Final decision: Cornell 177K vs. Columbia 60K+Living at home Forum

[ALawStudent]

Okay, so I have a $177K scholarship to Cornell and a $60K scholarship from Columbia. It seems like living at Columbia would make Cornell more worth as it's almost a 120K difference.

However, I live 20-30 min. subway from Columbia, making it an easy commute. That would make Cornell v. Columbia only a 60K difference, where Columbia might be worth it.

In terms of debt, my parents agreed to cover cost of living (20K a year), but they are willing to transfer that to tuition if I live at home, so the potential debt is 0K vs. 60K at Cornell vs. Columbia respectively.

I also have some undergraduate debt that this would add on to. However, I also could flush my savings to reduce this down to 50K, my summer profits the next two summers to make it 40K, and then my final summer in biglaw (hopefully) to 15-20K, which would leave me with about 50K in debt total graduating, which isn't that bad and could be paid off with biglaw in a year or two (or even lower paying jobs after like 5-6 years).

The question is though, is Columbia (and the potential risks of living at home) worth giving up debt free from Cornell? Let me know what you think.

[CanadianWolf]

Without more, it seems like a personal decision. How well do you get along with your parents ? How much do you want to attend Columbia ? Do you want to stay in the city for the next few years or do you want to try a more semi-rural atmosphere ? How much value do you place on close interaction with your fellow law school students ? Do you plan to date during the next 3 years ?

Even if you attend Cornell, you might spend summers as an SA at a NYC firm.

Columbia has better placement stats so that might be justification enough to stay at home & pay the difference in cost.

[BigZuck]

Sounds like you've got a buttload of debt already, I'd follow the money here

[Br3v]

Columbia opens up more doors, worth the 60k imo

[OhBoyOhBortles]

Seems like a personal choice. I'd probably take the money at Cornell, but wouldn't fault anyone for taking Columbia here.

[Hutz_and_Goodman]

Depends on your parents
I couldn't happily live with mine
If you can, then i might choose Columbia
If you can't, then 100% go to Cornell

[ALawStudent]

Sounds like you've got a buttload of debt already, I'd follow the money here

Not too much, just some.

[Br3v]

Sounds like you've got a buttload of debt already, I'd follow the money here

Not too much, just some.

"Draining your savings" to get it to 50 is a lot, but even then 110 at the door at Columbia isn't bad. Cornell wouldn't be bad either if you just want Biglaw

[ALawStudent]

Sounds like you've got a buttload of debt already, I'd follow the money here

Not too much, just some.

"Draining your savings" to get it to 50 is a lot, but even then 110 at the door at Columbia isn't bad. Cornell wouldn't be bad either if you just want Biglaw

That is more a reflection of my low amount of savings. I'm coming right out of college.

[Br3v]

Sounds like you've got a buttload of debt already, I'd follow the money here

Not too much, just some.

"Draining your savings" to get it to 50 is a lot, but even then 110 at the door at Columbia isn't bad. Cornell wouldn't be bad either if you just want Biglaw

Wait your factoring in Biglaw summer payments?

Eh, maybe Cornell is the answer here then. If you're in love with Columbia then by all means, but you have more debt than I realized at first.

[Br3v]

Sounds like you've got a buttload of debt already, I'd follow the money here

Not too much, just some.

"Draining your savings" to get it to 50 is a lot, but even then 110 at the door at Columbia isn't bad. Cornell wouldn't be bad either if you just want Biglaw

That is more a reflection of my low amount of savings. I'm coming right out of college.

Yes but it still means you currently have > 50k debt, which is a lot

[ALawStudent]

Sounds like you've got a buttload of debt already, I'd follow the money here

Not too much, just some.

"Draining your savings" to get it to 50 is a lot, but even then 110 at the door at Columbia isn't bad. Cornell wouldn't be bad either if you just want Biglaw

Wait your factoring in Biglaw summer payments?

Eh, maybe Cornell is the answer here then. If you're in love with Columbia then by all means, but you have more debt than I realized at first.

I am factoring in the 60K it would cost to go to Columbia plus my undergrad debt and show that if I flush my savings, and spend my summer payments of paying off school, then I'll have about 50K to pay of while working.

[ALawStudent]

"Draining your savings" to get it to 50 is a lot, but even then 110 at the door at Columbia isn't bad. Cornell wouldn't be bad either if you just want Biglaw[/quote]


That is more a reflection of my low amount of savings. I'm coming right out of college.[/quote]

Yes but it still means you currently have > 50k debt, which is a lot[/quote]

No, i have less than 50K, I was just a little unclear I realize. When I referred to dwindling the costs. I meant just of paying Columbia tuition.

[Br3v]

Without factoring in summer Biglaw income, tell us how much debt you will have at graduation from each school

[BigZuck]

How much debt are you in now?

Also how much in loans would you add on from each school?

Don't subtract any savings or projected income from those numbers please.

[ALawStudent]

How much debt are you in now?

Also how much in loans would you add on from each school?

Don't subtract any savings or projected income from those numbers please.

I currently have 30K in loans from undergrad. If my parents cover 60K of law school, then I'll have 90K coming out.

But I figure I can cover most of my first year out of pocket for law school, and take in loans for second year, then if summer employment is good, pay for most of third year.

[Tiago Splitter]

Given your other threads I don't see any way you end up at Cornell, so just do Columbia and call it good. There are worse decisions that can be made.

[ALawStudent]

Given your other threads I don't see any way you end up at Cornell, so just do Columbia and call it good. There are worse decisions that can be made.

I am definitely open to it, but Ithaca is out of the way. I am concerned with life at home though, so I'm not sure which is ideal.

[BigZuck]

How much debt are you in now?

Also how much in loans would you add on from each school?

Don't subtract any savings or projected income from those numbers please.

I currently have 30K in loans from undergrad. If my parents cover 60K of law school, then I'll have 90K coming out.

But I figure I can cover most of my first year out of pocket for law school, and take in loans for second year, then if summer employment is good, pay for most of third year.

I still can't follow

30K UG debt, got it. I understand that.

If you go to Cornell, how much will you personally pay? Do not subtract any of your own contributions like your own savings or projected SA income. Do please include parental contribution. But all I want to know is what you will personally be on the hook for.

Now, here is the second thing I would like you to do:

If you go to Columbia, how much will you personally pay? Do not subtract any of your own contributions like your own savings or projected SA income. Do please include parental contribution. But all I want to know is what you will personally be on the hook for.

I would like two numbers:

1. What you will personally pay at Cornell

2. What you will personally pay at Columbia

That's it.

[BigZuck]

Given your other threads I don't see any way you end up at Cornell, so just do Columbia and call it good. There are worse decisions that can be made.

Or, if like Tiago said you're destined to go to Columbia, just go to Columbia

[ALawStudent]

How much debt are you in now?

Also how much in loans would you add on from each school?

Don't subtract any savings or projected income from those numbers please.

I currently have 30K in loans from undergrad. If my parents cover 60K of law school, then I'll have 90K coming out.

But I figure I can cover most of my first year out of pocket for law school, and take in loans for second year, then if summer employment is good, pay for most of third year.

I still can't follow

30K UG debt, got it. I understand that.

If you go to Cornell, how much will you personally pay? Do not subtract any of your own contributions like your own savings or projected SA income. Do please include parental contribution. But all I want to know is what you will personally be on the hook for.

Now, here is the second thing I would like you to do:

If you go to Columbia, how much will you personally pay? Do not subtract any of your own contributions like your own savings or projected SA income. Do please include parental contribution. But all I want to know is what you will personally be on the hook for.

I would like two numbers:

1. What you will personally pay at Cornell

2. What you will personally pay at Columbia

That's it.

I would pay about 60K at Columbia.

0K at Cornell.

All assuming parental contribution of 60K

[Pragmatic Gun]

Both are reasonable choices imo

[downbeat14]

How much debt are you in now?

Also how much in loans would you add on from each school?

Don't subtract any savings or projected income from those numbers please.

I currently have 30K in loans from undergrad. If my parents cover 60K of law school, then I'll have 90K coming out.

But I figure I can cover most of my first year out of pocket for law school, and take in loans for second year, then if summer employment is good, pay for most of third year.

I still can't follow

30K UG debt, got it. I understand that.

If you go to Cornell, how much will you personally pay? Do not subtract any of your own contributions like your own savings or projected SA income. Do please include parental contribution. But all I want to know is what you will personally be on the hook for.

Now, here is the second thing I would like you to do:

If you go to Columbia, how much will you personally pay? Do not subtract any of your own contributions like your own savings or projected SA income. Do please include parental contribution. But all I want to know is what you will personally be on the hook for.

I would like two numbers:

1. What you will personally pay at Cornell

2. What you will personally pay at Columbia

That's it.

I would pay about 60K at Columbia.

0K at Cornell.

All assuming parental contribution of 60K

Assuming your math is good, I think Columbia is justified here. It won't take super long to pay off the additional 60k if you are frugal, and placement is def better at Columbia for biglaw. I could see someone taking Cornell here though in your shoes bc of your prior debt. It's a close call honestly.

[The Dark Shepard]

Its reasonable if you can stay at home all 3 years. But that might seem reasonable on paper and be horrible in practice. Something to keep in mind.

[Mack.Hambleton]

Sounds like you've got a buttload of debt already, I'd follow the money here