Belmont $$$$$ vs UTK $$ ... Easy as I think? Forum

[jkbrad11]

I'm down to two law schools...

Unaccredited Belmont with Full Tuition Scholarship

or

University of Tennessee with $5,000 a year in scholarship (hopefully more to come)

I'm from a rural town in East Tennessee, and it is truly where my heart lies. I want to come back out here and hang out a shingle (eventually take over another local attorney's practice as he is about to retire and has given me first right of refusal, really good friend). However, I'm definitely not opposed to doing something else if the opportunity arises. That's where I think UTK comes into play, because I think I would have more natural prospects coming from UTK. Regardless, I intend to stay in East/Middle Tennessee

UT is also much closer to come (about an hour away) whereas Nashville is about 4 hours away.

UT's cost of attendance after the scholarship will be about 30k per their estimates (i don't anticipate taking out anywhere near that amount).

Belmont's cost of attendance after their scholarship would be about 25k per their estimates. (higher cost of living)

When it boils down to it, is Belmont that terrible of an idea, and if not..would it even be worth it because they're so close to each other? I do think Belmont is on the right track, but at the wrong time for this market.

[phillywc]

Yes, Belmont is that bad of an idea.

Also how did you get your COA numbers? They don't seem right.

[jkbrad11]

UT , per their website is 37k - 5k in scholarship = 32k
http://law.utk.edu/financial-services/tuition-and-fees/

Belmont, per their website is 57.5 - 34 = 23.5k

http://www.belmont.edu/law/admission/consumerinfo.html


I just did the numbers off the top of my head and rounded when I did the post.

[Eberry]

Do not attend either of these schools.

[sinfiery]

If the COA difference is only 5k a year, don't go to Belmont.

100k is still way too much debt for that school but you seem to have a job lined up so that helps things.

[North]

How much do you expect to earn at this country lawyer guy's practice? Will it be enough to comfortably service $117,600 plus interest worth of loans from UTK? Use this loan repayment calculator to see if the debt will be manageable or soul crushing based on your expected earnings. Look at this:

Loan Calculator

• Loan Balance: $117,600.00
  Adjusted Loan Balance: $117,600.00
  Loan Interest Rate: 6.80%
  Loan Fees: 0.00%
  Loan Term: 10 years
  Minimum Payment: $50.00
  Enrollment Status: In Repayment
  Degree Program: Lawyer (LLB or JD)
  Total Years in College: 3 years
  Average Debt per Year: $39,200.00
  
  Monthly Loan Payment: $1,353.34
  Number of Payments: 120
  
  Cumulative Payments: $162,401.61
  Total Interest Paid: $44,801.61

Note: The monthly loan payment was calculated at 119 payments of $1,353.34 plus a final payment of $1,354.15.

It is estimated that you will need an annual salary of at least $162,400.80 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. This corresponds to a debt-to-income ratio of 0.7. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $108,267.20, but you may experience some financial difficulty.This corresponds to a debt-to-income ratio of 1.1.

Will you make that much?

Don't go to an awful, shyster, profiteering shit hole like Belmont. Seriously, Belmont is one of the worst of the worst.

[stratocophic]

Are we talking like the size of Dayton/Athens or like the size of Greenback/Etowah? Regardless, I doubt you're going to make enough to service 100k of debt in any of those cities. Heck, even Miller Martin in Chattanooga wouldn't pay you enough to easily keep up with that kind of debt, and you'd have to kill it to get a big Nashville firm (odds at ATL aren't worth mentioning). I'd retake the LSAT and shoot for a better scholarship at UTK.

ETA: it's a shame law tuition has gone the way it has, because people like you are one of the groups it really hurts. I wanted out of rural TN so it doesn't affect me as much, but you're looking to return to your home community and a lot of people who need the kind of day-to-day lower cost services solos can provide.

[timbs4339]

Why don't you have in-state tuition?

[North]

Why don't you have in-state tuition?

He does. He's factoring in COL, which, when added to in-state tuition, comes out to about what out-of-state tuition without COL is.

[rad lulz]

Are we talking like the size of Dayton/Athens or like the size of Greenback/Etowah? Regardless, I doubt you're going to make enough to service 100k of debt in any of those cities. Heck, even Miller Martin in Chattanooga wouldn't pay you enough to easily keep up with that kind of debt, and you'd have to kill it to get a big Nashville firm (odds at ATL aren't worth mentioning). I'd retake the LSAT and shoot for a better scholarship at UTK.

ETA: it's a shame law tuition has gone the way it has, because people like you are one of the groups it really hurts. I wanted out of rural TN so it doesn't affect me as much, but you're looking to return to your home community and a lot of people who need the kind of day-to-day lower cost services solos can provide.

I'm not convinced lowering tuition would increase service to the poor.

The poor can't afford legal services, period.

If you gave em an extra $1500 bucks they wouldn't be spending it to get their "rights" vindicated

[stratocophic]

Are we talking like the size of Dayton/Athens or like the size of Greenback/Etowah? Regardless, I doubt you're going to make enough to service 100k of debt in any of those cities. Heck, even Miller Martin in Chattanooga wouldn't pay you enough to easily keep up with that kind of debt, and you'd have to kill it to get a big Nashville firm (odds at ATL aren't worth mentioning). I'd retake the LSAT and shoot for a better scholarship at UTK.

ETA: it's a shame law tuition has gone the way it has, because people like you are one of the groups it really hurts. I wanted out of rural TN so it doesn't affect me as much, but you're looking to return to your home community and a lot of people who need the kind of day-to-day lower cost services solos can provide.

I'm not convinced lowering tuition would increase service to the poor.

The poor can't afford legal services, period.

If you gave em an extra $1500 bucks they wouldn't be spending it to get their "rights" vindicated

I don't disagree w/ that, actual poor are screwed either way. I was more thinking lower middle class who needed wills, divorces and small suits against sheisty businesses and contractors etc., but TBF now that I think about it I was probably conflating feeling bad for lower middle class like me and most other people back home w/ feeling bad for dudes who just want to go back home and live in the middle of nowhere and ride 4wheelers while writing wills and doing divorces after law school

[rad lulz]

dudes who just want to go back home and live in the middle of nowhere and ride 4wheelers while writing wills and doing divorces after law school

TBF, that sounds rad

[stratocophic]

dudes who just want to go back home and live in the middle of nowhere and ride 4wheelers while writing wills and doing divorces after law school

TBF, that sounds rad

I know, and it's bs that boomer university administrators are preventing upstanding ARE country bros like op from that dream

[rad lulz]

,

[jalsup11]

To the original poster, check your pm's.

[3ThrowAway99]

If you are interested in staying in Nashville, are sure about wanting to do law, and are willing to accept you probably won't have a job after you graduate (but maybe will eventually), go to Belmont. I'm not saying that sarcastically--with a full scholly it may not be a bad option if you can answer the above three questions affirmatively. The school overall (not talking about the law school) is a good private school, and I imagine they will get accredited in the near future. Not to mention that in TN you can take the bar after attending an unaccredited TN school, so if you want to stay in TN it shouldn't matter in any case. I personally would take Belmont over UT if those were my options (full scholly at Belmont and very small scholly at UT). Belmont is one of my favorite parts of Nashville.

[ATR]

I would avoid Belmont at all costs. I heard that they had 4 firms come to OCI this past fall -- that's right, 4. To make matters worse, two of them had already filled their summer classes.

That's not to say UTK is a good option, though.

[UtilityMonster]

Vanderbilt or don't go.