when does law school become a good financial decision? Forum

[capn aa]

I was recently offered a substantial scholly (120k...90% tuition) at a strong (T30) school in the Midwest region. My ambitions are high but not unrealistic. If I attend law school, I would like to pursue a well-paying (over 60k a year hopefully) job in a medium-to-large city (Indianapolis, Louisville, Chicago, St. Louis, etc.) that related to something I am actually interested in (immigration, civil rights, education, politics, etc.) - not just scan documents all day or only focus on "billable hours".

While, on one hand, I am excited to pursue a prestigious degree and receive a strong education, I am weary of the information I have been reading lately regarding the state of the legal market. Based on the general consensus and the recent article in the NYT, it seems safe to say that paying sticker for T-2 and down law schools is often a terrible financial decision.

But my question is at what point (how much scholarship $, how highly ranked the school is, etc.) does it become a smart financial decision. I know that this would also come down to my work ethic and individual characteristics, but based on the info. above, do you think is it a + EV decision for me?

Living expenses, lost wages, etc. have to be factored in as well.

[sccjnthn]

Also curious to hear what the responses are. I'm a 1L in a similar position and the combination of this article as well as the initial trickle of grades (mostly bad) has me wondering whether it's worth it.

[Adjudicator]

That sounds pretty reasonable to me. If the school is in a region that you would be happy living in, and they're offering you that much money, I would say that it sounds like a good move.

[Woozy]

How are we supposed to figure out if it is +EV if you don't tell us what your current options and opportunity costs are?

Assuming average for recent graduate of random nontechnical undergraduate major, and factoring in your reasonable salary goals, I doubt many would argue against taking an almost full ride to T30.

[Grizz]

What T30

[nina09]

Since the scholarship possible covers 90% , is a good investment if you know how develop a plan to get rid of the 10% fast and don't borrow more than you need. I don't know the cost of living or if you have debt from your undergrad.

I also think a problem is that people get to attach to their dream job and if they don't get the dream job they don't react fast enough and that debts become bigger.

Make sure you have a plan b to keep yourself afloat and it will be all ok.

My opinion law school becomes a good financial decision when it complements your B.A , providing you with a wider range of job opportunities . It depends by individual.

[kehoema2]

What T30

He's got Louisville, Indianapolis and 120k. I'm betting it's Indiana.

[capn aa]

Good read guys...IU-Bloomington is correct

Should have included something about opportunity cost. Nontechnical major from liberal arts school - currently working part-time as a private tutor and as a legislative aid for a local politician

[bk1]

How much debt you have postgrad is more indicative of how good a financial decision it is. For example, GW is T30 and a 120k scholarship there will still leave you with 90k debt after graduation because of their 210k total CoA.

[JazzOne]

This sounds like a good deal to me, OP. Take the free degree and run. If you land your dream job, then that's just icing on the cake. And with a solid plan B, as a poster above mentioned, you should land on your feet even if OCI doesn't pan out. Try to keep your debt under $50K. I would suggest that you focus on school during 1L, but maybe you can pick up some part-time work during 2L and 3L, depending on what kind of trajectory you're on based on 1L grades and OCI.

[General Tso]

what is the GPA requirement

[dextermorgan]

what is the GPA requirement

[kehoema2]

Pretty sure Indiana's GPA requirement is just to maintain "good academic progress" or something along those lines.

[chrisnashville]

what is the GPA requirement

I'll assume he got the same letter I did from IU. Same scholarship. Here's the wording:

"The award is renewable contingent upon your maintaining satisfactory progress at the end of your first year and each subsequent semester thereafter and not being disciplinarily sanctioned for professional or academic misconduct."

So, don't flunk out and/or murder anyone?

[dextermorgan]

what is the GPA requirement

I'll assume he got the same letter I did from IU. Same scholarship. Here's the wording:

"The award is renewable contingent upon your maintaining satisfactory progress at the end of your first year and each subsequent semester thereafter and not being disciplinarily sanctioned for professional or academic misconduct."

So, don't flunk out and/or murder anyone?

In that case (provided you plan to stay around Indiana/Midwest) go for it.