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Author Topic: Defer and save $ or just go?  (Read 930 times)

Blanche Dubois

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Defer and save $ or just go?
« on: April 26, 2005, 11:49:28 PM »
I'm almost sure that I'm heading to NYU but I'm debating whether to defer for a year or just go. If I defer, I can put away  about 10-15k (along with another year of pension), but I'm wondering whether that really will matter in the long run (especially as tuition hikes may offset some of that savings). Also, at NYU, if you defer you can reapply for scholarships, which I would do as well, since they gave me zilch. Any advice?

trayd79

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Re: Defer and save $ or just go?
« Reply #1 on: April 27, 2005, 03:53:16 PM »
I would go, its a great school in a magnificent city, why hold off?  Who knows what may happen in a year.  I'm jealous, what an awesome opportunity, good luck to you!

jonstern

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Re: Defer and save $ or just go?
« Reply #2 on: April 27, 2005, 06:10:22 PM »
Actually, I was in your boat last year. (and wish now that I had looked for this forum) I deferred NYU, and worked for a year, in NYC. You are right that the tuition/cost of living increases do kind of negate the savings difference, over three years. However, I would have been coming in to NYU just out of undergrad, and am glad to have had the time to think about things other than school, get a couple of good references (from a law firm- I paralegaled) get some experience with what a firm is actually like, etc. I definitely feel better prepared, so it was helpful. If you've already been out for a year or more, that might not apply to you. Oh, scholarship stuff was no different for me. over the two years.

michaelduke

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Re: Defer and save $ or just go?
« Reply #3 on: April 27, 2005, 06:13:08 PM »
I'm almost sure that I'm heading to NYU but I'm debating whether to defer for a year or just go. If I defer, I can put away  about 10-15k (along with another year of pension), but I'm wondering whether that really will matter in the long run (especially as tuition hikes may offset some of that savings). Also, at NYU, if you defer you can reapply for scholarships, which I would do as well, since they gave me zilch. Any advice?

If you want the experience outside of an academic setting, go for it.

Unless you are an I-banker, you are probably not going to make enough in one year to make NYU much more affordable.  And remember you are also delaying your earning those Biglaw checks. 

Blanche Dubois

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Re: Defer and save $ or just go?
« Reply #4 on: April 27, 2005, 07:05:16 PM »
Actually, I was in your boat last year. (and wish now that I had looked for this forum) I deferred NYU, and worked for a year, in NYC. You are right that the tuition/cost of living increases do kind of negate the savings difference, over three years. However, I would have been coming in to NYU just out of undergrad, and am glad to have had the time to think about things other than school, get a couple of good references (from a law firm- I paralegaled) get some experience with what a firm is actually like, etc. I definitely feel better prepared, so it was helpful. If you've already been out for a year or more, that might not apply to you. Oh, scholarship stuff was no different for me. over the two years.

Yeah, my problem is the opposite... I'm a second-career person, so I'm debating the relative merits of waiting another year and coming in with a little more $ or just going.

So, when you reapplied for financial aid, they still didn't give you scholarship $?

jonstern

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Re: Defer and save $ or just go?
« Reply #5 on: April 27, 2005, 07:34:27 PM »
Yeah, no money in either case

if you want to go to a firm, it sounds like deferring only makes financial sense if you make a comprable salary to what a firm makes right now, or  you expect to make a killing on your 401k in the next three years

On the other hand, if you want to do public law or academia, deferring a year might be helpful, although rising cost of living (and possibly interest rates) are something to consider.

Blanche Dubois

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Re: Defer and save $ or just go?
« Reply #6 on: April 27, 2005, 11:43:44 PM »
Yeah, no money in either case

if you want to go to a firm, it sounds like deferring only makes financial sense if you make a comprable salary to what a firm makes right now, or  you expect to make a killing on your 401k in the next three years

On the other hand, if you want to do public law or academia, deferring a year might be helpful, although rising cost of living (and possibly interest rates) are something to consider.

Do you mind if I ask what your numbers were? My sense is that a lot of people with good numbers didn't get anything, so I'm loathe to risk disappointment again (my numbers were good enough to get in, but won't blow anyone away).


jonstern

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Re: Defer and save $ or just go?
« Reply #7 on: April 28, 2005, 12:33:04 AM »
Sure. My numbers were 3.42/180.

I get the same sense as you regarding people with good numbers getting nothing. I knew people who got money from schools as good as Chicago, and nothing from NYU. It is probably in part because a majority of their financial aid money goes to LRAP.

Blanche Dubois

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Re: Defer and save $ or just go?
« Reply #8 on: April 28, 2005, 12:46:37 AM »
Sure. My numbers were 3.42/180.

I get the same sense as you regarding people with good numbers getting nothing. I knew people who got money from schools as good as Chicago, and nothing from NYU. It is probably in part because a majority of their financial aid money goes to LRAP.

Wow, I'm surprised that with a 180 they didn't give you anything. I suspect you're right about the LRAP, which is great if you do public interest. By the way, how hard was it to get a paralegal job at a firm?

jonstern

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Re: Defer and save $ or just go?
« Reply #9 on: April 28, 2005, 01:52:06 AM »
Not that bad. It took me about a month and I was handicapped by the fact that I knew I was headed to NYU in a year and wasn't going to conceal it. Also, I only started looking at the end of the summer (having made my decision to defer a bit late.) I'd say that if you send resumes to the big firms at the beginning of summer it should be pretty easy. That's when most of the biggest firms in New York hire. Mine is large-ish and hires in a more ad-hoc way, as availabilities open up. The large firms hire, to a lesser degree, as availabilities open up as well.