Help me decide, T10, T15 or T30?????
Posted: Mon Mar 15, 2010 10:12 am
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+1 No reason to choose Texas here. I feel your pain in considering Michigan at sticker. If you haven't already, go visit both UGA and Michigan. If UGA seems like it's going to get you a good job in Atlanta, take UGA. If the students at UGA all say they'd bail their school for the chance to go to Michigan, take Michigan. Debt is scary. Infinite Doc Review Job is scarier.ogman05 wrote:I say the decision is between Mich and UGA at this point. You want to work in the Atlanta area so UT is out. It is gonna pull the strongest in texas. Once you leave texas I dont think saving 50k over Mich would be worth it in that case. And personally given Mich sticker and UGA full ride I would choose. Mich. Now if it was UMich sticker and UT full that would be a different story.
djgoldbe wrote:I voted UGA but I think it depends a bit on exactly what type of job you want. If you are satisfied with a fairly average biglaw job and are confident in your ability to do well at UGA, I would go there (also if you have any desire for PI). If you want a shot at a more prestigious biglaw/clerkship/academia job, go with Mich. So, if you are going to pick Mich I would say you should really be SURE of what you want to do and how happy your going to be doing it for at least ~10 years to pay off those loans.
Given that, along with your geographic preference, I would go with UGA.doinmybest wrote:djgoldbe wrote:I voted UGA but I think it depends a bit on exactly what type of job you want. If you are satisfied with a fairly average biglaw job and are confident in your ability to do well at UGA, I would go there (also if you have any desire for PI). If you want a shot at a more prestigious biglaw/clerkship/academia job, go with Mich. So, if you are going to pick Mich I would say you should really be SURE of what you want to do and how happy your going to be doing it for at least ~10 years to pay off those loans.
I'm not entirely sure what I want, but I am kinda leaning towards a good clerkship that would probably be my first choice if money wasn't a factor. I'm not sure of my ability to do well at UGA. I'm not counting on being top of my class at either Mich or UGA, although I will "do my best" haha pardon the pun.
FYI, this is an extremely rosy (dare I say unrealistic) outlook on how fast you can pay off debt unless you live solely for that purpose.holydonkey wrote:I keep thinking about the debt in my head and I go back and forth a lot.
I mean, for Michigan, if you can clerk for a federal judge, that's like 70k for a year right (from the clerks I've talked to). And then assuming a clerk bonus from a big/mid firm you're making 120-170k for at least the 3 years you're an associate with them. If you take out 150k debt and are able to pay back 10k the first year and 40k years 2-5, you're done with almost all of the debt and interest in about 5 years. And you've set yourself up nicely for a lateral move/another clerkship/government.
If you aren't able to get the clerkship from UGA and have to settle for mid/small law, you're making 50-100k strait out (assuming a job) which is awesome with no debt. You're an associate for three years with a decent/good salary, but then what? Maybe you make partner or stay a senior associate. Maybe you have to lateral to another mid/small firm, but it really doesn't seem like you'd have the same options as someone from a T10.
I figure worst case at T30 is unemployment, worst case at Michigan is you have to stay in Michigan and be one of the 3% working in Detroit in a mid firm that loves you for your degree if not for your gpa. Of course, living in Detroit is a whole different kind of hell.
Debt paid in 5 years, and a federal clerkship? This sounds like my ideal scenario. If it was guaranteed, I'd chose Mich in a heartbeat.holydonkey wrote:
I mean, for Michigan, if you can clerk for a federal judge, that's like 70k for a year right (from the clerks I've talked to). And then assuming a clerk bonus from a big/mid firm you're making 120-170k for at least the 3 years you're an associate with them. If you take out 150k debt and are able to pay back 10k the first year and 40k years 2-5, you're done with almost all of the debt and interest in about 5 years. And you've set yourself up nicely for a lateral move/another clerkship/government.
holydonkey wrote:
If you aren't able to get the clerkship from UGA and have to settle for mid/small law, you're making 50-100k strait out (assuming a job) which is awesome with no debt. You're an associate for three years with a decent/good salary, but then what? Maybe you make partner or stay a senior associate. Maybe you have to lateral to another mid/small firm, but it really doesn't seem like you'd have the same options as someone from a T10.
I would do everything in my power to prevent this situation from happening.holydonkey wrote:
Of course, living in Detroit is a whole different kind of hell.
Oh it's definitely fast. However, I currently make less than 40k and live in an expensive area, I could easily live on 50k after law school (I'll need to buy a few suitsTheBigMediocre wrote:FYI, this is an extremely rosy (dare I say unrealistic) outlook on how fast you can pay off debt unless you live solely for that purpose.holydonkey wrote:If you take out 150k debt and are able to pay back 10k the first year and 40k years 2-5, you're done with almost all of the debt and interest in about 5 years
If you are making over 120k there is no reason why you can't pay off $150k debt in five years unless you have children.TheBigMediocre wrote:FYI, this is an extremely rosy (dare I say unrealistic) outlook on how fast you can pay off debt unless you live solely for that purpose.holydonkey wrote:I keep thinking about the debt in my head and I go back and forth a lot.
I mean, for Michigan, if you can clerk for a federal judge, that's like 70k for a year right (from the clerks I've talked to). And then assuming a clerk bonus from a big/mid firm you're making 120-170k for at least the 3 years you're an associate with them. If you take out 150k debt and are able to pay back 10k the first year and 40k years 2-5, you're done with almost all of the debt and interest in about 5 years. And you've set yourself up nicely for a lateral move/another clerkship/government.
If you aren't able to get the clerkship from UGA and have to settle for mid/small law, you're making 50-100k strait out (assuming a job) which is awesome with no debt. You're an associate for three years with a decent/good salary, but then what? Maybe you make partner or stay a senior associate. Maybe you have to lateral to another mid/small firm, but it really doesn't seem like you'd have the same options as someone from a T10.
I figure worst case at T30 is unemployment, worst case at Michigan is you have to stay in Michigan and be one of the 3% working in Detroit in a mid firm that loves you for your degree if not for your gpa. Of course, living in Detroit is a whole different kind of hell.
It depends where you live.UF Gators wrote:If you are making over 120k there is no reason why you can't pay off $150k debt in five years unless you have children.TheBigMediocre wrote:FYI, this is an extremely rosy (dare I say unrealistic) outlook on how fast you can pay off debt unless you live solely for that purpose.holydonkey wrote:I keep thinking about the debt in my head and I go back and forth a lot.
I mean, for Michigan, if you can clerk for a federal judge, that's like 70k for a year right (from the clerks I've talked to). And then assuming a clerk bonus from a big/mid firm you're making 120-170k for at least the 3 years you're an associate with them. If you take out 150k debt and are able to pay back 10k the first year and 40k years 2-5, you're done with almost all of the debt and interest in about 5 years. And you've set yourself up nicely for a lateral move/another clerkship/government.
If you aren't able to get the clerkship from UGA and have to settle for mid/small law, you're making 50-100k strait out (assuming a job) which is awesome with no debt. You're an associate for three years with a decent/good salary, but then what? Maybe you make partner or stay a senior associate. Maybe you have to lateral to another mid/small firm, but it really doesn't seem like you'd have the same options as someone from a T10.
I figure worst case at T30 is unemployment, worst case at Michigan is you have to stay in Michigan and be one of the 3% working in Detroit in a mid firm that loves you for your degree if not for your gpa. Of course, living in Detroit is a whole different kind of hell.
Well I would never live in NYC or SanFran but I did live in a fairly expensive west coast city and my salary for the year was a little under $11k. I can budget my ass off.lawschooliseasy wrote:It depends where you live.UF Gators wrote:If you are making over 120k there is no reason why you can't pay off $150k debt in five years unless you have children.TheBigMediocre wrote:FYI, this is an extremely rosy (dare I say unrealistic) outlook on how fast you can pay off debt unless you live solely for that purpose.holydonkey wrote:I keep thinking about the debt in my head and I go back and forth a lot.
I mean, for Michigan, if you can clerk for a federal judge, that's like 70k for a year right (from the clerks I've talked to). And then assuming a clerk bonus from a big/mid firm you're making 120-170k for at least the 3 years you're an associate with them. If you take out 150k debt and are able to pay back 10k the first year and 40k years 2-5, you're done with almost all of the debt and interest in about 5 years. And you've set yourself up nicely for a lateral move/another clerkship/government.
If you aren't able to get the clerkship from UGA and have to settle for mid/small law, you're making 50-100k strait out (assuming a job) which is awesome with no debt. You're an associate for three years with a decent/good salary, but then what? Maybe you make partner or stay a senior associate. Maybe you have to lateral to another mid/small firm, but it really doesn't seem like you'd have the same options as someone from a T10.
I figure worst case at T30 is unemployment, worst case at Michigan is you have to stay in Michigan and be one of the 3% working in Detroit in a mid firm that loves you for your degree if not for your gpa. Of course, living in Detroit is a whole different kind of hell.