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Messages - BigRig

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I don't know if it's that bad but it certainly is a very serious consideration. You can go to the following link and play around with what you expect to borrow.

If you're going to borrow I am sure it will be because you'll want to attend an elite school, which could run you near $120,000 over three years = $1380+/mo. over 10 years or $780+ over 30.  Either way, these are sizable payments and will be a part of your life for some time. Even if you land a top job, most are in markets with an extremely high cost of leaving and these loans will not be easy to pay down (don't forget a lot of those $100,000+ salaries goes to taxes).

I do not know your position, but if you're coming straight from undergrad and haven't managed a budget, debt, etc. I would be cautious.  If, however, you are more experienced managin finances and are fortunate to have a lot of money saved, a trust fund, or other investment/asset that is bearing interest I wouldn't be as worried.

Where should I go next fall? / Re: Screw it...I'm going Tier 3...
« on: March 16, 2006, 06:33:07 PM »
Agreed, good decision.  I am leaning toward a similar decision myself.  While I love Villanova I don't believe I can justify the $100,000 in debt over a full scholarship at Toledo.  I mean, if it were T14 it might be a different story, but it's not.  There are only a set of jobs that will allow one to carry that type of debt and frankly, those are not for me.  I've watched my sister kill herself at a tier 1 lschool and take on a ton of debt which got her a $150,000 (w/bonus) job in NYC and she's getting nowhere except closer to insanity. The Midwest is a better place than most give it credit and if you're in the top of your class, blessed with any set of social skills, and make a good faith effort to network you'll find solid employment in most markets. All the while having freedom, flexibility, and arguably the ability to build wealth more quickly. Congrats!

Reviews, Visits, and Rankings / Re: Multiple LSATs for Admissions
« on: March 16, 2006, 05:26:03 PM »
As I understand it the US News rankings adhere to the same principle as the ABA = a straight average, no matter the degree of improvement, which makes sense because the new April 1 rankings follow the recently released ABA data. I do not believe they'd transform these data in any way, they are purely inputs. 

Additionally, it has been my experience that a school will deny a candidate based on these numbers alone. I myself had a 12-point jump the second time around, a reasonable explanation, attended a top undergrad institution while taking a broad and range of challenging courses, and have significant and meaningful research and work experience. Thus far, however, I have found no luck with these schools placing more weight on the second score.  It definitely is a numbers game to these schools, which most certainly is a consequence of rankings.  The only truly subjective measure that will change that is, of course, minority status.

I would think you're a lock at MSU, however, at best I think you'll receive a waitlist at Pitt and Richmond.  I hate being pessimistic, but unless you are a URM your numbers won't add much to the school's group they are trying to assemble on paper.  Also, a waitlist/rejection seems to be the corollary of a response this late in the game.

Denials / Re: Florida State University
« on: March 15, 2006, 01:21:40 PM »
I haven't heard anything either.  I went complete late Jan. and am told that my app has yet to go to Committee, which I find hard to believe. I thought I'd be a competitive applicant with a 3.3/161 from Emory.  I am not sure what to expect, but I am not too optimistic considering the decisions I've been receiving this late in the game. Keep me updated.  What are your numbers?

Acceptances / Re: Top 20 or full scholarship?
« on: February 22, 2006, 03:04:12 PM »
your understanding regarding taxable income, student loan interest deductions, and lifetime learning credit are correct to my knowledge -- although I not sure about the $2,500 cap.

Acceptances / Re: In at Michigan State
« on: February 22, 2006, 02:49:50 PM »
I have been accepted also, but will not consider unless I get a scholarship (I got a full ride at Toledo which happens to be my hometown).  According to other posts, these MSU award letters were mialed out ~Feb.16.  How seriously are you considering it?  I like the joint-degree option with University of Ottawa and the fact that it is associated with a Big Ten school; this can only help rankings, resources, and alumni contacts going forward.
I am still waiting to hear from quite a few schools, but look forward to hearing from those interested in, or will be, attending MSU.

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