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Topics - yiplong

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I just did a rough calculation, by the time I graduate, I will be $60,000 in debt, this is on top of wiping out my current $20,000 saving, bringing the total sticker price to a $80,000.  Of this amount, about $35,000 is on living cost, so total educational spending is around $45,000. (We still need to eat and drive and sleep if we don't go to school, so living cost doesn't count)

My current salary is a sad $40,000, after tax, I get to keep about $30,000 of it.  Assuming 4% raise a year, total lost wage over 3 years is $96,000.

$45,000 + $96,000 = $141,000. (this is without factoring in the interests I will have to pay on my loan). Assume I put this money in a savings account for 30 years, at roughly 3.5% interests, at the end of 30 years, it will become $395,757.91.

Assuming that I will work for 30 years between graduation and retirement, if the JD degree raise my average annual earning by more than $13,000, than it is a good investment in pure economic sense, otherwise, it is a poor investment.

 ;D (just something to think about and laugh at) ;D
please point out errors in this reasoning.

Financial Aid / Just Received by Fin Aid Package
« on: April 08, 2006, 11:52:03 AM »
Total Cost of Attendance at Iowa: $45,000, minus the $13,500 fellowship, the final bill is still a hafty $31,500.   ;D Wow, man, that is more money than I have ever had in my bank account at any time.  I have $10k in unsubsidized loan, and $13k in PLUS(Student) Loan.  Anyone care to explain what is the difference between these two types of loans?  What is the current interests rate? 

Choosing the Right Law School / Bad Employment Rate at Illinois?? Why?
« on: April 06, 2006, 08:04:13 PM »
according to the newest ranking released by US News, only 72% of 3Ls at Illinois graduated with job.  This number is significantly lower than comparably ranked schools, and much lower than Iowa and Minnesota.  While we can explain the higher emp. rate at Minnesota by its superior ranking, it is hard to imagine why Iowa would have 88%, a full 16% higher.  Anyone care to offer their thougts onthis?

Choosing the Right Law School / Iowa vs Illinois for IP Law
« on: March 28, 2006, 12:10:27 PM »
which school is better for IP and International law?

Choosing the Right Law School / Cost of visiting schools
« on: March 23, 2006, 01:23:16 PM »
I calculated my cost of visiting Illinois and Iowas in the coming month as the following:

Air fare = $140
Car rental 2 days = $80 (Chicago has cheap rental cars)
Hotel 1 night = $70
Meals = $50

Total = $350

Still need to add underage driver fee and insurance for car rental.  This is starting is sound expensive.

How much did you spend when you visited your school?

Choosing the Right Law School / Help me choose: Illinois vs Iowa
« on: March 15, 2006, 07:32:53 AM »
I bargained with Illinois and was able to get an increased scholarship. Here are the current stats:

Iowa: 13.5k/year unconditional, with possible 2L/3L in state tuition if I do research assistantship.

Illinois: 18k/year with minimum 2.0 GPA.

Where should I go, which school offers better careeer prospect in NYC? in Chicago or elsewhere?  Please help me decide. 

Financial Aid / Income Tax Return
« on: March 13, 2006, 07:05:15 PM »
I filed my NY State income tax, my refund calculated by TaxCut 2005 is $195, but my total tax withheld is like $50.  How is it possible that I got back from the government more than I paid?

Choosing the Right Law School / Interpreting School's Award Letter
« on: March 10, 2006, 07:03:56 PM »
On Iowa's award letter, they said this:

The Law Opportunity Fellowship provides full resident tuition for three years and the opportunity to hold a research-assistant position for the second and third years.

Does this suggest this award is guaranteed for three years with no string attached?  Does it also suggest that the research assistantship is also guaranteed?  I wanted to call the school and ask, but never got the chance as I am working all the time, and if my boss caught me discussing financial aid with a law school, he will probably get very, very mad. 

I am working at a NYC financial firm, so far no one at my company knows about my secret commitment to a career in law.  Once or twice a co-work came by and saw that I was browsing stuff related to law.  One time, I was seen browsing Duke Law School’s website, another, reading an essay about ‘case brief’. 
I don’t plan to tell my company about my decision until about 3 week before start of fall semester, when I will give my two weeks notice.  I know this will put them into difficult situation trying to find another man to take care of the servers, but I am afraid if I tell them now, they will get a new man, have me train him up and laid me off. When do you plan to let your boss know that you are quitting? Isn’t it a good idea to try to get fired though? So we can collect unemployment in LS for 6 months?

Choosing the Right Law School / Cooley Faculty Quality
« on: March 08, 2006, 11:26:02 AM »
I went to Cooley's website and looked through the profile of each Cooley professors.  The faculty is made up largely of Cooley graduates (estimate 60%), with U-Michigan the next most significant contributor (estimate 10%).  Two professors are from Harvard, with few exceptions, the rest are from 3rd tier or 4th tier schools. 
I know that we cannot judge a lawyer’s academic capacity solely on where they went to school.  If the Cooley professors are those who gave up higher ranked options for financial or other reasons, it is reasonable to expect large portion of them to have graduated with distinction from their law schools.  But the fact is that few of them graduated with any kind of honor (some cum laude, but not much). 
Cooley must be a horrible place to learn law.  Imagine being taught law by those who are mediocre at it.
According to some website, professors at Cooley make from 85k to 120k.  It must be really sweet for a Cooley graduate to make that kind of money.  So how hard is it to get a teaching position at Cooley?  Isn’t this a really lucrative job?

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