Northwestern (Sticker) vs. SMU (30% scholarship) Forum

[LawSoHard04]

Hello forum,

It's getting crunch time for my final decision. Down to two schools in NW and SMU.

Just curious of any advice for those who may new a few more tidbits about each than I do - particularly financially conscious advice.

Appreciate the help and best of luck to LSAT takers, Law School choosers and Bar Examiners.

My info:

Northwestern vs. SMU
$250K vs. $185K for total COA
I will be financing with loans and some savings/family contribution at 70:30 ratio
I am from the midwest and want to work in Chicago or Dallas
Interested in BigLaw for 3-5 years then branching out and working in a corporate settings.
160 LSAT / 3.87 gpa - Non-URM but reasonably strong softs.


- LawSoHard04

[Nachoo2019]

http://www.top-law-schools.com/forums/v ... 1&t=206299

Please read and answer the questions in the link so you can get the best advice.

[TheRealSantaClaus]

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[Nachoo2019]

My man, please don't waste that great GPA. Retake the LSAT and go to Northwestern or UT at close to nothing. You already scored a 160, so there's no excuse that you can't improve your score by 7-8 points

[SFSpartan]

The right answer here is retake and reapply. Your GPA indicates that you are smart enough to do well on the LSAT. Put in the work, and you can probably get $$$ at a T14 (or HYS, whatever floats your boat).

[Mikey]

It's nice that you got into NU, but at sticker it's not a good idea. Your GPA is good, you should retake the LSAT to get some money from NU.

[Pomeranian]

Sticker @ Northwestern is 300k

You will need a soul crushing big law job to pay it off. Most only last 2-3 years in big law before burning out.

[TLSDookie]

As someone who has played with loan calculators extensively this spring, BigLaw does not come close to servicing a 300K debt. Just from looking at general cost of living in SF/NYC/Chi/DC/Bos, plus what the interest rate would be on 7.9% of $300,000, there's simply no way to make it work with a $160K salary. You'd have to hit the 4-7 years on the BigLaw pay scale to even come close to being able to subsist. It's an extremely risky proposition to go 300K in debt betting you'll 1.) land a biglaw job, 2.) last a decade+ in it 3.) be able to live frugally with bare minimum car/housing payments that whole time.

edit: assuming a 10 year repayment plan, no IBR. 25 year might be viable monthly payments but you'll end up paying more than $600,000, and be repaying off your law school loans while your kids are in high school if not college.

[Mack.Hambleton]

Sticker @ Northwestern is 300k

You will need a soul crushing big law job to pay it off. Most only last 2-3 years in big law before burning out.

agree but 2-3 is a little early afaik

[emkay625]

As someone who has played with loan calculators extensively this spring, BigLaw does not come close to servicing a 300K debt. Just from looking at general cost of living in SF/NYC/Chi/DC/Bos, plus what the interest rate would be on 7.9% of $300,000, there's simply no way to make it work with a $160K salary. You'd have to hit the 4-7 years on the BigLaw pay scale to even come close to being able to subsist. It's an extremely risky proposition to go 300K in debt betting you'll 1.) land a biglaw job, 2.) last a decade+ in it 3.) be able to live frugally with bare minimum car/housing payments that whole time.

edit: assuming a 10 year repayment plan, no IBR. 25 year might be viable monthly payments but you'll end up paying more than $600,000, and be repaying off your law school loans while your kids are in high school if not college.

I know lots of people servicing T14 sticker loans on a big law salary. It definitely can service a 300K debt. Is it fun living like you make 90K a year instead of 160K? Probably not. But you're still not living with the "bare minimum." A person servicing sticker loans on 160K still lives a much nicer lifestyle than an average American.

Also idk why you'd continue to pay 7.9% interest. Refinance that shit.

To be fair: I'm not advocating anyone paying sticker anywhere. I think it's dumb and very, very rarely is it the right choice. But it's definitely not impossible to pay off sticker loans in big law. Lots and lots of people do it. (Also bonuses + raises). You're not only making 160K for forever.

[LawSoHard04]

Thank you all for the helpful advice. Nice to have a community with varying opinions to pull from.

Best of luck to all of ya'll in your endeavors.