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Messages - cwhelan

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Black Law Students / Re: How dead is this place?
« on: June 01, 2010, 08:29:41 PM »
so where did everyone go?

Incoming 1Ls / Re: LOANS: Your debt load? Normal debt load?
« on: June 01, 2010, 05:17:55 PM »

Yeah, I know. The funny thing is I know but then it still somehow sticks out to me usually. Maybe I should be a preschool teacher instead? Then I can make sure everyone is super nice all the time.. ahhh.. anyway thanks for the great advice.

Incoming 1Ls / Re: LOANS: Your debt load? Normal debt load?
« on: June 01, 2010, 08:55:04 AM »

I understood, by the way, from reading about loans, that only the subsidized Stafford loans have no accruing interest. At least that was the only one in which that was explicitly stated. But I am uncomfortable with finances and even though the natural assumption I made was that PLUS and the other kind of Stafford did have accruing interest, I hesitate to trust my own conclusion until someone explicitly states in a positive sentence, yes they do or do not come with accruing interest. So thanks for making explicit.
I feel like I have to get used to talking like a lawyer. I know that you're not trying to make this conversation an 'argument' but to me it comes off like that "Uh, isnt that the difference..." because it's not my style of speaking/writing.

Incoming 1Ls / Re: LOANS: Your debt load? Normal debt load?
« on: June 01, 2010, 08:50:11 AM »

Well, I didnt know the answer to that question. Now I do. Thanks. Given that interest will build as soon as I take it out, I've changed my plan. I will be throwing all the weight of my personal savings (besides a little set aside, I don't believe in $0 in my bank account as a good idea) at the first year. See how much it costs me. Get loans accordingly the following years.

Incoming 1Ls / Re: LOANS: Your debt load? Normal debt load?
« on: May 31, 2010, 11:25:37 PM »
Numitor this sounds like what I will do for the first year. Take out what makes me feel like I dont need to worry about being broke, and then if I wind up not spending it all 1) make sure to consider it surplus and not act like "oh wow, free money to play with" 2) use it for legit expenses the following year and take out way less loans the following year.

and if what you say is true that the loans (i anticipate them all to be stafford or gradplus) dont accrue interest while im in school, there's no cost to me for getting too much money loaned out 1 year sooner, whereas if there was interest accruing i would have that cost of paying interest on money i didnt really need out yet.

anyway, sounds good.

Also the getting roommates and living in Brooklyn will have to wait for 2L because I'm living oncampus the first year... and I hear those Williamsburg poorly fitting pants-wearers have driven up rents quite a bit.. might have to get myself to Queens..

The car is, which I thought I said but maybe I didnt, NOT for NYC... It's basically the issue of I may be home for month long period in winter, 3 months in summer (depending on where/if I work) where if I dont have a car I basicall cannot move. I'm from a pretty not well-connected area. I would ditch it if I was confident that I would be remaining in NYC almost entirely for years to come but I'm not sure yet.
It is pretty shocking to separate out for me that basically I'm budgeting over 40 a year in personal expenses. I think I'm just nervous about what NYU's budget was, not trusting it included much at all, so aside from food and sleep I assumed it included no room in it for anything else like personal expenses. I guess I should revisit what I should consider 'already covered' by room and board expenses themselves. And then also it just sounds like I have a lot of cutting to do in lifestyle.
Honestly, however, it will be hard for me. I have a real managerial mother type approach where I'm convinced that all the uncontrollable expenses I could possible occur will ALL occur, EVERY year.
I imagine that my real pattern is that I will go in the first year 'overloaned', find out I didnt need as much $$ as I got, and then really tighten up loans the second and third year. But for my psychological health I'd rather do it that way then go in fearing I will have no money and have to beg to pay some unexpected bill. 

Incoming 1Ls / LOANS: Your debt load? Normal debt load?
« on: May 31, 2010, 11:07:04 AM »

I anticipate being 175k in the hole, which is right within what my school cover under its LRAP. But just because the school allows it doesnt always mean its a good idea.. is that a normal amount? How about you?


Hi, I'm a few months away from being a 1L at NYU. Get to the top of the story, my budget looks like I'll come out of this with 175k of debt. Is that a reasonable amount of debt to carry for earning an NYU degree? I want the facts, not just that its a great school or whatever. What do YOU think you'll be carrying in loans? How do you feel about that?


Long story..
My mother and I have created a budget for me. The school sets out ~77k as the basic amount of tuition/books/housing/food. However I have other expenses (I understand some could be cut should I really need to make cuts)....we are unsure if we should get rid of my car, although we can insure it for 70% less if I have it parked for a few months at a time. My twin is in graduate school in another state and I live 5 hours away from my actual home.. add money for that.. add at least 1800 for a professional wardrobe (spread over 3 years)... money each year for other clothes.. cell phone bills, the times i break *&^% unnecessarily, and the cost of a several nights out a month with a few drinks at a bar, and the amount I think I'm looking at spending sounds like ...90k a year in expenses. I have an expected contribution but of course I can borrow past that without having to ask for a budget readjustment from NYU's part. So no hassle there. I can just borrow if I want.
I anticipate contributing about 45,000 and my mother 50,000 to this whole experience, leaving me with.. yeah, 175k in loans....

So, I am interested in public interest, and at NYU the LRAP will pay back only a certain amount of money, whatever is required besides stafford loan and your expected contribution to meet their bare bones budget... Amazingly enough, this number works out so that I can borrow about 60k a year over the three years without going beyond what LRAP will cover. With my expected costs beyond my mother's and I's contributions (175 - 3(60))= -5 ... I actually stay just within LRAP's allowable debt burden. So it does seem to me that NYU considers this reasonable.

My fear is that, while it is allowable to have this much debt, many other students will actually carry much less debt. Also, I never think budgets work too well, I'm not a big believe in statistics and accounting's purity... for example my budget includes NO income from myself, just savings, because I have no idea if I'll get a summer job that makes money. So I guess some stuff just will have to play out....

Any advice would be great..

"In all technicality, I was a landscaper long before receiving a paycheck"  "I was a landscaper long before I received my first paycheck.

Im not sure its a good idea to use toddler-time interests as backups for your particular path. Its just a little "IVE ALWAYSS WANTED TO BE A ... " type essay. I would lessen the detail on your early years and expand more meaningful coverage of later things.

I began studying psychology eventually leading me to neuroscience

 not sure this is grammatical, neads a pause in thought, like .."I began studying psychology, eventually sharpening my focus towards neuroscience"

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