Duke$$ vs. Georgetown $$$ vs. Cornell ? Forum

[TMC116]

How did you calculate the COA at duke? With 72k, a COA of 180k seems a little high

[Law Sauce]

Here's another quick question that might help me decide. Does anyone know how many people (number or percentage) these three schools, respectively, place into V10/V20 firms each year? If so, where are these sorts if statistics available? Thanks!

Google nlj 250 go to schools, the first couple of hits should be the last couple of year's data. With the recession there is lots of movement between years probably because different markets were affected at different times. There is a lot of discussion on this board about how the numbers are also skewed by people who select to go into government or clerkships. Older years are available as well but the legal hiring world was very different before OCI 2008 (class of 2010) or so.

Just saw you wanted V10/V20 data, so you probably already knew about this. Sorry I don't have any data specifically for that. It probably varies somewhat among top schools just on the quality of the students at a given school per year (it probably reflects the nalp numbers somewhat, just lower, and will also obviously be skewed in favor of NYC feeder schools).

[Law Sauce]

How did you calculate the COA at duke? With 72k, a COA of 180k seems a little high

Agreed, all those COA seems very very high, maybe worse case scenario?

[NDIrish2012]

To calculate coa I used this calculator from Georgetown's website:

http://www.law.georgetown.edu/finaid/Ge ... ts1213.htm

So the figures I posted reflect the total debt load upon graduation, including a 3.5% increase in tuition each year and accrued interest. Let me know if my figures are off for some reason...

[Law Sauce]

To calculate coa I used this calculator from Georgetown's website:

http://www.law.georgetown.edu/finaid/Ge ... ts1213.htm

So the figures I posted reflect the total debt load upon graduation, including a 3.5% increase in tuition each year and accrued interest. Let me know if my figures are off for some reason...

So yea, this seems like the worst case scenario, which does make sense to look at. Positive factors that could make this number less include: not taking out the full amount (don't really need to), getting a summer job that pays (summer associate or research assistant position, which are usually very available), tuition rising less quickly (at my school I believe that the rate is not constantly that high), repaying interest while in school (good idea), etc.

[TMC116]

Yeah this is pretty scary stuff. 180k w a huge scholarship.

It appears to be correct, though

[Law Sauce]

Yeah this is pretty scary stuff. 180k w a huge scholarship.

It appears to be correct, though

Still seems high. For instance if Gtown had a CoA of 72k or 37k for you (72-35), lets say that you take the full amount of loans. Then, with the extra cash you make periodic payments on the interest of your loans, doing this, with the extra money you have by taking the full amount, you are able to keep your loan from growing (especially since your loans are not the full amount). Next, CoA the following two years is 75k (40k) and 77k (42K). At the end you have 37k + 40k + 42k = 119k total. This does not include the 30k you may net during 2L summer if you work for a firm (after the favorable tax treatment of summer associate positions) or the other work that you do if you acquire research assistant or other work (maybe 5k per summer you do this). If you get an SA and put say 67% of it back on your loan, you end up with 119k - 20k (from 2L SA) - 3.5k (from 1L summer research assistant) - 3.5k of possible part time work for Westlaw during 3L = best case of 92k total debt with your scholarship.

Granted SA and the other types of jobs are not guaranteed but my point is that 119k + whatever interest you don't pay - whatever amount less than the full possible loan amount taken is the more relevant consideration then the "180k" complete guess. Payments on 119k are definitely doable for most of the possible outcomes (not all, but most, therefore making it a rational move). It should be about 1.5k -2k a month on standard 10 year repayment and much less if necessary under IBR.

[NDIrish2012]

Law Sauce, thanks for that info. I hadn't thought of all the ways that initial debt figure could be reduced- even something like paying off interest while in school will make a massive difference in the end.

I think I am going to send in my deposit to Duke today, and withdraw from GULC and Cornell. Anyone have any final thoughts or reasons why I ought to choose Cornell or GULC?

[Law Sauce]

Law Sauce, thanks for that info. I hadn't thought of all the ways that initial debt figure could be reduced- even something like paying off interest while in school will make a massive difference in the end.

I think I am going to send in my deposit to Duke today, and withdraw from GULC and Cornell. Anyone have any final thoughts or reasons why I ought to choose Cornell or GULC?

Nope, Good luck and congrats!

[SaintFond]

Law Sauce, thanks for that info. I hadn't thought of all the ways that initial debt figure could be reduced- even something like paying off interest while in school will make a massive difference in the end.

I think I am going to send in my deposit to Duke today, and withdraw from GULC and Cornell. Anyone have any final thoughts or reasons why I ought to choose Cornell or GULC?

Nah, Cornell isn't offering you enough money, and GULC is...well, that's been hashed out.

Good luck!

[beachbum]

Law Sauce, thanks for that info. I hadn't thought of all the ways that initial debt figure could be reduced- even something like paying off interest while in school will make a massive difference in the end.

I think I am going to send in my deposit to Duke today, and withdraw from GULC and Cornell. Anyone have any final thoughts or reasons why I ought to choose Cornell or GULC?

Nope. Go Devils.

[woeisme]

I think I am going to send in my deposit to Duke today, and withdraw from GULC and Cornell. Anyone have any final thoughts or reasons why I ought to choose Cornell or GULC?

I think as is Duke is objectively the best choice. No real reasons to choose GULC. There's a compelling argument for Cornell and I think that would have been the best option had they given you something like Duke's scholarship. If there's some lingering feelings there you can always shoot Cornell an email explaining the situation to them (i.e., "match Duke or I can't attend"). Short of that, I think Duke is a good call here.

[lawyerwannabe]

I think I am going to send in my deposit to Duke today, and withdraw from GULC and Cornell. Anyone have any final thoughts or reasons why I ought to choose Cornell or GULC?

I think as is Duke is objectively the best choice. No real reasons to choose GULC. There's a compelling argument for Cornell and I think that would have been the best option had they given you something like Duke's scholarship. If there's some lingering feelings there you can always shoot Cornell an email explaining the situation to them (i.e., "match Duke or I can't attend"). Short of that, I think Duke is a good call here.

I would not attend Cornell over Duke even money for one reason: the weather. And I am being dead serious.