Decision time debt v no debt Forum

[Matteliszt]

Am i rationalizing this correctly?
I want to do big law/mid law.

Currently, I have a 10k/yr scholly to UNC and am an out of state resident. I am WL at William and Mary(out of state), Emory, and Notre Dame
I have 80k in the bank for school and UNC is 45k/yr out of state and 35k/yr in state.

Assuming I get into a school I am currently wait listed at here is how i see the permutations of choice.


UNC w/ no residency and no FAFSA aid
45 x 3 = 135k - 30k(scholly) = 110k - 80k(banked) = 20k DEBT

UNC w/ 1 year no residency and no FAFSA aid
45 x 1 = 45 + (35 x 2 = 70) = 105k - 30k(scholly) = 75k - 80k(banked) = 5k PROFIT

vs
Emory/W&M/ND/any school that is 60k/yr

60 x 3 = 180 - 80 = 100k DEBT


Knowing this - is the placement of a marginally national school like Emory/ND/William and Mary worth taking on debt for big law prospects? All three seem negligibly different for placement in big law markets than UNC.

[ggocat]

At the ASD at UNC they told us we could expect about 20k/yr from the FAFSA in terms of aid.

...

UNC w/ 1year no residency and FAFSA for 2 years (I missed deadline for this year as I was a dependent and didnt think I would qualify)
45 x 1 = 45 + (35 x 2 = 70) = 105k - 30k (scholly) = 75k - 60k(FAFSA) = 15k - 80k = 65k PROFIT

...

So anything between no FAFSA and 20k in FAFSA means I come out of law school with NO DEBT if i gain residency.

"aid" = loans.

and with 80K in the bank, you probably will only get $12K unsubsidized.

[Matteliszt]

Thank you. Let me edit the math.

*edit* so we do we assume 12k w/ paying it back?

[ggocat]

Thank you. Let me edit the math.

*edit* so we do we assume 12k w/ paying it back?

Yeah, the $12K would be unsubsidized stafford loan, which I think you can qualify for even with savings. Interest accumulates while you are in school, so it's best not to take out unless you have to.

edit: and I meant $12k/year = $36k.

[Matteliszt]

I edited the fafsa aid out to simplify the math, essentially its 5k debt v 100k debt for marginally better placement.


I think the choice is easy.

[ggocat]

I think the choice is easy.

I think so, too.

[dudester]

/thread

[Matteliszt]

/thread

does that mean discussions over?

[gdane]

Go to UNC. Without a doubt. Be a Tar Heel!

[cigrainger]

Your math is wrong on the bit about 1 year non-residency at UNC. You'd be 5k in debt still. Your math says 45k+70k = 105k. Should be 115k. Not sure that makes any difference to the decision, just thought I'd point it out.

[Matteliszt]

ty. Not a huge factor but still nice to know. Will edit later.

[underachiever]

Go to UNC. Without a doubt. Be a Tar Heel!

+1