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Hi All - I've posted before here, but I think I've narrowed my choices down to NY schools for family reasons, and would like to stay in NYC long term.. I am committed to public interest work, so the school's LRAP is very important. I will be paying cost of living from my savings, taking loans for tuition. I also have roughly $100k in investments and 70k in an IRA, but am hoping to touch neither at the moment. Here are my choices:

1. NYU: $15k/year. Downside: their LRAP has an expected student contribution and, given my assets, 40-60 percent of my loans would not be LRAP eligible. Ouch. I am in the process of negotiating.

2. Columbia: No aid. Also in the process of negotiating, using Harvard acceptance & NYU offer. Threw in the Fordham full scholly for the hell of it. LRAP plan does NOT take into account assets/build in an expected student contribution.

3. Fordham: Full scholarship - named, if that means anything, which it probably doesn't.

I have to let Fordham know tomorrow. Help!

Why would half of your loans not be LRAP eligible? I agree that the NYU is LRAP is kindve sucky in the way they have these contributions, but that doesn't mean your loans are not eligible.

DCfilterDC wrote:Why would half of your loans not be LRAP eligible? I agree that the NYU is LRAP is kindve sucky in the way they have these contributions, but that doesn't mean your loans are not eligible.

I thought that was odd, too, so I went in and sat down with a Financial Aid person and that is indeed the case. I am hoping to not empty all my savings to pay for law school. which is what would happen if I paid the expected student contribution. (Quite literally all of my savings - I'm assuming that's how they got to the ESC number). If I take out loans in lieu of paying my ESC, then that amount is not covered by LRAP which, depending on how much I take out, comes to between 40-60% of my loans.

Fordham without a doubt! $$$

First, try to call Fordham and get them to extend their deadline, even till the end of the week. Tell them you have other offers pending and you would like to have all the information prior to making such an important decision. Second, what's the deal with CLS LRAP? Does that work out better (I need to work this out as well, just didn't get to it yet) for you in terms of payback? Third, if CLS LRAP is better, maybe the 15K from NYU won't make a huge difference in the long run. Fourth, did you try to negotiate with CLS for something with your 15K scholly from NYU? If not, do so immediately via e-mail or I guess you could call. But first get Fordham to extend so you can take the pressure off and think with a clear head.

bklynlady wrote:First, try to call Fordham and get them to extend their deadline, even till the end of the week. Tell them you have other offers pending and you would like to have all the information prior to making such an important decision. Second, what's the deal with CLS LRAP? Does that work out better (I need to work this out as well, just didn't get to it yet) for you in terms of payback? Third, if CLS LRAP is better, maybe the 15K from NYU won't make a huge difference in the long run. Fourth, did you try to negotiate with CLS for something with your 15K scholly from NYU? If not, do so immediately via e-mail or I guess you could call. But first get Fordham to extend so you can take the pressure off and think with a clear head.

CLS LRAP does not factor in an ESC, so if LRAP continues as is, it does make more sense than taking the 15k from NYU. However, I am nervous about putting all my eggs in the LRAP basket, as even Obama has been making noise about capping the amount eligible for LRAP in order to direct more funding towards CCs. I will, however, definitely ask Fordham for an extension. Hopefully I will hear something about my NYU & Columbia appeals sooner rather than later.

Options 2 and 3 are financial suicide, pure and simple
Fordham for free is a good option. (Yes, named scholarship means something. People always ask about it in an interview. It is a way to make it clear to firms that you had full financial support (thus you turned down t14s). Alumnis with the same named scholarship LOVE to hire people who now have it.)
Cornell with $$ or $$$ might be better

bretby wrote:

bklynlady wrote:First, try to call Fordham and get them to extend their deadline, even till the end of the week. Tell them you have other offers pending and you would like to have all the information prior to making such an important decision. Second, what's the deal with CLS LRAP? Does that work out better (I need to work this out as well, just didn't get to it yet) for you in terms of payback? Third, if CLS LRAP is better, maybe the 15K from NYU won't make a huge difference in the long run. Fourth, did you try to negotiate with CLS for something with your 15K scholly from NYU? If not, do so immediately via e-mail or I guess you could call. But first get Fordham to extend so you can take the pressure off and think with a clear head.

CLS LRAP does not factor in an ESC, so if LRAP continues as is, it does make more sense than taking the 15k from NYU. However, I am nervous about putting all my eggs in the LRAP basket, as even Obama has been making noise about capping the amount eligible for LRAP in order to direct more funding towards CCs. I will, however, definitely ask Fordham for an extension. Hopefully I will hear something about my NYU & Columbia appeals sooner rather than later.

Columbia is so rich that the Feds changing PAYE/PSLF isn't going to leave you in the cold. They also have an LRAP that is not tied to the federal program where you pay nothing if your salary is under 50k. If you're really locked into PI, and especially low paying PI, this is all just monopoly money anyway.

OP keep in mind that a lot of people attend law school 100% set on PI and change their mind by graduation or soon after
If you attend NYU/Columbia, then graduate and do PI, by 2030 you can expect to have no more than your current investments/IRA (plus interest) and hopefully your law school debt will be paid off. At that point you will be able to start saving for retirement.

Compare that with going to law school debt free, and then you can do PI or whatever type of private law might look interesting. It is nice to have the freedom to make more money and not to suddenly be thrown out of a repayment program and owe $200-250k in debt.

Hutz_and_Goodman wrote:OP keep in mind that a lot of people attend law school 100% set on PI and change their mind by graduation or soon after
If you attend NYU/Columbia, then graduate and do PI, by 2030 you can expect to have no more than your current investments/IRA (plus interest) and hopefully your law school debt will be paid off. At that point you will be able to start saving for retirement.

Compare that with going to law school debt free, and then you can do PI or whatever type of private law might look interesting. It is nice to have the freedom to make more money and not to suddenly be thrown out of a repayment program and owe $200-250k in debt.

You make a lot of good points. The one upside to Columbia's LRAP is that the income cap is relatively high. But the freedom of no debt is wonderful. I have no debt now and the thought of taking on a truckload of it is both hard to get my head around and frightening. I worry that I am being really shortsighted choosing Fordham over the higher ranked schools (especially Harvard, which I took off the table but which I find myself sliding back towards.) Would Harvard at full cost also be financial suicide?

Cornell is not in the mix because of location.

Not all PI is the same. If you just want to do any PI, go to Fordham. If you want prestigious PI, NYU (or CLS if you work out an offer that compares to NYU's).

NYU if you're going to do PI no matter what and you're 100% sure about that.

CLS if you there's even a slight chance that you might end up wanting biglaw. CLS definitely gives you a cushion over NYU (and I'm an NYU 3L), and I personally think the slight advantage is worth 45k.

NYU is the place to be in NY for public interest. See if you can leverage your Harvard acceptance into more aid.

Good luck!

JWalker wrote:NYU if you're going to do PI no matter what and you're 100% sure about that.

CLS if you there's even a slight chance that you might end up wanting biglaw. CLS definitely gives you a cushion over NYU (and I'm an NYU 3L), and I personally think the slight advantage is worth 45k.

45k? not a chance
that's one less year of debt payments