WUSTL $$$ v NU @ Sticker - Resolved 6/27/14 Forum

[workaholic82]

Did you apply to UIUC? You could probably snag a full ride and it would be your best case scenario for risk vs. biglaw chances.

I did and got a full ride plus fee stipend (somewhat cheaper than WUSTL, but close), and went with WUSTL over UIUC. Was scared the scandal repercussions hadn't fully passed, and their employment numbers have been less predictable over the last 4 years.

[bananasplit19]

I see only one solution:

--ImageRemoved--

What's the most you ever lost on a coin toss, friendo?

[workaholic82]

Tough one. I lean NU here, but be sure you understand the consequences of that much debt.

I don't know if I fully understand. I certainly know if I don't get big law it will be with me for 25 years (20 years if I go with PAYE?), at which point it will be discharged and I will be responsible for the taxes. I'm not sure what affect it will have on my credit throughout my life, but if there's any justice (and maybe that's a big if), I wouldn't be too badly penalized for school debt that I'm doing my best to pay back...

[workaholic82]

I see only one solution:

--ImageRemoved--

What's the most you ever lost on a coin toss, friendo?

LOL... eh, probably a few pieces of halloween candy... is this any different?

[Jaqen]

$250k with interest is going to be a lot more than $250k. The question is how much more.

I think he may have accounted for this actually.

Using the Georgetown calculator, with the 2013-14 cost of attendance and 10k/year, I get $247,239 at repayment.

Of course, the 2014-15 COA will be higher and 250k is a ton of debt.

[MistakenGenius]

Post removed.

[ph14]

$250k with interest is going to be a lot more than $250k. The question is how much more.

I think he may have accounted for this actually.

Using the Georgetown calculator, with the 2013-14 cost of attendance and 10k/year, I get $247,239 at repayment.

Of course, the 2014-15 COA will be higher and 250k is a ton of debt.

He said specifically "debt at graduation" (he said that includes undergrad debt).

[workaholic82]

$250k with interest is going to be a lot more than $250k. The question is how much more.

Well I'm trying to account for the interest in that figure, but if you mean over the life of the loan, of course. If I get biglaw, I imagine it will become roughly $325-350k before it's gone. If I don't, then probably it's $550k+ by the time it's discharged, and then I settle with the IRS for $75k on a 10 year payment plan... but who knows?

[Jaqen]

Tough one. I lean NU here, but be sure you understand the consequences of that much debt.

I don't know if I fully understand. I certainly know if I don't get big law it will be with me for 25 years (20 years if I go with PAYE?), at which point it will be discharged and I will be responsible for the taxes. I'm not sure what affect it will have on my credit throughout my life, but if there's any justice (and maybe that's a big if), I wouldn't be too badly penalized for school debt that I'm doing my best to pay back...

Option 1. Biglaw. You work long hours in an unpleasant environment. All of your money goes to taxes, rent, loans, and hopefully some savings in case you get canned. You're in this position for a minimum of 3-4 years. You have to worry about what comes after biglaw, since very few people stay at firms long-term.

Option 2. PAYE. You have the debt hanging over your head for decades. You may or may not be hit with a huge tax bomb.

[workaholic82]

PH, where have all these new fucking posters come from all of a sudden? OP, ph is definitely right here. Northwestern is not your best choice in this scenario. You already have a good amount of debt and you're considering taking out another quarter million? For a school where you have a 40% chance of not getting the salary you'll need. Tell me something, would you go to a casino and bet $250,000 on red at the roulette wheel? This isn't that different of a scenario, except with the casino the payoff is more certain. That debt is absolutely staggering and these new posters clearly don't realize how life ruining it can be. This is pretty clear cut. Every day I'm Wustling.

LOL, I love this post, but for the sake of argument: If red had a 60% chance of hitting, rather than <50, well, I still wouldn't do it, but plenty of people probably would, and one could make an argument for it. Also, I think being successful from Northwestern will amount to MUCH more than $250k in additional income over my lifetime, so I'd argue it's not a simple win and you double your money scenario... But point still taken.

[Jaqen]

$250k with interest is going to be a lot more than $250k. The question is how much more.

I think he may have accounted for this actually.

Using the Georgetown calculator, with the 2013-14 cost of attendance and 10k/year, I get $247,239 at repayment.

Of course, the 2014-15 COA will be higher and 250k is a ton of debt.

He said specifically "debt at graduation" (he said that includes undergrad debt).

D'oh. So it'll actually be 285k+. Damn.

[DoveBodyWash]

If Chicago Biglaw or bust, then go to NU. But realize that once you attend, you literally are Biglaw or Bust. Doesn't matter if it's Chicago or NYC. Biglaw is necessary at that point. Chicago Biglaw is too uncertain from WUSTL if that's all you want for your career. If youre okay with missing Chicago BigLaw then go to WUSTL.

[workaholic82]

$250k with interest is going to be a lot more than $250k. The question is how much more.

I think he may have accounted for this actually.

Using the Georgetown calculator, with the 2013-14 cost of attendance and 10k/year, I get $247,239 at repayment.

Of course, the 2014-15 COA will be higher and 250k is a ton of debt.

He said specifically "debt at graduation" (he said that includes undergrad debt).

Yes, but I also said I have 10K in savings, so it's 10K less in both principal and interest off the front. It's still maybe more than $250K, but not that much more. I was estimating.

[workaholic82]

If Chicago Biglaw or bust, then go to NU. But realize that once you attend, you literally are Biglaw or Bust. Doesn't matter if it's Chicago or NYC. Biglaw is necessary at that point. Chicago Biglaw is too uncertain from WUSTL if that's all you want for your career. If youre okay with missing Chicago BigLaw then go to WUSTL.

Thanks. I'm okay with missing Chicago BigLaw. I'd prefer it, but would be fine with BigLaw anywhere.

[ph14]

$250k with interest is going to be a lot more than $250k. The question is how much more.

I think he may have accounted for this actually.

Using the Georgetown calculator, with the 2013-14 cost of attendance and 10k/year, I get $247,239 at repayment.

Of course, the 2014-15 COA will be higher and 250k is a ton of debt.

He said specifically "debt at graduation" (he said that includes undergrad debt).

Yes, but I also said I have 10K in savings, so it's 10K less in both principal and interest off the front. It's still maybe more than $250K, but not that much more. I was estimating.

It's time to break this out again (substitute school names and dollar figures as appropriate):



(Credit to Regulus)

[workaholic82]

$250k with interest is going to be a lot more than $250k. The question is how much more.

I think he may have accounted for this actually.

Using the Georgetown calculator, with the 2013-14 cost of attendance and 10k/year, I get $247,239 at repayment.

Of course, the 2014-15 COA will be higher and 250k is a ton of debt.

He said specifically "debt at graduation" (he said that includes undergrad debt).

D'oh. So it'll actually be 285k+. Damn.

It probably will come to between $240-270k. I think i can probably live somewhat cheaper than NU's site estimates as COL, so I wouldn't take the GTown calculator literally. But yes, it's a SHIT-TON of debt, and it does scare me.

[workaholic82]

It's time to break this out again (substitute school names and dollar figures as appropriate):

(Credit to Regulus)

Ha! Regulus' genius is ever-present. What use would I possibly have with that many Yarises anyway though? I'm not some kind of a one-man tail-gate party...

[workaholic82]

Northwestern. This is your best show at law school, and you still have most of your doors open from there. Just be willing to drop out of things go south.

+1

Thanks. This really seems to be a split decision.

Can you figure out how much $250k and $100k will be with interest?

I believe I can keep NU to less than 260k after interest with frugal living and using my savings, and I think the 100k at WUSTL is pretty much after interest. I mean my undergrad loans will only accrue 1-2k over that time, as half of them are subsidized and deferred, and I'll only be taking $12K in loans for my first year due to my savings, and maybe 20K each of the next 2 years.. So, all in all 100K should be a high estimate for all my debt after interest at WUSTL.

[Micdiddy]

Sorry to hear about the scholly amount. I'd tell NU thanks but no thanks.

[Johann]

This is about what you can stomach debt wise and what your ideal outcome is. It sounds like you really really want biglaw. And if that is the case, NW may be the right call. I'd go WUSTL here to keep opportunities open other than biglaw. I'd think long and hard about why you want biglaw and make sure that is what you want. If that is what you want, it sounds like you are leaning towards NW, which is a fine decision.

[workaholic82]

Sorry to hear about the scholly amount. I'd tell NU thanks but no thanks.

Thanks, I may do that. Not sure yet.

[workaholic82]

This is about what you can stomach debt wise and what your ideal outcome is. It sounds like you really really want biglaw. And if that is the case, NW may be the right call. I'd go WUSTL here to keep opportunities open other than biglaw. I'd think long and hard about why you want biglaw and make sure that is what you want. If that is what you want, it sounds like you are leaning towards NW, which is a fine decision.

I really just want BigLaw because I don't have a family yet, have never earned much money and feel I could thrive in a soul-crushing atmosphere. To this point in my life I've lazed around and don't have much to show for it. I'm willing to and interested in devoting myself to an unforgiving work-life in part to salvage my financial future, and in part to pay penance for my erstwhile underachieving ways. THat and DAT preftige and money!

[Micdiddy]

Sorry to hear about the scholly amount. I'd tell NU thanks but no thanks.

Thanks, I may do that. Not sure yet.

Otoh, if you come to NU I'll buy you a beer. Not right away of course, but after next summer when theoretically I'll have some money.

[workaholic82]

Sorry to hear about the scholly amount. I'd tell NU thanks but no thanks.

Thanks, I may do that. Not sure yet.

Otoh, if you come to NU I'll buy you a beer. Not right away of course, but after next summer when theoretically I'll have some money.

Ha! Well talk about playing both sides of the fence! Thanks man. I REALLY want to come, but not sure yet. It's definitely a lowball offer, but geez, it's a T-14! I never dreamed I'd have the opportunity being that I barely graduated from college...

[Micdiddy]

Sorry to hear about the scholly amount. I'd tell NU thanks but no thanks.

Thanks, I may do that. Not sure yet.

Otoh, if you come to NU I'll buy you a beer. Not right away of course, but after next summer when theoretically I'll have some money.

Ha! Well talk about playing both sides of the fence! Thanks man. I REALLY want to come, but not sure yet. It's definitely a lowball offer, but geez, it's a T-14! I never dreamed I'd have the opportunity being that I barely graduated from college...

I was also quite amazed at how accessible T14s were to otherwise average college slackers. I remember when UC Davis was my "dream" law school before I knew anything about anything.