Fordham 2011 Forum

[Lwoods]

My husband has nearly $250k in student loan debt, all but $3k of which are government loans. A big benefit of government loans is that you can pay them off using IBR (http://www.ibrinfo.org/). His government loan payments are roughly $500/month based on his salary of roughly $50k/year (typical first year resident salary), and we file separately so my income isn't taken into account. If he makes all payments on time for 25 years, any remaining balance is forgiven. If he works for a non-profit, he qualifies for PSLF and his remaining SL debt is forgiven after only 10 years.

thanks for the info. i feel like i hear something new(ish) about this every day.

It's a really new program. My husband's medical school class (2010) is the first that isn't able to take advantage of a 3 year no-interest-accruing-deferral during residency, so IBR is kind of a life saver. I don't even want to think about what his monthly payments would be without it. We'd have to go into forbearance, but then the interest after his 5 year residency would be insane (it'll still be insane with IBR, but at least a little less so...).

[Gemini]

Thanks! The site looks useful. It means I can still go into PI if I decide to, right?

[Stringer6]

I got a very good (by Fordham's standards) scholly and I too would like need based aid. What does one need to qualify for that sort of thing? I have close to no assets (<5k), no real estate, little to no income, and my family has no mortgage-able assets and very low income in an expensive area. I'm not on food stamps or anything, but is that enough to get need based aid? And when would that information be rendered to me after applying?

i'm wondering about this as well.

i'm in the same position (low income and no assets) and i received HUGE need-based grants for undergrad. does this bode well for law school financial aid?

[Gemini]

What are assets? Like laptops and things you own?

[Arbiter213]

What are assets? Like laptops and things you own?

In this case, cash money. I got close to 50% aid for UG, and that was with a MUCH better financial situation for my family and without student loan debt. If I applied now I'd be getting full aid.

[CM612]

IN by email a few minutes ago. Application sent 11/18. 3.59/170.

This is my third acceptance today. I think everyone was waiting for me to stop stalking my status checkers...

[fletchcon]

Also in!
Applied 11/15

[JenDarby]

IN by email a few minutes ago. Application sent 11/18. 3.59/170.

This is my third acceptance today. I think everyone was waiting for me to stop stalking my status checkers...

I'd love just one today! Congrats!

edit: immediately after posting this I got my millionth email from McGeorge "You've impressed McGeorge Law School.....You're an impressive individual...." It's as if they knew I needed reassurance, if only they could actually provide it.....

[stewie27]

Also in via email today.
~3.6, 170, submitted a little before thanksgiving.

[CM612]

IN by email a few minutes ago. Application sent 11/18. 3.59/170.

This is my third acceptance today. I think everyone was waiting for me to stop stalking my status checkers...

I'd love just one today! Congrats!

edit: immediately after posting this I got my millionth email from McGeorge "You've impressed McGeorge Law School.....You're an impressive individual...." It's as if they knew I needed reassurance, if only they could actually provide it.....

Thanks! I got the same email. The problem, McGeorge, is that you have not impressed me. (Disclaimer: I don't even know where McGeorge is located.)

[giddybiscuit]

I'm sure you've all read the NY Times article by now, but remember a few key facts: that guy went to Thomas Jefferson Law, he went there because he liked the idea of living in San Diego, and he took summer trips to Europe on borrowed money, etc. That guy didn't have a clue. You all seem much more grounded and knowledgable about the risks.

yea, i loved how they used a complete idiot as their case study.

I just read the same article and had literally the exact same thoughts as the above.

[frost]

congrats to those that got in!

as for need based aid, i'm not really sure what fordham looks at. i'm older so my parents don't count into the equation (even if they did though, they don't have much) and I only had about 10k in savings when I started. I got over 15k in need-based aid from fordham, guaranteed for the first two years and less in the third year depending on how much I earn over the summer. I applied really early and did all my paperwork early - I'm not sure if that affects anything but I know I was among the first people to hear back from financial aid so they probably still had lots of need money to give out.

and to reply to a poster above, when I said 200k in loans = 2000 a month, I did mean a 10 year repayment schedule. it's significantly less per month if you lengthen the term of payback to 20 or 30 years, but interest tacks on so you're paying back wayyyy more than you borrowed. still, my point was that, even if your monthly payments are low, the 200k you borrow for law school will easily turn into 300 or even 400k to repay and something that hangs over your head until you're in your 30s, 40s, or even 50s. it's hard not to think about the long-term consequences but once you start signing up for your loans, you have to do it again for two more years or drop out. save as much as possible before the fall; every dollar counts!

[Gotti]

i'm getting impatient.

[H. E. Pennypacker]

this is the scariest article ever. dude from CLS making $33???

For those of you out there who don't read abovethelaw.com, the NY Times recently posted a correction about this article...the guy went to Columbia undergrad (which is where the majority of his student loan debt was incurred) and the University of Florida law school (on full scholarship).

[Arbiter213]

this is the scariest article ever. dude from CLS making $33???

For those of you out there who don't read abovethelaw.com, the NY Times recently posted a correction about this article...the guy went to Columbia undergrad (which is where the majority of his student loan debt was incurred) and the University of Florida law school (on full scholarship).

[Gotti]

this is the scariest article ever. dude from CLS making $33???

For those of you out there who don't read abovethelaw.com, the NY Times recently posted a correction about this article...the guy went to Columbia undergrad (which is where the majority of his student loan debt was incurred) and the University of Florida law school (on full scholarship).

phew.

[Stringer6]

the NY Times recently posted a correction about this article...the guy went to Columbia undergrad (which is where the majority of his student loan debt was incurred) and the University of Florida law school (on full scholarship).

that's a pretty big reporting mistake.

[Stringer6]

nevermine. i thought you were talking about the main guy.

[Gotti]

nevermine. i thought you were talking about the main guy.

hahah NOPE that dumbass still went to Thomas Jefferson at sticker

[CM612]

this is the scariest article ever. dude from CLS making $33???

For those of you out there who don't read abovethelaw.com, the NY Times recently posted a correction about this article...the guy went to Columbia undergrad (which is where the majority of his student loan debt was incurred) and the University of Florida law school (on full scholarship).

OMG thank you for just making my life less scary. I don't think I've slept since I read that article. I thought the other people were idiots but the Columbia guy scared the bejeezus out of me.

[Gotti]

status checker updated today...
12/1 -> 12/21 -> 1/13....what does this mean??

[maglialoro]

-

[Gotti]

status checker updated today...
12/1 -> 12/21 -> 1/13....what does this mean??

I'd say it means one of three things: your in, your not in, or your waitlisted. I havent been a member on this site for long but what I have noticed is that you can not put much stock in status checkers. There doesnt seem to be a magic formula. My suggestion is to delete the link from your favorites and wait till you get a phone call, email, or mail (I guess easier said than done, even for me).

I wanna be in =(

I heard people got emails after 3 complete dates? I haven't even been UR yet though...

ETA: There is no way I can delete the status checker from my bookmarks lol.

[SemperLegal]

Gotti:

1. Email came before or same time as checker so try to ignore the refresh. (easier said than done)

2. Being from Cali With an econ background and that gpa your golden if you are north of the twenty-five gpa. I have a good source that says fordham is beggig for alumni who chose to leave nyc eventuqlly in order to coujter their regional-only rep.

please excuse typos. New phone

[nematoad]

Gotti:

1. Email came before or same time as checker so try to ignore the refresh. (easier said than done)

2. Being from Cali With an econ background and that gpa your golden if you are north of the twenty-five gpa. I have a good source that says fordham is beggig for alumni who chose to leave nyc eventuqlly in order to coujter their regional-only rep.

please excuse typos. New phone

ahhhh, sooo that's why i got in