Page 1 of 2
Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 8:57 am
by 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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:03 am
by 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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:08 am
by BigZuck
Sounds like you've got a buttload of debt already, I'd follow the money here
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:09 am
by Br3v
Columbia opens up more doors, worth the 60k imo
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:15 am
by OhBoyOhBortles
Seems like a personal choice. I'd probably take the money at Cornell, but wouldn't fault anyone for taking Columbia here.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:16 am
by 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
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:18 am
by ALawStudent
BigZuck wrote:Sounds like you've got a buttload of debt already, I'd follow the money here
Not too much, just some.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:22 am
by Br3v
ALawStudent wrote:BigZuck wrote: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
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:23 am
by ALawStudent
Br3v wrote:ALawStudent wrote:BigZuck wrote: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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:24 am
by Br3v
Br3v wrote:ALawStudent wrote:BigZuck wrote: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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:24 am
by Br3v
ALawStudent wrote:Br3v wrote:ALawStudent wrote:BigZuck wrote: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
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:27 am
by ALawStudent
Br3v wrote:Br3v wrote:ALawStudent wrote:BigZuck wrote: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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:29 am
by 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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:30 am
by Br3v
Without factoring in summer Biglaw income, tell us how much debt you will have at graduation from each school
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:39 am
by 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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:49 am
by ALawStudent
BigZuck wrote: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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 9:50 am
by 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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 10:53 am
by ALawStudent
Tiago Splitter wrote: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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 1:23 pm
by BigZuck
ALawStudent wrote:BigZuck wrote: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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 1:24 pm
by BigZuck
Tiago Splitter wrote: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
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 6:17 pm
by ALawStudent
BigZuck wrote:ALawStudent wrote:BigZuck wrote: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
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 6:27 pm
by Pragmatic Gun
Both are reasonable choices imo
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 6:29 pm
by downbeat14
ALawStudent wrote:BigZuck wrote:ALawStudent wrote:BigZuck wrote: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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 6:31 pm
by 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.
Re: Final decision: Cornell 177K vs. Columbia 60K+Living at home
Posted: Wed Apr 29, 2015 6:46 pm
by Mack.Hambleton
BigZuck wrote:Sounds like you've got a buttload of debt already, I'd follow the money here