Michigan Class of 2014 Forum

[ATR]

I will run some scenarios and spreadsheets that you guys can use next month when I have more time. I have some made right now in excel, including total loan debt (interests capitalized), and one for total law school present value. I need to combine the 2 into 1 calculator so you can gauge how much debt you will have coming out of school with all the aid offers you have and compare side by side.

I want to convert it to a web site so everyone can use it.

I would greatly appreciate this!

[michigan_man]

It is good that you all are looking into your financing your education without blindly signing loans. As someone who went through this last year with Michigan, I just wanted to share a few thoughts.

I'm going to run the numbers one last time and probably send in my deposit. I found out that the unsubsidized stafford loan starts accumulating interest from day one. I'm also going to look at private sources since some of the gradplus gets up to 8-9%. I'll see what I can find.

FYI in the financial aid session at ASW they essentially said that if you take out private loans Michigan's LRAP and the Federal IBR essentially don't work because only Federal loans will be forgiven. If you take out a bunch of private loans you're on your own for those. If you're making over 80k coming out of school that's not a big deal, but if you want the option of repayment assistance they very strongly encouraged you to take out GradPlus loans.

Also, while the private loans have a lower interest rate now, they are variable rate so they could rise later. Probably not a big deal in the short term, but if you're paying them off over a long period of time the interest could rise a lot.

This is great advice. You probably should probably only be looking into GradPlus and subsidized Federal loans. You want to make sure you can qualify for Michigan's LRAP in case the biglaw dream doesn't pan out or you decide you don't like working in a sweatshop corporate law office.

Additionally, Michigan has made its new LRAP program information available:
--LinkRemoved--

Go over this and read it carefully before you decide what loans to take out and how much debt you are willing to incur. I think you will find that Michigan's new LRAP compares favorably to any school not named Yale, Harvard or Stanford.(Note in particular that you DO NOT have to take a public interest job to qualify for Michigan's LRAP). This might change how you feel about your potential debt level at Michigan vs. other schools that may have given you more generous scholarships. Michigan is expensive and debt should be a huge concern for all admitted students, but I think the school really makes sure its graduates are not overwhelmed by their debt burdens.

If you have any questions about financial aid, don't hesitate to call the FAO.

[r6_philly]

This is great advice. You probably should probably only be looking into GradPlus and subsidized Federal loans.

Unsubsidized Stafford is better than PLUS for a few reasons including rate and repayment start date. Subsidized and unsubsidized Stafford are only awarded based on need. PLUS has a cap, so if you have no need, you will be eligible for PLUS up to the COA budget amount.

PLUS origination fees are 4% as opposed to 1% right now for Staffords.

[whathojeeves]

This is great advice. You probably should probably only be looking into GradPlus and subsidized Federal loans.

Unsubsidized Stafford is better than PLUS for a few reasons including rate and repayment start date. Subsidized and unsubsidized Stafford are only awarded based on need. PLUS has a cap, so if you have no need, you will be eligible for PLUS up to the COA budget amount.

PLUS origination fees are 4% as opposed to 1% right now for Staffords.

Right, but I think what mm is trying to say is that once/if you've maxed out on Staffords, it's better to fill the rest of the money in with PLUS than with private if you want the reliability of a constant rate as opposed to a variable one. Though I'm not sure. I got my traditional Midwest sinus infection in AA this weekend and am seriously loopy.

[r6_philly]

Right, but I think what mm is trying to say is that once/if you've maxed out on Staffords, it's better to fill the rest of the money in with PLUS than with private if you want the reliability of a constant rate as opposed to a variable one. Though I'm not sure. I got my traditional Midwest sinus infection in AA this weekend and am seriously loopy.

I just want to add unsubsidized in there because he forgot it, and the fact that you can't choose/ask for Staffords, they will have to award it to you.

[michigan_man]

Right, but I think what mm is trying to say is that once/if you've maxed out on Staffords, it's better to fill the rest of the money in with PLUS than with private if you want the reliability of a constant rate as opposed to a variable one. Though I'm not sure. I got my traditional Midwest sinus infection in AA this weekend and am seriously loopy.

I just want to add unsubsidized in there because he forgot it, and the fact that you can't choose/ask for Staffords, they will have to award it to you.

This is what I meant. Max out your Staffords, then borrow whatever else you need in GradPLUS. Just stay away from private loans. The interest rates on private loans can look good now, but you want to make sure you have a fixed interest rate and, most importantly, that you will qualify for Michigan's LRAP/Federal IBR.

[artichoke]

Additionally, Michigan has made its new LRAP program information available:
--LinkRemoved--

Holy CRAP. I did NOT realize the extent of Michigan's LRAP (I have admittedly been a little lazy in my financial aid research). This is fantastic news. Thanks

[ziggie]

Enough about debt, let's talk about something fun!

[r6_philly]

Enough about debt, let's talk about something fun!

Taking out the debt? How big a bag do you need to hold 70k in dollar bills?

[ziggie]

Enough about debt, let's talk about something fun!

Taking out the debt? How big a bag do you need to hold 70k in dollar bills?

Just one half as big as the one I'll need for my 140K

[ziggie]

It's St. Patrick's day, who's forgetting all about law school admissions/school/work and celebrating?

o/
/|
/\
(that's me, raising my hand)

[backtothebeat]

sorry if this has been answered but i couldn't find it in here or in the michigan 2011 thread. i wanted to ask, if you are just straight up not getting any scholarship / having to pay sticker, how do you know? will you get anything in the mail at all? will anything happen on your mail&money tab?

[TheStrand]

I will run some scenarios and spreadsheets that you guys can use next month when I have more time. I have some made right now in excel, including total loan debt (interests capitalized), and one for total law school present value. I need to combine the 2 into 1 calculator so you can gauge how much debt you will have coming out of school with all the aid offers you have and compare side by side.

I want to convert it to a web site so everyone can use it.

You're a god among men

Mm I think this guy did something pretty similar that I found pretty useful. I would suggest downloading the spreadsheet though because I ran into errors using the one that everyone's allowed to edit.

http://top-law-schools.com/forums/viewt ... 5&t=150168

Also, Excellence I would highly recommend scheduling an appointment with a financial aid counselor while you're at ASW. They were amazingly helpful regarding payback, the mix of private and fed loans, tax implications, and what to do about undergrad debt, and they gave me need-based aid. Combined with r6's link, they were one of the better resources I've encountered re: aid.

[whatshouldIdo11]

sorry if this has been answered but i couldn't find it in here or in the michigan 2011 thread. i wanted to ask, if you are just straight up not getting any scholarship / having to pay sticker, how do you know? will you get anything in the mail at all? will anything happen on your mail&money tab?

+1

[AreJay711]

It's St. Patrick's day, who's forgetting all about law school admissions/school/work and celebrating?

o/
/|
/\
(that's me, raising my hand)

Took me a min but I see it. I've already started drinking (well, I ordered a drink with lunch). I wonder how St. Patrick would feel about millions of only very mildly Irish people getting trashed on his feast day?

[FlightoftheEarls]

It's St. Patrick's day, who's forgetting all about law school admissions/school/work and celebrating?

o/
/|
/\
(that's me, raising my hand)

Took me a min but I see it. I've already started drinking (well, I ordered a drink with lunch). I wonder how St. Patrick would feel about millions of only very mildly Irish people getting trashed on his feast day?

St. Patrick's Day is a far bigger celebration/shitshow in America than it is in Ireland. Americans have certainly commandeered the day quite nicely.

[r6_philly]

Mm I think this guy did something pretty similar that I found pretty useful. I would suggest downloading the spreadsheet though because I ran into errors using the one that everyone's allowed to edit.

http://top-law-schools.com/forums/viewt ... 5&t=150168

What I have is more accurate than that.

Here is what I ran for max loans with the interest compounded.

I have a comparison one you can put in expenses, gift aid, per year, and compare present value at your chosen discount rate for each school. I will share it if I have the time.

--ImageRemoved--

[TheStrand]

sorry if this has been answered but i couldn't find it in here or in the michigan 2011 thread. i wanted to ask, if you are just straight up not getting any scholarship / having to pay sticker, how do you know? will you get anything in the mail at all? will anything happen on your mail&money tab?

+1

It will say under "financial award information" zero awards found. Or just list your stafford loan info if you have any since that just came out.

[AreJay711]

Mm I think this guy did something pretty similar that I found pretty useful. I would suggest downloading the spreadsheet though because I ran into errors using the one that everyone's allowed to edit.

http://top-law-schools.com/forums/viewt ... 5&t=150168

What I have is more accurate than that.

Here is what I ran for max loans with the interest compounded.

I have a comparison one you can put in expenses, gift aid, per year, and compare present value at your chosen discount rate for each school. I will share it if I have the time.

[img]

Why don't you just post the spreadsheet for us?

[Joan Hollaway]

St. Patricks Day at Mich is awesome, although it was hard to concentrate in class with Katy Perry and Ke$ha music being blasted at the nearby frat. Also, this would be the day I have class till 5.

[r6_philly]

Why don't you just post the spreadsheet for us?

It's in Excel and I am not done with it yet. I want to make sure everything works out right then I will. I want to combined the debt and expense ones into 1.

[AreJay711]

Why don't you just post the spreadsheet for us?

It's in Excel and I am not done with it yet. I want to make sure everything works out right then I will. I want to combined the debt and expense ones into 1.

Cool man, thanks. I believe I'm past the point of no return but I'm still interested (and too lazy to make my own lol).

[er doctor]

Hey all looking for a little advice here. I am VERY interested in attending Michigan but my partner is tied to a job here in Chicago. We are discussing the issues of maintaining a long distance relationship and like to know if anyone else out there is contemplating the same.

I would appreciate any and all input.

Thanks

[NZA]

Hey all looking for a little advice here. I am VERY interested in attending Michigan but my partner is tied to a job here in Chicago. We are discussing the issues of maintaining a long distance relationship and like to know if anyone else out there is contemplating the same.

I would appreciate any and all input.

Thanks

How long have you and your partner been together?

[er doctor]

Hey all looking for a little advice here. I am VERY interested in attending Michigan but my partner is tied to a job here in Chicago. We are discussing the issues of maintaining a long distance relationship and like to know if anyone else out there is contemplating the same.

I would appreciate any and all input.

Thanks

How long have you and your partner been together?

7.5 years