Post
by 03152016 » Fri Jul 18, 2014 5:02 pm
i'm gonna give u some realistic numbers
i expect u've already calcified in ur position
but i'll post neways in the hopes u change ur mind
and to help others with 20k offers from fordham in the future
1) your tuition will not stay the same
tuition cost right now is 51880 + 652 in fees
fordham's tuition cost inflation is 3.18% per year
that means 52,532 1L, 54,203 2L, and 55,927 3L
2) u will probably not become an ra
according to fordham's 'ram realm' publication:
"The Resident Assistant position may be the most competitive job to get on campus. It involves an intense application process that includes a series of interviews — that includes conversations with other potential candidates, at least two Resident Director and current RA’s — three letters of recommendation and a meet-and-greet with the Office of Residential Life."
BLS estimates rent increases of 3.2% yearly
so figuring ten months rent, 11,000 1L, 11,352 2L, 11,715 3L
i will assume u paid a 1,100 broker fee, which we will add to the 1L numbers
and utilities (internet, power, gas) we will call 100 even a month (that's being generous), so add on 1,000 per year
total figures are 13,100 1L, 11,352 2L, 11,715 3L
3) u will not live off of 5k yearly
think about some of these: groceries (250 monthly), books/supplements/office supplies&equipment (1.6k yearly, being generous), wardrobe professional and otherwise (400 yearly, being generous), going out/entertainment (200 monthly, being SO SO generous considering ny), haircuts (25 monthly, go to supercuts), sundries/odds&ends/occasional treats like starbucks (250 yearly minimum, excluding any needed medications), co-pays and health insurance (i'll leave this figure out, but it could be high)
assuming zero health-related costs, a ridiculously bare budget stripped to the bone, and zero expenses when ur back home, and zero transportation costs EVER,
i estimate ur expenses will be 7000 yearly
1L costs: 52,532+13,100+7,000 - 20k scholly = 52,632
2L costs: 54,203+11,352+7,000 - 20k scholly = 52,555
3L costs: 55,927+11,715+7,000 - 20k scholly = 54,642
u will probably not get biglaw from fordham
so let's assume $0 for 1L summer, and $5k for 2L summer at a non-biglaw job
accordingly, we will reduce your 3L costs by $5k
3L costs: 49,642
now we will factor in fees and interest
stafford loans will account for 20,500 of costs each year
with loan fees of 220 per year and interest at 6.21%
assuming six month deferment
you will accumulate 4,812 in interest on 1L loans, 3,332 in interest on 2L loans, and 1,939 in interest on 3L loans
for a total of 10,743 in stafford loan fees and interest
you will have unmet need of 32,132 1L, 32,055 2L, 29,142 3L
grad plus loans will cover this, with 4.292% origination fee and 7.21% interest
assuming six month deferment
you will have 1,379 in loan fees 1L, 1,376 2L, and 1,251 3L
you will accumulate 8,866 in interest on 1L loans, 6,094 in interest on 2L loans, and 3,208 in interest on 3L loans
for a total of 22,174 in plus loan fees and interest
this will bring the principle grand total to 154,829
and the total in loan fees and interest to 32,917
plus 28,000 in undergrad debt
plus, let's say, 5% interest over 3.5 years on that debt, so 5,241
my ridiculously almost laughably conservative estimate is that your total debt load at repayment will be
$220,987
($2,650 out of your pocket per month for ten years)
at fordham, 34.1% of the class got large firms
36.6% of the class failed to get any FT/LT/JD-required job nine months after graduation
so let's face it, the chances of biglaw are the same as the chances of getting nothing out of fordham
you can't rationally assume you will get a high caliber job out of fordham, you'd have to assume you have a greater chance of striking out of any legal job
so let's talk median outcomes
a very positive outcome at median for a student at fordham would be 60k
am i saying that a median student at fordham should expect 60K?
of course not, too many ppl from fordham are unemployed for a median student 2 feel safe
but i'm trying to be as generous and positive as i can while talking about fordham
so we're looking at 3,250 monthly, after tax
minus your 2,650 debt payments
which gives you 600 monthly to live on, in manhattan, on the ten year plan
remember -- this is if everything goes right, you don't exceed my bare bones budget, you don't strike out of a legal job, you keep the legal job, etc
or maybe you decide to ibr/paye the debt away
well now you have a negative six figure net worth hanging over your head for the next 20 years
and you'll screw your debt-to-income ratio
plus you have an extra 10 years to worry about being able to make payments, budgeting carefully
if you get a big raise, congrats! but your ibr/paye payments go up as well, they track with your income
over the long run you'll probably end up paying the same amount
plus you'll have a nice big fat tax bomb on the forgiven amount, which under ibr would probably be tremendous
so then you get to owe money to the irs, who i've heard are spectacular ppl to work w
this assumes that ibr/paye as it is now even stays in place for that long, which you would be praying it did
u are making an extremely risky decision
it's not too late to just say no
and reapply next cycle
with much better offers from much better schools
a much better chance of your goals
and much lower debt
all u need to do is just walk away
you deserve 2 have a good, fulfilling, prosperous life my friend
listen 2 reason
walk away from fordham
