Is IPSECURE worth 250K in debt? Forum

[skri65]

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[Aqualibrium]

Probably a bad idea...250k is a lot of money to sink into going to a t30. I hate the standard TLS advice sometimes, but you either need to go somewhere else with a significant scholarship or retake/re-apply.

[dingbat]

IPSECURE is a myth. Sure, your chances of getting a job are much higher if you're patent bar eligible, but it's still not a given. Keep that in mind when choosing a school.

[skri65]

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[suralin]

Ok, follow up question: is life manageable if you get biglaw but still have 250K in debt? As in, even if I get the best outcome would it be worth it?

Also, dingbat, what is "much higher" in your experience?

Depends on how you define manageable. If you're paying student loan debt off aggressively (as you likely should be), life may be harder for you than for your coworkers. Of course, that doesn't mean life will be hard in an absolute sense, just that you may not be able to go do all the expensive things your coworkers do--don't try to "keep up" with them.

After several years, life should be more than manageable if you don't get laid off, etc. Your lifetime earnings will be quite high, but then again, a Master's in Computer Science would lead to high earnings too--although the ceiling would probably be lower.

[Trout et al]

Fordham at sticker is risky, brah.

[skri65]

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[Borg]

Why don't you reach out to admissions and have them give you the names of some IP oriented students, and then call those people? Asking online is just a step above diving in blind, but if you can speak to actual students and find out what they think you'll be in a much better position.

[rad lulz]

IPSECURE isn't IPSECURE if you go to some mediocre school like Northeastern or UConn.

[skri65]

IPSECURE isn't IPSECURE if you go to some mediocre school like Northeastern or UConn.

I'm very well aware of that, which is why this thread exists.

[Aqualibrium]

Here's the problem with the whole "I'll stick around big law for a few years and live modestly while employing an aggressive repayment plan" plan, attrition rates by the third year are somewhere in the 80% neighborhood. I just don't think it's very wise to take out 250k in loans with the hope that you'll do we'll enough in school and in interviews to get a job, AND do well enough and fit well enough at the job stay long enough to pay off your loans.

Again, not usually a fan of the stock tls advice, but if you want to gamble you're probably better off going to Vegas and putting it all on red.

[manofjustice]

Bad idea. Not as IP/BigLaw secure as you might think. Lot of money. Cutting off options even if IP/BigLaw secure. Might not have enough time in IP/BigLaw to pay off loans. Might be driven crazy. Can't buy house. Bad idea.

[skri65]

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[somewhatwayward]

IPSECURE isn't IPSECURE if you go to some mediocre school like [strike]Northeastern[/strike] BC or [strike]UConn[/strike] Fordham.

FTFY

These schools are not mediocre in terms of students...they are full of smart people all competing for a 30-40% chance of a good outcome (that isn't really that great). They are mediocre in terms of job prospects, though.

ETA: strike didn't work but have to turn phone off bc in plane

[dingbat]

Fordham at sticker is risky, brah.

I'm thinking more BC. This is all hypothetical, as I'm on hold there. Yet to hear from Fordham. However, I have a full ride at uconn and 90K at northeastern so I am trying weigh these options against sticker at BC or Fordham should I get into either.

I am not very debt averse and would focus on paying these back as soon as possible. Really, the doors that a few years in biglaw IP would open for me are what intrigues me about risking sticker with an IP background...not to mention that I want to live in Boston when all is said and done. Also, not sure I want to live in Hartford.

From a cost&employment perspective, Fordham and BC are completely interchangeable (but the location and target market are different). Getting biglaw ($160k) makes a $250k debt load manageable and if you're aggressive you can pay it down fairly quickly. However, there are a lot of IP boutiques, where you make a little less, but work a lot less hours, which could be an option, if you're not hocked up to your eyeballs. Your chances of getting biglaw at either Fordham or BC can reasonably be estimated to be 20-30% without IP. With IP it's probably a bit more, but I only have anecdotal evidence (read: no evidence) to go on, so I can't in good conscience tell you what kind of boost that gives. You'd probably be fine if you're above median, which is a coin flip chance.

Getting biglaw out of either UConn or Northeastern is going to be a struggle. Even with IP, if you're not top quarter it just won't happen.

[manofjustice]

Thanks for the input. So there are two factors here...what are chances of biglaw with IPSECURE, and is 250k worth it if you have a biglaw job? Seems liken no one here can really quantify how much IP helps, and the consensus is that if I manage to get a biglaw IP gig in patent prosecution it still may not be worth it because of the debt. Is this the correct read?

In MA, if i were to get biglaw, between my wife and I we would bring in 120k for at least a couple years after taxes. I have faith in myself, but I also see the risk. Would people choose a full ride at uconn in this situation? Fwiw, I've taken the last four times, not happening again.

Having faith in yourself is great. But a) why? and b) why do you care? Setting aside a), the answer to b) should begin with "I want BigLaw IP" and should continue to explain why. Why do you want BigLaw IP? If you are dead set on it, and your reasons congeal with your values as human being to form a strong foundation for future action, and a) is satisfied, then the only answer is: go.

edit: the only answer is: go...if you don't mind 250 grand in debt, before interest and origination fees. That should be baked into b)--how much do your really want BigLaw IP?

[skri65]

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