Cornell Class of 2012 Forum

[ddp]

that's what i assumed ddp..
but you never know..you should probably just send Karla an e-mail to be sure..

question for everyone taking out loans other than the federal ones..

are you taking the Cornell Grad Plus loans, or loans from elsewhere?

I was all in to take them from Cornell..but I'd like to know what others are doing too, to get an idea..

It looks like I'm submitting an extra set of tax forms (just to be sure). I'm going with the Grad Plus loans with Cornell, adding on 2.5% and requesting a small budget increase for a laptop.

[ddp]

Anyone know how accurate the $850 budget for books is?

[danielfgator]

Anyone know how accurate the $850 budget for books is?

Apparently not very accurate.

http://www.top-law-schools.com/forums/v ... &start=725

[studymaster]

Late update - officially committed. Thanks, other25: mind adding me to the list?
I'll be headed to the diversity orientation too. Can't wait to start.

Done and done.

Does anyone else know when they're moving to Ithaca? I'm moving in August 1st and am hoping there will be some people around to hang out with for the weeks before we start.

Already here

[ddp]

Anyone know how accurate the $850 budget for books is?

Apparently not very accurate.

http://www.top-law-schools.com/forums/v ... &start=725

I knew it. I got suspicious after seeing UVA's budget is $1800.

[como]

got the email too.. i thought i got sent the wrong email at first because of the typo..hah..
and yes, spike, is tcr..

oh, and como, i would love to rsvp..but i too have no idea when im gonna be in ithaca..don't wanna back out last minute..but i'm assuming there will be more than one boating opportunity..?

Most definitely!

[missv463]

i'm taking Cornell's GradPlus loan also.... sigh, can't believe i have to borrow that much! i'm going to try to not to spend it all in one year... let's see if i can pull that off

btw, i'm moving in on aug 15th... just in time for AOP

[TopLaw_Diva]

OK I need help!! I was totally lost on the links for the loans (didn't have any for UG). Are we supposed to sign in to something? I don't know what any of this stuff means....but I'm sure I'm going with the Cornell Grad Plus.... What am I supposed to be looking for?

Moving in the week of Aug. 10th!!!! Super excited!!!

[como]

OK I need help!! I was totally lost on the links for the loans (didn't have any for UG). Are we supposed to sign in to something? I don't know what any of this stuff means....but I'm sure I'm going with the Cornell Grad Plus.... What am I supposed to be looking for?

Moving in the week of Aug. 10th!!!! Super excited!!!

Stafford Subsidized loan
$8,500.00 per year
This loan is a non-interest accruing loan offered to you by the federal government through Cornell Law School.This loan carries a 6.8% interest rate once in repayment and a 1% fee paid upon disbursement. The loan offers students an automatic six-month post graduation deferment.

To accept please complete by 8/1/2009:
Entrance Counseling http://www.dlssonline.com
Promissory Note http://www.dlenote.ed.gov

Stafford Unsubsidized loan
$12,000.00 per year
This loan is an interest accruing loan offered to you by the federal government through Cornell Law School.This loan carries a 6.8% interest rate upon disbursement along with a 1% disbursement fee. The loan offers students an automatic six-month post graduation deferment. Interest statements will be sent to you by Direct Lending quarterly. Students are given the option to pay this interest or allow it to capitalize.

To accept please complete by 8/1/2009:
Entrance Counseling http://www.dlssonline.com
Promissory Note http://www.dlenote.ed.gov
Graduate Plus Loan
This loan carries a 7.5% interest rate along with a 2.5% fee paid upon disbursement. Interest accrues when loan is disbursed and can be paid quarterly or can be capitalized. Plus loans disbursed after 7/1/2008 are eligible for six-month deferment that must be requested by the student upon graduation. Please make sure to put the amount that you are requesting. If you leave the amount line blank or write the "maximum", we will not be able to process your request.

To accept please complete by 8/1/2009:
Plus Loan application http://www.lawschool.cornell.edu/admiss ... /Forms.cfm(submit to CLS no later than 8/1/2009)
Entrance Counseling http://www.dlssonline.com
Promissory Note http://www.dlenote.ed.gov

[missv463]

OK I need help!! I was totally lost on the links for the loans (didn't have any for UG). Are we supposed to sign in to something? I don't know what any of this stuff means....but I'm sure I'm going with the Cornell Grad Plus.... What am I supposed to be looking for?

Moving in the week of Aug. 10th!!!! Super excited!!!

i plan on filling out this stuff this wknd... we can talk over the phone and go through it together . i was a bit overwhelmed too after i skimmed that email.

[TopLaw_Diva]

OK...I think I figured it out...we only need to do the Entrance quiz for the Stafford Loan once and then the MPN is for both as well. After that I think the Stafford Loans are complete. And I haven't even looked over the forms for the Grad Plus Loan....

Thanks guy

[sheltron5000]

OK...I think I figured it out...we only need to do the Entrance quiz for the Stafford Loan once and then the MPN is for both as well. After that I think the Stafford Loans are complete. And I haven't even looked over the forms for the Grad Plus Loan....

Thanks guy

there are two options do them seprarately (actually two different quizes) or combine them. You need to make sure you do the combined entrance quiz (or you'll have to go back and do another one)

[markakis]

Hey, does anyone remember or have the number you are supposed to call in order to
inform the office of your intent to attend the Orientation scheduled for Aug17-21?
I misplaced my letter and haven't had the time to call the office yet. If someone could
pm me that number, I'd appreciate it. Cheers

[Westmalle]

Alright, everyone. I'm trying to get an idea of who is down for sailing in the day/evening out on the town on Aug 20th. I can't legally have more than 8 out on the boat, due to life jacket requirements, so I am pretty much limited to seven people. I guess the first seven to commit have a seat saved. We can do dinner at Maxie's afterwards, or, if anyone is willing to host (my apt. is probably too small), we could do a potluck or something. Let me know. I'll save you a seat on the boat if you want.

Backup date in the event of rain/lack of wind: August 21st.

R.S.V.P'd:

Sheltron5000
Other25beforeyou +1
Southside
Studymaster

I am down like a clown. I'll get my Sperry Top-siders ready.

My twin brother might be visiting me, so put me down for a plus 1.

[como]

Alright, everyone. I'm trying to get an idea of who is down for sailing in the day/evening out on the town on Aug 20th. I can't legally have more than 8 out on the boat, due to life jacket requirements, so I am pretty much limited to seven people. I guess the first seven to commit have a seat saved. We can do dinner at Maxie's afterwards, or, if anyone is willing to host (my apt. is probably too small), we could do a potluck or something. Let me know. I'll save you a seat on the boat if you want.

Backup date in the event of rain/lack of wind: August 21st.

R.S.V.P'd:

Sheltron5000
Other25beforeyou +1
Southside
Studymaster

I am down like a clown. I'll get my Sperry Top-siders ready.

My twin brother might be visiting me, so put me down for a plus 1.

Top-siders are a must. You're down.

[missv463]

Hey, does anyone remember or have the number you are supposed to call in order to
inform the office of your intent to attend the Orientation scheduled for Aug17-21?
I misplaced my letter and haven't had the time to call the office yet. If someone could
pm me that number, I'd appreciate it. Cheers

607-255-5141

[markakis]

Hey, does anyone remember or have the number you are supposed to call in order to
inform the office of your intent to attend the Orientation scheduled for Aug17-21?
I misplaced my letter and haven't had the time to call the office yet. If someone could
pm me that number, I'd appreciate it. Cheers

607-255-5141

Thanks much

[TopLaw_Diva]

OK...I think I figured it out...we only need to do the Entrance quiz for the Stafford Loan once and then the MPN is for both as well. After that I think the Stafford Loans are complete. And I haven't even looked over the forms for the Grad Plus Loan....

Thanks guy

there are two options do them seprarately (actually two different quizes) or combine them. You need to make sure you do the combined entrance quiz (or you'll have to go back and do another one)

OK I went back and did the combined quiz (Stafford & Plus)...thanks for the help...I didn't catch that!

[TopLaw_Diva]

Is there a huge difference or advantage for getting your Plus loan disbursement in one lump sum and the beginning of the year or would the semester disbursement be ideal? It seems like with the lump sum you only pay the disbursement fee once, so it may be ideal. But because it's on a larger amount than the semester disbursement it may not be....Sorry if this is super confusing...I have no idea what I'm doing....

[como]

Is there a huge difference or advantage for getting your Plus loan disbursement in one lump sum and the beginning of the year or would the semester disbursement be ideal? It seems like with the lump sum you only pay the disbursement fee once, so it may be ideal. But because it's on a larger amount than the semester disbursement it may not be....Sorry if this is super confusing...I have no idea what I'm doing....

The disbursement fee is a percent, so it adds up to the same. The disadvantage of taking it all out at once, is that you start accruing interest on the balance right away. If you took half out at the beginning, then that half would start accruing interest, while the other half would not.

On the other hand, if you took it all out at once, then put the second half in a 3 month CD or something, you would earn a few percent interest and effectively reduce your interest rate a touch.

You might want to email Karla for some better clarification of the advantages/disadvantages of the options. I'm not sure what tax implications there might be.

[TopLaw_Diva]

Is there a huge difference or advantage for getting your Plus loan disbursement in one lump sum and the beginning of the year or would the semester disbursement be ideal? It seems like with the lump sum you only pay the disbursement fee once, so it may be ideal. But because it's on a larger amount than the semester disbursement it may not be....Sorry if this is super confusing...I have no idea what I'm doing....

The disbursement fee is a percent, so it adds up to the same. The disadvantage of taking it all out at once, is that you start accruing interest on the balance right away. If you took half out at the beginning, then that half would start accruing interest, while the other half would not.

On the other hand, if you took it all out at once, then put the second half in a 3 month CD or something, you would earn a few percent interest and effectively reduce your interest rate a touch.

You might want to email Karla for some better clarification of the advantages/disadvantages of the options. I'm not sure what tax implications there might be.

I'm sure this question is probably ridiculous but loans are reported on your taxes? I didn't know that...is it like income or what? Now I feel even more lost.... But thanks Como..the interest thing definitely makes sense and knowing myself the CD option would probably be out....I appreciate your help!!

[como]

Is there a huge difference or advantage for getting your Plus loan disbursement in one lump sum and the beginning of the year or would the semester disbursement be ideal? It seems like with the lump sum you only pay the disbursement fee once, so it may be ideal. But because it's on a larger amount than the semester disbursement it may not be....Sorry if this is super confusing...I have no idea what I'm doing....

The disbursement fee is a percent, so it adds up to the same. The disadvantage of taking it all out at once, is that you start accruing interest on the balance right away. If you took half out at the beginning, then that half would start accruing interest, while the other half would not.

On the other hand, if you took it all out at once, then put the second half in a 3 month CD or something, you would earn a few percent interest and effectively reduce your interest rate a touch.

You might want to email Karla for some better clarification of the advantages/disadvantages of the options. I'm not sure what tax implications there might be.

I'm sure this question is probably ridiculous but loans are reported on your taxes? I didn't know that...is it like income or what? Now I feel even more lost.... But thanks Como..the interest thing definitely makes sense and knowing myself the CD option would probably be out....I appreciate your help!!

It's not like income -- the interest can be deducted from your taxes on the 1098, so the tax implications of having more interest would be a lower net income -> lower taxes. I guess that's another benefit to taking the lump payment. I would probably do the lump payment, but you have to be really good at budgeting. Seeing 10s of thousands of dollars in your account could make it tempting to spend more than you should.

[spike]

Is there a huge difference or advantage for getting your Plus loan disbursement in one lump sum and the beginning of the year or would the semester disbursement be ideal? It seems like with the lump sum you only pay the disbursement fee once, so it may be ideal. But because it's on a larger amount than the semester disbursement it may not be....Sorry if this is super confusing...I have no idea what I'm doing....

The disbursement fee is a percent, so it adds up to the same. The disadvantage of taking it all out at once, is that you start accruing interest on the balance right away. If you took half out at the beginning, then that half would start accruing interest, while the other half would not.

On the other hand, if you took it all out at once, then put the second half in a 3 month CD or something, you would earn a few percent interest and effectively reduce your interest rate a touch.

You might want to email Karla for some better clarification of the advantages/disadvantages of the options. I'm not sure what tax implications there might be.

I'm sure this question is probably ridiculous but loans are reported on your taxes? I didn't know that...is it like income or what? Now I feel even more lost.... But thanks Como..the interest thing definitely makes sense and knowing myself the CD option would probably be out....I appreciate your help!!

It's not like income -- the interest can be deducted from your taxes on the 1098, so the tax implications of having more interest would be a lower net income -> lower taxes. I guess that's another benefit to taking the lump payment. I would probably do the lump payment, but you have to be really good at budgeting. Seeing 10s of thousands of dollars in your account could make it tempting to spend more than you should.

The savings rate is low. The best I could find is 1.98%. A CD isn't worth it in my opinion. I'm choosing two disbursements primarily out of concern that I would otherwise buy unnecessary stuff... like fedora hats! And I don't even like hats!

But anyhow, don't worry toplaw_diva... All GMSers are uncertain about financial aid after undergrad. Me included.

[TopLaw_Diva]

It's not like income -- the interest can be deducted from your taxes on the 1098, so the tax implications of having more interest would be a lower net income -> lower taxes. I guess that's another benefit to taking the lump payment. I would probably do the lump payment, but you have to be really good at budgeting. Seeing 10s of thousands of dollars in your account could make it tempting to spend more than you should.

Me & Budgeting = ....two disbursements it is!!!!

The savings rate is low. The best I could find is 1.98%. A CD isn't worth it in my opinion. I'm choosing two disbursements primarily out of concern that I would otherwise buy unnecessary stuff... like fedora hats! And I don't even like hats!

But anyhow, don't worry toplaw_diva... All GMSers are uncertain about financial aid after undergrad. Me included.

Thank God someone understands...Mr. Gates has ruined us....

[como]

The savings rate is low. The best I could find is 1.98%. A CD isn't worth it in my opinion. I'm choosing two disbursements primarily out of concern that I would otherwise buy unnecessary stuff... like fedora hats! And I don't even like hats!

But anyhow, don't worry toplaw_diva... All GMSers are uncertain about financial aid after undergrad. Me included.

It is really complicated -- you would have to run some serious spreadsheets to really choose which option is better. I haven't done so yet, but now I feel like doing a good analysis when I get back from vacay.