URM 2010-2011 Application Cycle Forum

[jd20132013]

Tk I'm confused about what you're saying about the LIPP. The gist I got was that it doesn't offer an extra benefit because of something to do with IBR?

Thing about IBR, as far as I know, and I could be wrong,is that you're locked into a narrowly defined public service job for the length of the loan repayment.

LIPP lets you leave when you want and also can be used in a wider range of jobs.
That's been my thinking recently

[rundoxierun]

Tk I'm confused about what you're saying about the LIPP. The gist I got was that it doesn't offer an extra benefit because of something to do with IBR?

Thing about IBR, as far as I know, and I could be wrong,is that you're locked into a narrowly defined public service job for the length of the loan repayment.

LIPP lets you leave when you want and also can be used in a wider range of jobs.
That's been my thinking recently

Ok, its kind of hard to put it succinctly but basically the biggest problem with IBR based plans is the threat of negative amortization upon leaving the program. This essentially means that your IBR payments dont cover, or barely cover, the interest piling up on your loans so when you leave the program you end up owing just as much or even more. With low debt, however, this isnt an issue because the 15% IBR payment would be more than enough to cover your interest and actually pay down principal(not 100% sure how schools are going to handle this situation) and since most schools forgive the IBR payment annually it makes the difference between their LRAP and LIPP basically null. The simple small size of the loan combined with the low interest rate(6.8% vs. 7.5% average) means that you have full flexibility for the most part. You are locked in to get it fully forgiven(as you also would be with LIPP) but you still get some benefits if you leave the program since you dont have to worry about huge negative amortization.

[chrissyc]

[quote="BlakcMajikc"]Finally have enough financial info to ask what you guys think. Open to thoughts and comments.

Please don't quote... I plan to delete this at some point.

wow...when did your award letters come?

[chrissyc]

okay...so i am also in need of a what to do? here's my list:

$$ at only 1 school
UF --36k which is full because i'm in state

In at:
Yale
Harvard
Berkeley
Duke
Northwestern
NYU--interviewing for AnBryce

UR
Cornell
Columbia
UMich
UChicago

WL
UVA
UPenn

How does the LRAP at Harvard compare to Yale? Do you think there will be a difference in opportunities? I want to practice in Fl. Biglaw isn't a HUGE aspiration..I'm sure I would love it if I did it but wouldn't feel that I was missing out if I didn't.

I have no idea what to do. I'm visiting NYU for the interview in 13 days...visiting Berkeley for their ASW in a few weeks. I haven't received award letters yet...maybe its because my apps were all complete in January.

[Brock2010]

Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.

[dkt4]

my understanding is that b/t yale & harvard, yale's LRAP is stronger because it covers all jobs regardless of whether they are law-related....and i seem to remember it covering a higher salary, but don't quote me on that.

seems like there's a big enough discrepancy b/t UF and Yale in terms of degree quality that it is probably worth the added expense.

[unc0mm0n1]

Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.

well I guess I'm not conventional because I would choose Harvard over Yale.

[BlakcMajikc]

Finally have enough financial info to ask what you guys think. Open to thoughts and comments.

Please don't quote... I plan to delete this at some point.

wow...when did your award letters come?

Mostly over the past month (or over the past ~4 weeks). UVA called with the Dean's scholly at the same time I was accepted. For Penn, I submitted an essay. For Michigan it was a phone call. The timing was different and the mode of notification ranged from phone call to letter to email. Too many schools to account for.

[rundoxierun]

Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.

well I guess I'm not conventional because I would choose Harvard over Yale.

I'll second that. The "always Yale" thing is a product of the TLS echo chamber.

[Ratchet Jackson]

Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.

well I guess I'm not conventional because I would choose Harvard over Yale.

I'll second that. The "always Yale" thing is a product of the TLS echo chamber.

Harvard > all is a proudct of Legally Blonde.





Kidding. Sort of.

[Brock2010]

Is Anbryce a scholarship? I think conventional wisdom would be to go to Yale no matter what you want to do/where you want to practice. This is coming from somebody going to UVA next year.

well I guess I'm not conventional because I would choose Harvard over Yale.

I'll second that. The "always Yale" thing is a product of the TLS echo chamber.

Not really dude. I don't spend much time on TLS anymore

[jd20132013]

just got my financial aid award from Stanford....37,000 a year in need based aid.

That's almost "full tuition" there...so I think I'll be withdrawing from UVA + Michigan pretty soon. Not sure if it helps to time scholarship request letters but wanted to let yall know in case someone wanted to send in a letter after I withdrew.

[unc0mm0n1]

Just got Penn and Fordham today. Don't understand Fordham because I withdrew over a month ago. But I guess i have to write them and withdraw again.

[rundoxierun]

just got my financial aid award from Stanford....37,000 a year in need based aid.

That's almost "full tuition" there...so I think I'll be withdrawing from UVA + Michigan pretty soon. Not sure if it helps to time scholarship request letters but wanted to let yall know in case someone wanted to send in a letter after I withdrew.

Did you get the max? Thats about $7,000 more than the max at harvard but COA at stanford is about $3,000 more so if that is the max then Harvard actually does offer competitive packages like they claim. I need to read through Stanford's materials, they are the last decision Im waiting on and money could def sway me. People have told me they have "heard" of Stanford giving offers of 40k+ but I am skeptical.

[jd20132013]

I'm not sure if I got the max, it didn't say on the offer letter...I was under the impression that this was the max though but I don't have any actual reasoning

[CrashingTheGate]

just got my financial aid award from Stanford....37,000 a year in need based aid.

That's almost "full tuition" there...so I think I'll be withdrawing from UVA + Michigan pretty soon. Not sure if it helps to time scholarship request letters but wanted to let yall know in case someone wanted to send in a letter after I withdrew.

Wow! Congrats, that's huge! I am budgeting for way less than that, so if I'm as lucky as you I may get to quit my job early.

How did they notify you?

[timmna]

I'm not sure if I got the max, it didn't say on the offer letter...I was under the impression that this was the max though but I don't have any actual reasoning

+1 on both counts. I was pretty happy with it.

[rundoxierun]

I'm not sure if I got the max, it didn't say on the offer letter...I was under the impression that this was the max though but I don't have any actual reasoning

+1 on both counts. I was pretty happy with it.

Yeah.. after reviewing the really old info Stanford has on their website Im pretty sure that offer is the max. Hmm I guess I can stop complaining about Harvard's finaid then.

Congrats!! Does this lock you guys up for Stanford?? In case you havent heard back from H yet, their max offer leaves you with $42,800 in loans.

[jd20132013]

I found out via email, they just told me to check my Stanford axess account and it was on there.

Yeah.. after reviewing the really old info Stanford has on their website Im pretty sure that offer is the max. Hmm I guess I can stop complaining about Harvard's finaid then.

Congrats!! Does this lock you guys up for Stanford?? In case you havent heard back from H yet, their max offer leaves you with $42,800 in loans.

Well, according to Stanford's calculations I'll still have about 40k in loans too(78k estimated total cost of living -37K grants)But I doubt I'll spend their full "living allowance") So it doesn't look like that different on the face of it.

so, I'm not sure if it's going to end up being that big a difference...


That being said it definitely locks me up for HYS

[chrissyc]

All things being equal how do I choose between harvard and yale??

I'm interviewing for anbryce on the 1st I believe. If I get it I'm going but I have to have a what-if I don't get it plan.

[dkt4]

at a certain point i really believe the only significant differences are what kind of environment you think you can best thrive in. the other differences are fairly small in the long-run.

[jd20132013]

All things being equal how do I choose between harvard and yale??

I'm interviewing for anbryce on the 1st I believe. If I get it I'm going but I have to have a what-if I don't get it plan.

go to the asw's, see which strikes your fancy more

if neither, flip a coin .... haha

as far as I can tell the differences really aren't meaningful

[Zabini]

In at USC for my first acceptance of the cycle...pretty stoked to get off the schneid!

[LLB2JD]

In at USC for my first acceptance of the cycle...pretty stoked to get off the schneid!

Congrats

[ksimon2007]

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