Are you attending a non-HYS T14 with a $75k or less scholly? Forum

[20141023]

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[Betharl]

According to ABA data at t14s something like 30-60% of the class pays sticker depending on the school. Maybe that is/has changed recently though.

[JamesDean1955]

Another factor to take into consideration for biglaw bound people is that you should be able to contribute a decent amount of your summer associate (after 2L) pay towards paying down your loans, no?

[beepboopbeep]

Another factor to take into consideration for biglaw bound people is that you should be able to contribute a decent amount of your summer associate (after 2L) pay towards paying down your loans, no?

While that's true, probably more people assume they are biglaw-bound than actually are. Better to stare down the whole amount than assume 20-30k will materialize.

[20141023]

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[Rahviveh]

Another factor to take into consideration for biglaw bound people is that you should be able to contribute a decent amount of your summer associate (after 2L) pay towards paying down your loans, no?

While that's true, probably more people assume they are biglaw-bound than actually are. Better to stare down the whole amount than assume 20-30k will materialize.

Fair, but at the same time most people are calculating their post-grad repayment plan assuming biglaw salary. And if you got biglaw you probably got a 2L SA so it's not unreasonable to include the salary from that.

Calculating your repayment plan assuming no biglaw is pointless unless you have 100-120k debt or less, because you'll have to go on IBR at that point anyways.

[Skye]

I received a 50/50 deal. Leaving around $73K in debt, not counting COL. When I exit my debt will slightly exceed $100K, depending how much of my SA I use to pay down debt. Knowing me, probably not much.

[JamesDean1955]

Another factor to take into consideration for biglaw bound people is that you should be able to contribute a decent amount of your summer associate (after 2L) pay towards paying down your loans, no?

While that's true, probably more people assume they are biglaw-bound than actually are. Better to stare down the whole amount than assume 20-30k will materialize.

Fair, but at the same time most people are calculating their post-grad repayment plan assuming biglaw salary. And if you got biglaw you probably got a 2L SA so it's not unreasonable to include the salary from that.

Calculating your repayment plan assuming no biglaw is pointless unless you have 100-120k debt or less, because you'll have to go on IBR at that point anyways.

Yeah I agree with the above. Plus, I work in the biglaw industry now, have many contacts and some experience here, and I know that biglaw is for me 100%.

Even if I magically changed my mind and decided I wanted PI/government, I would still do a 2L SA for the money. I realize this could put me at some disadvantage when applying for PI/government, as it could show I would prefer the private practice route, but I'm confident after speaking with recent CCNMVP grads in PI/government that as long as I tailored a significant amount of my law school experience towards PI/government, and did well, I would still have a strong shot.

ETA: Also, my long term goals assuming non-partner track obviously, would be biglaw --> PI/Government. I know a lot of former people from my biglaw firm working as AUSA's through connections.

[beepboopbeep]

Another factor to take into consideration for biglaw bound people is that you should be able to contribute a decent amount of your summer associate (after 2L) pay towards paying down your loans, no?

While that's true, probably more people assume they are biglaw-bound than actually are. Better to stare down the whole amount than assume 20-30k will materialize.

Fair, but at the same time most people are calculating their post-grad repayment plan assuming biglaw salary. And if you got biglaw you probably got a 2L SA so it's not unreasonable to include the salary from that.

Calculating your repayment plan assuming no biglaw is pointless unless you have 100-120k debt or less, because you'll have to go on IBR at that point anyways.

Yeah I agree with the above. Plus, I work in the biglaw industry now, have many contacts and some experience here, and I know that biglaw is for me 100%.

Even if I magically changed my mind and decided I wanted PI/government, I would still do a 2L SA for the money. I realize this could put me at some disadvantage when applying for PI/government, as it could show I would prefer the private practice route, but I'm confident after speaking with recent CCNMVP grads in PI/government that as long as I tailored a significant amount of my law school experience towards PI/government, and did well, I would still have a strong shot.

All fair points, and agreed with all the above. I shouldn't generalize my situation - I'm leaning biglaw and will probably gun for it, but I don't want to mentally subtract 20k from my debt just to make myself feel better about the financial commitment of law school. I worry that people calculating 2L SA into debt are doing so more to mollify their fears than anything else.

[JamesDean1955]

^^ Good point. That's why I wanted to work in the industry first because I had no idea if I would like it. Then again I am sort of a masochist that sacrifices a good portion of my social life to work ridiculously long hours doing (sometimes) menial stuff

[Rahviveh]

ETA: Also, my long term goals assuming non-partner track obviously, would be biglaw --> PI/Government. I know a lot of former people from my biglaw firm working as AUSA's through connections.

Im hoping for the same thing, but I heard AUSA's are insanely competitive and hard to get

[JamesDean1955]

ETA: Also, my long term goals assuming non-partner track obviously, would be biglaw --> PI/Government. I know a lot of former people from my biglaw firm working as AUSA's through connections.

Im hoping for the same thing, but I heard AUSA's are insanely competitive and hard to get

Yeah no doubt. A lot of times I think it comes down to luck and who you know. Unless you work in litigation and are an absolute rainmaker and have no interest in being a partner. My person observations, anyways. I'm no expert.

[IAFG]

Another factor to take into consideration for biglaw bound people is that you should be able to contribute a decent amount of your summer associate (after 2L) pay towards paying down your loans, no?

I would also be interested to learn about this from some of you current law students. I assumed about $5000 for 1L whatever, and about $25000 for 2L SA... but it seems like if I wanted to travel to a different city, I might not see much of my 2L SA by the end of the summer.

LOL @ $5k from 1L summer. And reeeeeally lol if you mean having that left over.

[sinfiery]

Damn OP, why did you pick 75k? I was so close to feeling like an elitist

[beepboopbeep]

Another factor to take into consideration for biglaw bound people is that you should be able to contribute a decent amount of your summer associate (after 2L) pay towards paying down your loans, no?

I would also be interested to learn about this from some of you current law students. I assumed about $5000 for 1L whatever, and about $25000 for 2L SA... but it seems like if I wanted to travel to a different city, I might not see much of my 2L SA by the end of the summer.

LOL @ $5k from 1L summer. And reeeeeally lol if you mean having that left over.

He's going to Chicago - $5k 1L summer funding for PI, and COL is cheap in Hyde Park. I think I made it through summer on $1500 once in undergrad.

[whereskyle]

1 offer thus far: sticker at uva.

Plan: retake and reapply

[JamMasterJ]

Another factor to take into consideration for biglaw bound people is that you should be able to contribute a decent amount of your summer associate (after 2L) pay towards paying down your loans, no?

I would also be interested to learn about this from some of you current law students. I assumed about $5000 for 1L whatever, and about $25000 for 2L SA... but it seems like if I wanted to travel to a different city, I might not see much of my 2L SA by the end of the summer.

LOL @ $5k from 1L summer. And reeeeeally lol if you mean having that left over.

He's going to Chicago - $5k 1L summer funding for PI, and COL is cheap in Hyde Park. I think I made it through summer on $1500 once in undergrad.

plus if you hate yourself, you can pick up a job at a bar or w/e

[JamMasterJ]

I'm technically in the yes group, but dat wife = no COL loans 2/3L

[IAFG]

He's going to Chicago - $5k 1L summer funding for PI, and COL is cheap in Hyde Park. I think I made it through summer on $1500 once in undergrad.

I forgot about school funding (though I forgot about it because most people I know didn't have eligible jobs).

[txdude45]

Can 1Ls get SA gigs? What would they be paid?

[untar614]

Can 1Ls get SA gigs? What would they be paid?

if ur a pro, 20-30k. But few do. Ima be hittin up dat dere patent bar in hopes it'll help me land that.

[JamesDean1955]

I'm technically in the yes group, but dat wife = no COL loans 2/3L

Gotta get me one of those

ETA: I was planning on bartending or waiting tables nights during 1L summer, a $4k stipend at Penn for PI/government work (or even a $5k if you go to UChicago) isn't gonna do it for me. Plus, I'm used to 2 jobs or jobs with really long hours.

[letsjustsee]

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[Bronck]

Can 1Ls get SA gigs? What would they be paid?

Yes. They pay market rate, so you'd be taking home around ~20-21k (and getting back a big chunk in tax returns).

[bearsfan23]

I'd encourage everyone who didn't take out Direct Loans before October 1, 2007 to really read up on PAYE and get a better understanding out it, because PAYE is your worst case scenario option (unless you have prior direct loans), and its actually pretty good for being a last resort plan. Not saying it would change your decision, but its something to think about and its not something that was there for current law students when they started