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T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 12:28 am
by AMDG05
I've seen a lot of talk comparing schools/offers, but never really a generic evaluation of one school to the next. Hypothetically, for each of the T14 if your goal was BigLaw (let's remove regional consideration for a moment, how much debt in a raw number would you be willing to accept if you were above both the LSAT/GPA medians and still feel like it was worth it?
Re: T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 10:19 am
by 03152016
inb4 everyone just posts how much they took out
truth is, there are just too many variables for anyone to give you a real answer
it would vary depending on whether the student wanted pi vs biglaw, the market they're targeting, their ug debt, their numbers, the other offers on the table, among other things
one thing is for sure though
there are very few situations where sticker would be a reasonable option at any t14
Re: T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 3:12 pm
by TheSpanishMain
My personal ceiling would probably be about 150k at the T6, 100k at the rest. Rough guess.
Re: T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 9:50 pm
by Yea All Right
Borrowing about 135k-140k (projected annual increases in COA factored in), I got a scholarship and parents will pay for food/rent.
Re: T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 9:52 pm
by Mal Reynolds
Nothing above 150k. I'll end up with less than that, but that's my ceiling. It's retarded to go into more.
Re: T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 11:21 pm
by Tiago Splitter
Nothing above 220k. I'll end up with less than that, but that's my ceiling. It's retarded to go into more.
Re: T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 11:35 pm
by Nomo
It really depends on the school. I would say 80k debt at repayment for Georgetown. At Columbia, 180k.
Re: T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 11:49 pm
by koval
I think under certain circumstances an argument could be made for any T14 at sticker including Georgetown.
Personally I chose a T14 with scholarships over a T14 at sticker, but I don't think the other T14 at sticker would've been the most unjustifiable option.
Re: T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 11:52 pm
by Mal Reynolds
koval wrote:I think under certain circumstances an argument could be made for any T14 at sticker including Georgetown.
Nope
Re: T14 - How much debt would you accept to go
Posted: Wed Aug 13, 2014 11:57 pm
by McAvoy
Brut wrote:truth is, there are just too many variables for anyone to give you a real answer
it would vary depending on whether the student wanted pi vs biglaw, the market they're targeting, their ug debt, their numbers, the other offers on the table, among other things
Also add (maybe most importantly) your current career path/prospects and earning power.
It doesn't take an extremely high pre-law school salary to make most T14s a stupid financial decision.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 1:22 pm
by Serett
Debt </= Annual Starting Salary
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 2:21 pm
by jingosaur
Just to shoot out some arbitrary numbers for what I'd feel comfortable with:
$220k at YHS
$180k at CCN
$160k at P
$150k at VB
$120k at MDNCG
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 2:23 pm
by ymmv
Serett wrote:Debt </= Annual Starting Salary
Basically this, except I would substitute "actual takehome" for "starting salary" when you're talking about biglaw pay range.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:00 pm
by Tiago Splitter
ymmv wrote:Serett wrote:Debt </= Annual Starting Salary
Basically this, except I would substitute "actual takehome" for "starting salary" when you're talking about biglaw pay range.
That's cool, but to be clear it means you need pretty close to a full ride to justify any school.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:05 pm
by ymmv
Tiago Splitter wrote:ymmv wrote:Serett wrote:Debt </= Annual Starting Salary
Basically this, except I would substitute "actual takehome" for "starting salary" when you're talking about biglaw pay range.
That's cool, but to be clear it means you need pretty close to a full ride to justify any school.
I think for those not planning to use LRAP that's a pretty decent rule of thumb. Especially if there's still UG debt.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:10 pm
by CFC1524
Tiago Splitter wrote:close to a full ride to justify any school.
TCR
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:12 pm
by Tiago Splitter
CFC1524 wrote:Tiago Splitter wrote:close to a full ride to justify any school.
TCR
(LSDAS GPA: 3.9)
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:12 pm
by Johann
if i was making less than $12/hour and no prospects to do better i would probably take out infinite loans at a T100 school. if your career alternative is shit shit, you have next to no risk to go to law school.
if i had a decent income $40kish with mobility up, probably $150k.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:13 pm
by ymmv
Tiago Splitter wrote:CFC1524 wrote:Tiago Splitter wrote:close to a full ride to justify any school.
TCR
(LSDAS GPA: 3.9)
Don't need a 3.9 to get a full ride at a regional flagship.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:15 pm
by Tiago Splitter
ymmv wrote:Tiago Splitter wrote:CFC1524 wrote:Tiago Splitter wrote:close to a full ride to justify any school.
TCR
(LSDAS GPA: 3.9)
Don't need a 3.9 to get a full ride at a regional flagship.
Not in a lot of regions. Sure, if your region is Minnesota then great, but what happens if your region is Los Angeles? You're much better off not going than taking the 3/4 offer from Loyola.
When you have a mediocre GPA like mine and plan to start in Biglaw you either need to pony up some cash or pick a new career. Heading to the shithole state flagship shouldn't be an option. Telling someone with biglaw goals to take the full ride at Alabama over 100k at Penn is just terrible advice, the kind of garbage people read that pushes back the whole anti-law school movement.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:17 pm
by ymmv
Tiago Splitter wrote:ymmv wrote:Tiago Splitter wrote:CFC1524 wrote:
Don't need a 3.9 to get a full ride at a regional flagship.
Not in a lot of regions. Sure, if your region is Minnesota then great, but what happens if your region is Los Angeles? You're much better off not going than taking the 3/4 offer from Loyola.
When you have a mediocre GPA like mine and plan to start in Biglaw you
either need to pony up some cash or pick a new career. Heading to the shithole state flagship shouldn't be an option.
I mean, yeah, this is wholly credited. But not all 0Ls know half as well as you what they're getting into.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:19 pm
by ymmv
Tiago Splitter wrote:Telling someone with biglaw goals to take the full ride at Alabama over 100k at Penn is just terrible advice, the kind of garbage people read that pushes back the whole anti-law school movement.
And I guess I wasn't including TTTs in my definition of "state flagship." Obviously it's important to realize that many if not most states don't even
have anything that deserves to be called a flagship law school. At least not for biglaw purposes.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:21 pm
by Tiago Splitter
I guess the point is that hard and fast rules don't work. It's fun to try and put a single number on things but it all comes down to what the alternatives are. I'm jealous of the splitters who happen to want to practice in states with solid flagships that pay good money for high LSAT scores.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:24 pm
by Yea All Right
So only attend a T14 if you get a full ride? Lol ooooooook. Your mileage may vary indeed.
Re: T14 - How much debt would you accept to go
Posted: Thu Aug 14, 2014 3:26 pm
by ymmv
Yea All Right wrote:So only attend a T14 if you get a full ride? Lol ooooooook. Your mileage may vary indeed.
There is years' (of debt repayment) worth of mileage between "full ride" and "close to a full ride."