Cornell or Georgetown
Posted: Mon Jun 20, 2011 6:36 pm
I posted a thread earlier but now have concrete numbers.
Cornell's COA is 64,942 per year compared to GULC 53,496. Note that I took into account a 3.5% increase to COA. I then found the sum of 3 years COA and divided by 3 for my COA numbers
Monthly payments woudl be as follows
Cornell 2,694 per month over 10 years 1,683 per month over 25 years
GULC 2,197 per month over 10 years 1,368 per month over 25 years
GULC's money is need based and can be removed if I obtain an SA. This would raise the COA to about 60,000 per year average if I obtain an SA. Cornell's is cemented there for all three years.
Prior to acceptance to Cornell, I was on the fence between private v. prosecutorial work. I am now leaning towards private in no small part because of http://www.lawschool.cornell.edu/career ... lstats.pdf Class of 2010 placed 144 graduates into law firms of over 100 attorneys (and I am assuming market rate salaries for close to all of them) and 15 into clerkships (likely ~ 11 in A3 based on historical trends of 6%). Using just A3 clerks and the 144 number, I see a total of 155/193 graduates (80%) into jobs that pay well. Add in 16 in either PI, goverment, or military who can use Cornell's version of LRAP, and that number is 171/193 (~88.5%) of the class is likely sitting pretty. There are 11 students in business or other category (~5.5) and 5 (~2.5%) in private firms of less than 100 attorneys.
As for GULC, they placed 51.7% of the Class of 2010 into private firms. I do not have the breakdown into what size firm as I could not get it. Then roughly 15% into government and 14% into PI. There were 10% in clerkships, and if trends hold true about 5.5% into A3. The number that gives me pause is 9.7 in other, which is roughly 45-50 graduates.
As for the LRAP is I so choose government work, at GULC, I would be forced to stay in eligible work for ten years. Their LRAP is based on IBR and thus the loan principal will continue to grow until the loan is forgiven as my payments, which GULC would pay 100% of, would not cover the interest charges.
Cornell, they go based on the standard 10 year program. This means that I could be in eligible work for 5 years, and pay down my principal. As a prosecutor, I would likely be responsible for ~ $325 per month of the $2694 payment. Cornell would cover the rest.
Going to GULC means staying in first year housing next to the law school, with the fitness center right downstairs (both a big plus in my eyes). But it also means having a roommate (negative). Cornell would mean commuting to the school (figure less than 10 minute drive if it didn't snow 8 feet the night before) and no gym in the building (negatives). But living alone is a definite plud.
Lastly, as you can probably tell from above, I am leaning Cornell. Being a man of my word, I feel loyalty to GULC. I know I have not yet started, but they were my first acceptance in November. Career services has helped me update my resume, draft a cover letter, and prepare for the upcoming year. I have applied and interviewed for an internship with my congressman. And GULC is in DC. Thus, it is hard for me to think about withdrawing my acceptance, despite the "Ivy League" prestige of Cornell. I put the quotation marks as the designation means little generally, but the employment prospects may warrant it in this situation.
Thoughts?
Cornell's COA is 64,942 per year compared to GULC 53,496. Note that I took into account a 3.5% increase to COA. I then found the sum of 3 years COA and divided by 3 for my COA numbers
Monthly payments woudl be as follows
Cornell 2,694 per month over 10 years 1,683 per month over 25 years
GULC 2,197 per month over 10 years 1,368 per month over 25 years
GULC's money is need based and can be removed if I obtain an SA. This would raise the COA to about 60,000 per year average if I obtain an SA. Cornell's is cemented there for all three years.
Prior to acceptance to Cornell, I was on the fence between private v. prosecutorial work. I am now leaning towards private in no small part because of http://www.lawschool.cornell.edu/career ... lstats.pdf Class of 2010 placed 144 graduates into law firms of over 100 attorneys (and I am assuming market rate salaries for close to all of them) and 15 into clerkships (likely ~ 11 in A3 based on historical trends of 6%). Using just A3 clerks and the 144 number, I see a total of 155/193 graduates (80%) into jobs that pay well. Add in 16 in either PI, goverment, or military who can use Cornell's version of LRAP, and that number is 171/193 (~88.5%) of the class is likely sitting pretty. There are 11 students in business or other category (~5.5) and 5 (~2.5%) in private firms of less than 100 attorneys.
As for GULC, they placed 51.7% of the Class of 2010 into private firms. I do not have the breakdown into what size firm as I could not get it. Then roughly 15% into government and 14% into PI. There were 10% in clerkships, and if trends hold true about 5.5% into A3. The number that gives me pause is 9.7 in other, which is roughly 45-50 graduates.
As for the LRAP is I so choose government work, at GULC, I would be forced to stay in eligible work for ten years. Their LRAP is based on IBR and thus the loan principal will continue to grow until the loan is forgiven as my payments, which GULC would pay 100% of, would not cover the interest charges.
Cornell, they go based on the standard 10 year program. This means that I could be in eligible work for 5 years, and pay down my principal. As a prosecutor, I would likely be responsible for ~ $325 per month of the $2694 payment. Cornell would cover the rest.
Going to GULC means staying in first year housing next to the law school, with the fitness center right downstairs (both a big plus in my eyes). But it also means having a roommate (negative). Cornell would mean commuting to the school (figure less than 10 minute drive if it didn't snow 8 feet the night before) and no gym in the building (negatives). But living alone is a definite plud.
Lastly, as you can probably tell from above, I am leaning Cornell. Being a man of my word, I feel loyalty to GULC. I know I have not yet started, but they were my first acceptance in November. Career services has helped me update my resume, draft a cover letter, and prepare for the upcoming year. I have applied and interviewed for an internship with my congressman. And GULC is in DC. Thus, it is hard for me to think about withdrawing my acceptance, despite the "Ivy League" prestige of Cornell. I put the quotation marks as the designation means little generally, but the employment prospects may warrant it in this situation.
Thoughts?
