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BigZuck

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by BigZuck » Tue Feb 02, 2016 7:56 pm

Tls2016 wrote:
Anonymous User wrote:Expected 140k. Attended HYS with a pretty substantial grant.

Wound up with 180k. Grant decreased a good bit for 2L and by way more 3L. Plus, I just wasn't as financially responsible with my summer funds as I should have been (or thought I would be).

After a couple years of clerking, I'm still around 170k.

Law school was great, and I love my friends from there, but hot damn I'd run fast as hell toward my Dillard if I could do it all over again.
I hope you can share your regret in a constructive way when it comes up sometime. I got talked down to by a Harvard 1L because I said a Hamilton was a great outcome and should be taken over Harvard ( though I didn't qualify that you should also consider need base aid)

He said that the way to know which was best was to talk to 2Ls about their offers and the Harvard 2Ls he talked to were much happier about their SAs than the CLS 2Ls were. That thread has gone crazy waiting for JS2s, so I can't find my posts.
FML.
This one?
Tls2016 wrote:
cantorb wrote:
Tls2016 wrote:
Bearlyalive wrote:
Tls2016 wrote:
My concern was that I read your post as greatly over exaggerating the benefit of just going to Harvard or Yale instead of taking one of the most prestigious scholarships in the country at Columbia.
I was genuinely interested in what employment data led you to that conclusion particularly as you implied dire consequences if below media at Columbia,but no issues from Harvard. I have not seen any employment data suggesting that is the case at all.
My take is that most grads are going to end up in biglaw anyway for the money and for the credentials. So paying more to end up in the same place is foolish.
I don't know that such employment data, as interesting as it would actually be, exists. Schools publish their overall employment data, but there likely is not a source that breaks down job outcomes based on median grades. In that regard, everything is anecdotal. But, as far as anecdotal goes, I have found TLS to be a great source for getting feedback from current students. I don't believe that there is much a chance of you coming out of Columbia unemployed even at the bottom of the class; they have 98% employment, so that's obviously not the case. However, raw employment data doesn't tell the whole story, and not all legal jobs are created equal. So, and again basing this on conversations rather than data, I believe that someone below median at Harvard will have a better job outcome, in whatever they choose to pursue, than someone below median at Columbia. It's no secret that the top firms, government agencies, and PI organizations reach deeper into the HYS candidate pool than they do to CCN. I doubt the idea that the average person at the 25th percentile at Columbia will end up at the same job as the average person at the 25th percentile at Harvard; they might do the same kind of work and maybe even make the same money, but I'll bet there will be some difference in outcome (prestige, QoL, connections for partner down the line, ability to lateral or transfer to PI/government, etc.), and it will favor the Harvard student towards the bottom of the class. Personally, based on what I've read, I think it's more significant than just that, but at the end of the day I'm still a 0L trying to sort through this muck like everyone else, and my impression of things, while founded in what I've read, is my own.

I agree that if biglaw is your goal, you would be foolish to go to Yale or Harvard over taking a Hammy or Ruby. But if you look at the breakdown of Yale's employment statistics for new graduates, only 36% are going to law firms. The kind of person who gets in to Yale (80+% of whom will end up going) are simply not as interested in doing Biglaw as the average CLS, or even HLS student. That could be because the school itself guides its students away from that path while they are there, but I think its more likely that they simply aren't as interested in the first place. Harvard is a little bit more law firm heavy (about 58%), but I think that simply due to the size of the school, there are going to be more students there than at Yale who didn't have to turn down a Hammy or Ruby to make the choice to attend. The higher you go, the less biglaw-oriented the students become. Furthermore, these statistics only track the first year of employment, and not five or ten years down the line; I would bet money that more people who go to HYS than CCN end up doing big law for a few years (to pay off debt) and then moving into a lower paying government or PI job.


But this is all missing the original intention of my post. I was not trying to demonstrate the inherent superiority of HYS over CCN, especially with a full ride on the table for the latter. The main question is whether or not there is a rational basis for turning such a fantastic offer down. Maybe you're correct, and the majority of people who choose Harvard over a Hamilton could have done well at CLS, and gotten the same or better outcome in biglaw with 200k more in the bank and (more importantly imo) many fewer years of debt floating over their heads. But there are definitely some people for whom what I wrote applies, whether because they are risk adverse, academically-inclined, or because they want the most prestigious jobs that HYS are simply superior in with regards to placement. At the end of the day, it's comes down to individual context.
I didn't mention unicorn jobs because I know nothing about them. My point, if you read my post, was that most people end up in biglaw and it's silly to get more in debt.

You may not realize it but Columbia is an extremely well regarded law school and the idea of many jobs existing that the extra debt for Harvard is worth it now, or down the line, such as partnership,is worth it, is not reality.

If you have a specific unicorn job you want, or if you want academia, then go to Harvard. You are talking about the difference based on a specific jobs and I'm talking about the typical job and career outcomes.
It's not just about unicorn jobs - even BigLaw jobs vary greatly in many issues as described beautifylly by beatdown and bearlyalive. I have quite a few friends in both HLS and Columbia, and the Harvard guys are much happier with the 2L SA jobs they landed than the Columbia students are. The longer you are out of school, the more the gap widens - the HYS preftige is incredibly strong when it comes to lateral transfers, making partner, and landing top GC jobs. This is especially true for future executive careers that may not be directly law-related, which is an option that anyone on this level should definitely keep an eye on (especially those interested in BigLaw jobs primarily for the big money).

TLS in general has a tendency to focus too much on the exact numbers and rankings, as opposed to the real-world job market. The full picture can only be gotten by extensive research from people who are actually going through the OCI process or are involved in the hiring process.
The full picture is best seen by talking to grads in biglaw jobs who are working to pay off their debt, not people still in school who haven't even finished their SA. The Harvard 2Ls at biglaw firms this summer will be working alongside Columbia 2Ls, they will both be in the same place, doing the same job for the same salary. There isn't this huge cavernous divide between the two schools.

Look, I posted in this thread because of the statement that taking a Harvard at full tuition was a better call than taking the Hamilton. The reasoning was that below median students at Columbia struggle while you "are set for life if you walk through the door at Harvard or Yale."

The difference in debt and the impact debt has on your future career is a significant factor that shouldn't be ignored. That, and the unquestioned hyperbole about the difference between the career outcomes between the two schools, is what prompted me to post.

I realize this is the Harvard thread and I wish all of you good luck. My hope is that everyone will carefully and realistically assess the cost and any debt they may have to borrow when making a decision.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Desert Fox » Tue Feb 02, 2016 8:03 pm

Tls2016 wrote:
Anonymous User wrote:Expected 140k. Attended HYS with a pretty substantial grant.

Wound up with 180k. Grant decreased a good bit for 2L and by way more 3L. Plus, I just wasn't as financially responsible with my summer funds as I should have been (or thought I would be).

After a couple years of clerking, I'm still around 170k.

Law school was great, and I love my friends from there, but hot damn I'd run fast as hell toward my Dillard if I could do it all over again.
I hope you can share your regret in a constructive way when it comes up sometime. I got talked down to by a Harvard 1L because I said a Hamilton was a great outcome and should be taken over Harvard ( though I didn't qualify that you should also consider need base aid)

He said that the way to know which was best was to talk to 2Ls about their offers and the Harvard 2Ls he talked to were much happier about their SAs than the CLS 2Ls were. That thread has gone crazy waiting for JS2s, so I can't find my posts.
FML.
lol at basing that decision on how happy 2Ls are about their upcoming internship. Just lol. And its probably not even true.
Last edited by Desert Fox on Sat Jan 27, 2018 3:09 am, edited 1 time in total.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Abbie Doobie » Tue Feb 02, 2016 8:17 pm

estimated = $0
actual = prob around $15-20k

still have like $70k in ug debt tho

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Anonymous User » Tue Feb 02, 2016 8:28 pm

Tls2016 wrote:
Anonymous User wrote:Expected 140k. Attended HYS with a pretty substantial grant.

Wound up with 180k. Grant decreased a good bit for 2L and by way more 3L. Plus, I just wasn't as financially responsible with my summer funds as I should have been (or thought I would be).

After a couple years of clerking, I'm still around 170k.

Law school was great, and I love my friends from there, but hot damn I'd run fast as hell toward my Dillard if I could do it all over again.
I hope you can share your regret in a constructive way when it comes up sometime. I got talked down to by a Harvard 1L because I said a Hamilton was a great outcome and should be taken over Harvard ( though I didn't qualify that you should also consider need base aid)

He said that the way to know which was best was to talk to 2Ls about their offers and the Harvard 2Ls he talked to were much happier about their SAs than the CLS 2Ls were. That thread has gone crazy waiting for JS2s, so I can't find my posts.
FML.
Original anon. I do where the chance presents itself, though I don't run across many prospective law students in my day-to-day life, let alone those making that particular decision.

Those threads make my head hurt. Yes, outcomes are possibly better. No way they're worth 230k in repayment.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by patentlitigatrix » Tue Feb 02, 2016 8:45 pm

Estimated 0k. Reality was 65k. Inaccuracies were unforeseen tuition hikes and some unforeseen large family medical expenses.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Anonymous User » Tue Feb 02, 2016 8:56 pm

Estimated: ~60k for LS plus 40k from UG so 100k ish total.

Actual: ~200k total.

Partly not taking into account interest and COL, but also having a stipulated scholarship taken away bc I missed the gpa requirement by .02.

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Johann

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Johann » Tue Feb 02, 2016 8:59 pm

was planning on 135. ended with 260. mainly because i didnt plan more school after JD.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Good Guy Gaud » Tue Feb 02, 2016 9:03 pm

I think I estimated around $50k and ended up around $80k. Once I had a jerb offer I became less concerned with how much I took out and probably received much more aid than I actually needed.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Tiago Splitter » Tue Feb 02, 2016 9:11 pm

At least 30k but I might be misremembering just how bad I thought it would be when I started. Beware the DGAF attitude that comes with huge debt. Once you've spent that much everything seems like a pittance in comparison.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Anonymous User » Tue Feb 02, 2016 9:57 pm

I estimated $90k, ended up with about $110k. Pretty sure that was me not getting the concept of interest, tuition increases, and also guestimating pretty badly when I first decided to go to law school.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by BigZuck » Tue Feb 02, 2016 10:07 pm

Good Guy Gaud wrote:I think I estimated around $50k and ended up around $80k. Once I had a jerb offer I became less concerned with how much I took out and probably received much more aid than I actually needed.
Yeah, I think this is probably what happened to me

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Pokemon » Tue Feb 02, 2016 10:22 pm

Estimated 240, actual 270. Loan origination, interest + col. 20k of that is from college.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Bearlyalive » Tue Feb 02, 2016 10:31 pm

Anonymous User wrote:
Tls2016 wrote:
Anonymous User wrote:Expected 140k. Attended HYS with a pretty substantial grant.

Wound up with 180k. Grant decreased a good bit for 2L and by way more 3L. Plus, I just wasn't as financially responsible with my summer funds as I should have been (or thought I would be).

After a couple years of clerking, I'm still around 170k.

Law school was great, and I love my friends from there, but hot damn I'd run fast as hell toward my Dillard if I could do it all over again.
I hope you can share your regret in a constructive way when it comes up sometime. I got talked down to by a Harvard 1L because I said a Hamilton was a great outcome and should be taken over Harvard ( though I didn't qualify that you should also consider need base aid)

He said that the way to know which was best was to talk to 2Ls about their offers and the Harvard 2Ls he talked to were much happier about their SAs than the CLS 2Ls were. That thread has gone crazy waiting for JS2s, so I can't find my posts.
FML.
Original anon. I do where the chance presents itself, though I don't run across many prospective law students in my day-to-day life, let alone those making that particular decision.

Those threads make my head hurt. Yes, outcomes are possibly better. No way they're worth 230k in repayment.
I'm curious, as one of the original posters in the above-referenced discussion (which, believe me, is being taken grossly out of context and blown out of proportion by Tls2016...), what is your opinion of the viability of debt-forgiveness programs at HYS for someone legitimately interested in working government or PI after graduation? I recognize that for people planning on working biglaw (or most any private job) the decision of where to go to law school should heavily (if not at the foremost) focus on minimizing debt, but not everyone has those goals, and it's my thought at the moment that turning down a large scholarship might be justified if you plan on working in a field with a lower salary where the program would kick in the majority of the debt payments.

I'm guessing that you are not personally utilizing LRAP/COAP or whatever, but do you have any friends from law school who did? Feel free to PM, as one of those rare 0Ls who is likely going to be making this decision soon (have the Hamilton offer, though still waiting on my JS2), I would greatly appreciate the added perspectives.


ETA: Forgot to mention, apologies in advance for sorta violating the forum rule re 0L advice asking. Was originally just planning on defending myself regarding the above quotation, then decided it wasn't worth the time and that I would rather take the opportunity to learn
Last edited by Bearlyalive on Tue Feb 02, 2016 11:25 pm, edited 1 time in total.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Anonymous User » Tue Feb 02, 2016 10:52 pm

Bearlyalive wrote:
Anonymous User wrote:
Tls2016 wrote:
Anonymous User wrote:Expected 140k. Attended HYS with a pretty substantial grant.

Wound up with 180k. Grant decreased a good bit for 2L and by way more 3L. Plus, I just wasn't as financially responsible with my summer funds as I should have been (or thought I would be).

After a couple years of clerking, I'm still around 170k.

Law school was great, and I love my friends from there, but hot damn I'd run fast as hell toward my Dillard if I could do it all over again.
I hope you can share your regret in a constructive way when it comes up sometime. I got talked down to by a Harvard 1L because I said a Hamilton was a great outcome and should be taken over Harvard ( though I didn't qualify that you should also consider need base aid)

He said that the way to know which was best was to talk to 2Ls about their offers and the Harvard 2Ls he talked to were much happier about their SAs than the CLS 2Ls were. That thread has gone crazy waiting for JS2s, so I can't find my posts.
FML.
Original anon. I do where the chance presents itself, though I don't run across many prospective law students in my day-to-day life, let alone those making that particular decision.

Those threads make my head hurt. Yes, outcomes are possibly better. No way they're worth 230k in repayment.
I'm curious, as one of the original posters in the above-referenced discussion (which, believe me, is being taken grossly out of context and blown out of proportion by Tls2016...), what is your opinion of the viability of debt-forgiveness programs at HYS for someone legitimately interested in working government or PI after graduation? I recognize that for people planning on working biglaw (or most any private job) the decision of where to go to law school should heavily (if not at the foremost) focus on minimizing debt, but not everyone has those goals, and it's my thought at the moment that turning down a large scholarship might be justified if you plan on working in a field with a lower salary where the program would kick in the majority of the debt payments.

I'm guessing that you are not personally utilizing LRAP/COAP or whatever, but do you have any friends from law school who did? Feel free to PM, as one of those rare 0Ls who is likely going to be making this decision soon (have the Hamilton offer, though still waiting on my JS2), I would greatly appreciate the added perspectives.


I'm an HLS guy from 2012. Harvard's LIPP program is 1 of the greatest things in existence. The only thing remotely comparable to it is Yales. I ended with 150K ish of debt (135 student loan 15K for bar loan). I took a job as a prosecutor making 40K a year. I paid maybe 110 a month out of pocket per month for my loans and Harvard footed the rest of the bill. They literally cut me a check for 11K every 6 months for loan payments. It's based on a sliding scale though, so as you make more money the less they give you. There is also no public service requirement, it's literally any legal job. It's not tied to PAYE or anything of the sort, you're on it for as long as you feel the need to be on it. And you can get back on it if your situation changes.


With that said. If I had a Hamilton, I wouldn't have thought twice about going to Harvard.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by KM2016 » Tue Feb 02, 2016 10:54 pm

Expected ~$150k (including undergrad). Checked out with $190k. Law school sucks.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by barkschool » Tue Feb 02, 2016 11:13 pm

Who paid some or all of their 2LSA into loans? How'd you convince yourself to do it?

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by gk101 » Tue Feb 02, 2016 11:29 pm

Expected ~140k. wound up with ~164k (mostly due to not factoring in tuition increases plus origination fees)

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Anonymous User » Tue Feb 02, 2016 11:31 pm

current 2L, estimated about $120k, up to about $30k balance for law school so far (plus 10k of subsidized undergrad loans). I'm at Michigan and I work as a GSI. The tuition waiver is life changing, especially since the law school will pay out your scholarship up to $9300 a semester. I don't know if it's a reason to choose Michigan, but if you go there you should definitely apply to positions and see what comes back.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Anonymous User » Tue Feb 02, 2016 11:44 pm

Estimated 105k. Reality: just under 120k at graduation. Not too far off a I guess, but I only needed to borrow for tuition. Had COL expenses covered by savings and SA gig

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Phil Brooks » Wed Feb 03, 2016 12:07 am

barkschool wrote:Who paid some or all of their 2LSA into loans? How'd you convince yourself to do it?
I was lucky enough to be able to pay for my 3L fall tuition using $19k of 2L SA money, and to save $6k for 3L living expenses. I was able to do this by paying $600 a month in rent during the summer through splitting rent with my girlfriend in Virginia (DC firm), by subletting my apartment in Philadelphia, and by living frugally. The after tax SA pay was $29k (my firm didn't treat us like full-time workers for withholding purposes); so I spent around $4k during the summer, which included an end-of-summer vacation.

I wish I could have been innovative like some of my classmates and done a 16-week summer by splitting at firms in different regions, or done a 1L SA.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Anonymous User » Wed Feb 03, 2016 12:19 am

Anonymous User wrote:
I'm an HLS guy from 2012. Harvard's LIPP program is 1 of the greatest things in existence. The only thing remotely comparable to it is Yales. I ended with 150K ish of debt (135 student loan 15K for bar loan). I took a job as a prosecutor making 40K a year. I paid maybe 110 a month out of pocket per month for my loans and Harvard footed the rest of the bill. They literally cut me a check for 11K every 6 months for loan payments. It's based on a sliding scale though, so as you make more money the less they give you. There is also no public service requirement, it's literally any legal job. It's not tied to PAYE or anything of the sort, you're on it for as long as you feel the need to be on it. And you can get back on it if your situation changes.


With that said. If I had a Hamilton, I wouldn't have thought twice about going to Harvard.
Original anon. I agree with all of this. LIPP is great (and each of the LRAPs are strong in different ways, though Stanford's is weaker in certain important respects). That said, I think if you're actually paying for law school, the Hamilton/Rubenstein makes a ton more sense than any of the top 3 even if you're getting some grant aid. Where it's Dillard or another full ride from a slightly lower ranked school, HYS give you a better cushion and some better access, but since 75% of my friends who were "dead set" on PI in law school are now, 2 years out, still in private practice, it really gives you just more debt for a fairly similar endgame.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by everything_bagel » Wed Feb 03, 2016 12:20 am

ed
Last edited by everything_bagel on Sun Apr 03, 2016 7:51 pm, edited 1 time in total.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Anonymous User » Wed Feb 03, 2016 12:31 am

Anonymous User wrote:
Anonymous User wrote:
I'm an HLS guy from 2012. Harvard's LIPP program is 1 of the greatest things in existence. The only thing remotely comparable to it is Yales. I ended with 150K ish of debt (135 student loan 15K for bar loan). I took a job as a prosecutor making 40K a year. I paid maybe 110 a month out of pocket per month for my loans and Harvard footed the rest of the bill. They literally cut me a check for 11K every 6 months for loan payments. It's based on a sliding scale though, so as you make more money the less they give you. There is also no public service requirement, it's literally any legal job. It's not tied to PAYE or anything of the sort, you're on it for as long as you feel the need to be on it. And you can get back on it if your situation changes.


With that said. If I had a Hamilton, I wouldn't have thought twice about going to Harvard.
Original anon. I agree with all of this. LIPP is great (and each of the LRAPs are strong in different ways, though Stanford's is weaker in certain important respects). That said, I think if you're actually paying for law school, the Hamilton/Rubenstein makes a ton more sense than any of the top 3 even if you're getting some grant aid. Where it's Dillard or another full ride from a slightly lower ranked school, HYS give you a better cushion and some better access, but since 75% of my friends who were "dead set" on PI in law school are now, 2 years out, still in private practice, it really gives you just more debt for a fairly similar endgame.
Saying you are "dead set" and actually being dead set are two very different things. I had a number of close friends who were "dead set" on PI who confided in me early 1L that they were probably not doing PI and mostly felt pressured to pretend. I'd wager that 90% or more of people who enter law school knowing they'll do PI who do well enough to do PI will actually do PI.

And HYS's loan repayment programs are absolutely the real deal.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by Anonymous User » Wed Feb 03, 2016 12:39 am

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
I'm an HLS guy from 2012. Harvard's LIPP program is 1 of the greatest things in existence. The only thing remotely comparable to it is Yales. I ended with 150K ish of debt (135 student loan 15K for bar loan). I took a job as a prosecutor making 40K a year. I paid maybe 110 a month out of pocket per month for my loans and Harvard footed the rest of the bill. They literally cut me a check for 11K every 6 months for loan payments. It's based on a sliding scale though, so as you make more money the less they give you. There is also no public service requirement, it's literally any legal job. It's not tied to PAYE or anything of the sort, you're on it for as long as you feel the need to be on it. And you can get back on it if your situation changes.


With that said. If I had a Hamilton, I wouldn't have thought twice about going to Harvard.
Original anon. I agree with all of this. LIPP is great (and each of the LRAPs are strong in different ways, though Stanford's is weaker in certain important respects). That said, I think if you're actually paying for law school, the Hamilton/Rubenstein makes a ton more sense than any of the top 3 even if you're getting some grant aid. Where it's Dillard or another full ride from a slightly lower ranked school, HYS give you a better cushion and some better access, but since 75% of my friends who were "dead set" on PI in law school are now, 2 years out, still in private practice, it really gives you just more debt for a fairly similar endgame.
Saying you are "dead set" and actually being dead set are two very different things. I had a number of close friends who were "dead set" on PI who confided in me early 1L that they were probably not doing PI and mostly felt pressured to pretend. I'd wager that 90% or more of people who enter law school knowing they'll do PI who do well enough to do PI will actually do PI.

And HYS's loan repayment programs are absolutely the real deal.
As another anecdote, of my close friends from HYS who actually did PI, a solid majority came from wealth. That's not to say there weren't people who came in wanting to do PI, stayed the course during law school, and did it post-grad reliant on loan repayment, but in my experience that was not the norm.

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Re: Difference between your estimated debt as 0L and actual debt after bar passage?

Post by BigZuck » Wed Feb 03, 2016 1:01 am

everything_bagel wrote:Estimated $30k with the Ruby.
Will be much closer to $0 given stipend plus low cost of living in Chi plus summer PI funding plus splitting 2L summer between PI and SA.

Chiming in prematurely, granted, but wanted to send the message to preftige-star-struck 0L's:

The freedom is real, y'all.
You're a 1L? And you're predicting $0 debt?

Yeah dude I still like your 30K prediction

Seriously? What are you waiting for?

Now there's a charge.
Just kidding ... it's still FREE!


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