P

OH. Almost forgot. I don't know how many of you have looked at the actual numbers regarding law school financing, but it is shocking, especially for those looking at paying sticker. I went to http://www.accessgroup.org and played with one of the calculators... here are my results.

If you are paying sticker at Iowa, 1 year of nonresident tuition and 1 year of resident tuition, assuming about $15,000 in COL each year, and accounting for some tuition increases, you will be borrowing around $140,000, $8,500 of which will be subsidized with an interest rate at 6.8%. $12,000 will be unsubsidized, but also at an interest rate of 6.8%. The rest will be PLUS loans at 8.5%. Unfortunately, they just have a subsidized and unsubsidized calculator, so I am just taking that $12,000 in Stafford loans and putting it at 8.5%. The difference shouldn't be too much. So we put $8,500 in subsidized loans at 6.8% over 10 years, and $131,500 in unsubsidized loans at 8.5%, over lets say... 25 years...

You will be paying a monthly payment of $1,314 for ten years, $1,216 for the remaining 15 years.
The total payment (principal + interest) over the life of the loan will be $376,292.
The total interest paid over the life of the loan will be $236,652.

Of course, the amount of interest paid over the life of the loan shrinks as the life of the loan shrinks. I have heard of some people using their large salaries and leaving pretty modestly for a few years after school in order to put a huge dent in debt. I think the above scenario is a bit more typical, though.

Anyway, those are some large numbers.


Which calculator did you use? I'd like to do the same.

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jaskat
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Re: U Iowa 2010 App Cycle

Postby jaskat » Thu Apr 15, 2010 2:43 pm

Slimpee wrote:
cathysc wrote:I was waitlisted and they emailed me on 4.13 to see if I'm still interested. They said that there were openings available. I said yes and I'm in on 4.14 via email.
I'm just wondering about the RA thing. Is it easy to get in-state tuition? I definitely will not go to Iowa if I have to pay 42.922 for tuition&fees at Iowa.


At ASW they made it clear that RA positions aren't too hard to get. I hope they're right...you will have to pay out-of-state for your first year, though...

+1 (Just confirming this)

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webbylu87
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Re: U Iowa 2010 App Cycle

Postby webbylu87 » Thu Apr 15, 2010 5:56 pm

Just put down a first deposit. We'll see how this goes.

Slimpee
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Re: U Iowa 2010 App Cycle

Postby Slimpee » Thu Apr 15, 2010 6:11 pm

webbylu87 wrote:Just put down a first deposit. We'll see how this goes.


First weekend of orientation we're getting meatballs subs again...and this time you're eating one!

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webbylu87
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Re: U Iowa 2010 App Cycle

Postby webbylu87 » Thu Apr 15, 2010 6:17 pm

Slimpee wrote:
webbylu87 wrote:Just put down a first deposit. We'll see how this goes.


First weekend of orientation we're getting meatballs subs again...and this time you're eating one!


Deal. Although my decision still isn't totally final.

Slimpee
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Joined: Wed Apr 22, 2009 6:18 pm

Re: U Iowa 2010 App Cycle

Postby Slimpee » Thu Apr 15, 2010 6:25 pm

webbylu87 wrote:
Slimpee wrote:
webbylu87 wrote:Just put down a first deposit. We'll see how this goes.


First weekend of orientation we're getting meatballs subs again...and this time you're eating one!


Deal. Although my decision still isn't totally final.


Neither is mine but i'm holding you to the meatball pact if we both matriculate at Iowa...

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webbylu87
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Re: U Iowa 2010 App Cycle

Postby webbylu87 » Thu Apr 15, 2010 6:27 pm

Slimpee wrote:
webbylu87 wrote:
Slimpee wrote:
webbylu87 wrote:Just put down a first deposit. We'll see how this goes.


First weekend of orientation we're getting meatballs subs again...and this time you're eating one!


Deal. Although my decision still isn't totally final.


Neither is mine but i'm holding you to the meatball pact if we both matriculate at Iowa...


Fair. And deal.

millieb
Posts: 49
Joined: Fri Oct 16, 2009 3:37 pm

Re: U Iowa 2010 App Cycle

Postby millieb » Thu Apr 15, 2010 6:41 pm

In off the waitlist via email as of 3/13! Yay! Too bad I just wasted $200 depositing elsewhere the day before...oh well, it's worth it!

Does anyone know how to go about getting season tickets?

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thepcv
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Re: U Iowa 2010 App Cycle

Postby thepcv » Thu Apr 15, 2010 7:51 pm

millieb wrote:In off the waitlist via email as of 3/13! Yay! Too bad I just wasted $200 depositing elsewhere the day before...oh well, it's worth it!

Does anyone know how to go about getting season tickets?

Congrats!

And that's the question that's been floating around (season tickets). There's a website to order tickets online, but it seems like our student IDs don't work for it yet--presumably, this is because we've yet to register for classes.

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Undergradut
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Re: U Iowa 2010 App Cycle

Postby Undergradut » Thu Apr 15, 2010 10:04 pm

cathysc wrote:
itsablessing wrote:
evilxs wrote:Folks were admitted post 4/1. I have a friend that just got her offer in the mail yesterday. Don't lose hope those still out there.


Doesn't seem like hope for those us waitlisted right before 4/1 :(

I was waitlisted and they emailed me on 4.13 to see if I'm still interested. They said that there were openings available. I said yes and I'm in on 4.14 via email.
I'm just wondering about the RA thing. Is it easy to get in-state tuition? I definitely will not go to Iowa if I have to pay 42.922 for tuition&fees at Iowa.



Congrats.

I'm a little surprised admissions e-mailed you to ask whether you were still interested. Did you not submit a LOCI?

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Xanadu
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Re: U Iowa 2010 App Cycle

Postby Xanadu » Thu Apr 15, 2010 10:10 pm

Slimpee wrote:
webbylu87 wrote:
Slimpee wrote:
webbylu87 wrote:Just put down a first deposit. We'll see how this goes.


First weekend of orientation we're getting meatballs subs again...and this time you're eating one!


Deal. Although my decision still isn't totally final.


Neither is mine but i'm holding you to the meatball pact if we both matriculate at Iowa...



Can I join? If I end up in Iowa that is... =)

Have you guys started looking at places to live even if you're not totally decided yet??

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traehekat
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Re: U Iowa 2010 App Cycle

Postby traehekat » Fri Apr 16, 2010 12:51 am

millieb wrote:In off the waitlist via email as of 3/13! Yay! Too bad I just wasted $200 depositing elsewhere the day before...oh well, it's worth it!

Does anyone know how to go about getting season tickets?


Congrats!

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MoS
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Re: U Iowa 2010 App Cycle

Postby MoS » Fri Apr 16, 2010 9:05 pm

I hadn't seen the Vault rankings. I found it interesting. Probably a good gauge of what order firms look at universities for hiring.

1 Stanford Law School
2 University of Michigan Law School
3 New York University School of Law
4 University of Virginia School of Law
5 University of Chicago Law School
6 Harvard Law School
7 Columbia Law School
8 UC Berkeley School of Law
9 Northwestern University School of Law
10 Yale Law School
11 Vanderbilt Law School
12 Duke University School of Law
13 Penn Law School
14 Maurer School of Law
15 Cornell Law School
16 University of Minnesota Law School
17 Georgetown University Law Center
18 UCLA School of Law
19 University of Iowa College of Law
20 George Washington University Law School
21 Boston University School of Law
22 University of Texas at Austin School of Law
23 University of North Carolina School of Law
24 Emory University School of Law
25 University of Wisconsin Law School
http://www.vault.com/wps/portal/usa/edu ... aw-ranking

I am a bit biased since I am going to Iowa and I tend to think Wisconsin is underrated and both do rather well in this survey of 400 hiring partners.

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JCougar
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Re: U Iowa 2010 App Cycle

Postby JCougar » Fri Apr 16, 2010 11:13 pm

I'm not sure what's up with that list. It's hard to take it seriously when Maurer is 14. They don't seem to be hiring Maurer grads like they're the 14th best law school in the nation. Also, I'm not sure how Yale could be tenth.

I can't imagine being a hiring partner and having to rank, in general, factors such as "research and writing skills; knowledge of legal doctrine; possession of other relevant knowledge (e.g., science for IP lawyers); and ability to manage a calendar and work with an assistant." Every person they hire is going to be different, and each hiring partner is only going to have first-hand experience working with a handful of graduates at most. If you're a hiring partner, you're not engaged in the day-to-day work of an associate anyways. All you do is see what people submit to you to get the job.

SDSC
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Re: U Iowa 2010 App Cycle

Postby SDSC » Sun Apr 18, 2010 6:45 am

Iowa landed at #10 on Playboy's annual top 10 party schools list! Too bad we will be unable to take part in the activities next year....

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JCougar
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Re: U Iowa 2010 App Cycle

Postby JCougar » Wed Apr 21, 2010 11:48 pm

Withdrew from the waitlist today. I got in to Wisconsin with in-state tuition last week, so I will be going there at least. Now to get off the "hold list" at WUSTL or waitlist at Illinois.

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traehekat
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Re: U Iowa 2010 App Cycle

Postby traehekat » Wed Apr 21, 2010 11:49 pm

Where'd everyone go?!

Good luck btw, JCougar. In-state at Wisconsin is a solid place to be.

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dt22
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Re: U Iowa 2010 App Cycle

Postby dt22 » Thu Apr 22, 2010 10:36 am

traehekat wrote:Where'd everyone go?!


viewtopic.php?f=25&t=99365&start=100

hawki319
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Re: U Iowa 2010 App Cycle

Postby hawki319 » Fri Apr 30, 2010 10:20 am

Anybody heard anything recently about the Iowa waitlist?

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JCougar
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Re: U Iowa 2010 App Cycle

Postby JCougar » Fri Apr 30, 2010 10:22 am

Are they still sticking by their claim of not handing out partial scholarships?

tsub
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Re: U Iowa 2010 App Cycle

Postby tsub » Fri Apr 30, 2010 11:20 am

Since it doesn't seem like I'll be getting any scholarship from Iowa, I withdrew today. Good luck to everyone still waiting!

sconnielaw13
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Re: U Iowa 2010 App Cycle

Postby sconnielaw13 » Thu May 06, 2010 5:36 pm

Withdrew from Iowa today, in-state at UW is a much better deal! I hope this helps those of you who are waiting it out on the wait list!




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