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Author Topic: Top 20 or full scholarship?  (Read 7777 times)

1Laspirant

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Re: Top 20 or full scholarship?
« Reply #60 on: February 22, 2006, 12:35:03 PM »
What's LRAP?

If you go into a public interest/government job, your school will probably have LRAP that will help you pay off your loans.
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divotjr

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Re: Top 20 or full scholarship?
« Reply #61 on: February 22, 2006, 12:40:16 PM »
What's LRAP?

If you go into a public interest/government job, your school will probably have LRAP that will help you pay off your loans.

Loan Repayment Assistance Program.... intended to create the incentive to do public interest work. Will pay off a portion of your loans as long as you are working in public interest/government
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divotjr

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Re: Top 20 or full scholarship?
« Reply #62 on: February 22, 2006, 12:42:56 PM »
okay, i didnt read through this entire thread so this may have been said already. If so, i am sorry. Anyway, my opinion is that if you are sure you want to practice in a certain (geographic) region then it is not nearly as important to attend the "better" school (as long as you do well at the lower ranked school). I am close friends with a judge (in Ohio) and a few lawyers at Jones Day (cleveland) who all went to a T3 school. However, that T3 was in Northeast Ohio and was well respected in the area. I have asked them this same question and they all agree that ranking is well over rated as long as you are near the top of your class(those are the words of a managing partner at Jones Day).

thats a pretty big if though.  sort of like 'you will get into a t14 as long as you have a 3.0 and break 170 on the lsat.'  the majority of people who try to be in the top 5% of anything like this will not. 

I understand what you are saying, but i am just trying to get the point across that you dont have to go to a 1st tier school to get the job you want. I think this board (not everyone) is obsessed with rankings, and that bothers me.
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Stephon Devante

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Re: Top 20 or full scholarship?
« Reply #63 on: February 22, 2006, 01:02:06 PM »
I think this board (not everyone) is obsessed with rankings, and that bothers me.

I don't think it's the rankings, specifically...but more so, trying to determine the correlation between ranking and starting salary. At least for me, that is my challenge...
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Purgatorio: Duke (WL), Northwestern (WL)
Inferno: Texas, Michigan, Penn, Cornell, Virginia


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divotjr

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Re: Top 20 or full scholarship?
« Reply #64 on: February 22, 2006, 01:20:39 PM »
I think this board (not everyone) is obsessed with rankings, and that bothers me.

I don't think it's the rankings, specifically...but more so, trying to determine the correlation between ranking and starting salary. At least for me, that is my challenge...

after checking out your LSN, i am assuming you want to do corporate or business law. Do you know where you want to practice? I think the answer to that question is very important in deciding where to go. As im sure you know, some degress travel better than others.
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JamesD

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Re: Top 20 or full scholarship?
« Reply #65 on: February 22, 2006, 02:44:21 PM »
My understanding is as follows: All income is taxable.  You are eligible for the following:

1) Deduction of student loan interest payment - up to $2500 per year - over the lifetime of the loan.  This is a deduction.  It will be used to lower your total taxable income.

2) Lifetime Learning Credit - You will be eligible for this ONLY during those years when you are actually attending law school.  This is a credit.  It will impact your refund.  IE, if you owe the IRS $500, but then factor in an LLC of $2000 (maximum), you would be entitled to a $1500 refund.  This is a credit as opposed to a deduction.

BigRig

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Re: Top 20 or full scholarship?
« Reply #66 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.
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winstonsmith

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Re: Top 20 or full scholarship?
« Reply #67 on: February 22, 2006, 03:07:04 PM »
My understanding is as follows: All income is taxable.  You are eligible for the following:

1) Deduction of student loan interest payment - up to $2500 per year - over the lifetime of the loan.  This is a deduction.  It will be used to lower your total taxable income.

2) Lifetime Learning Credit - You will be eligible for this ONLY during those years when you are actually attending law school.  This is a credit.  It will impact your refund.  IE, if you owe the IRS $500, but then factor in an LLC of $2000 (maximum), you would be entitled to a $1500 refund.  This is a credit as opposed to a deduction.


This is mostly correct however you can only deduct student loan interest payments if you earn less than a certain amount ($125,000 for married filing jointly I think).

Also you can only take the lifetime learning credit for any tax you actually owe. Therefore if you owe $500 but qualify for a $2000 credit your credit is essentially only worth $500, you dont get the $1500 back.

lsatflunkie

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Re: Top 20 or full scholarship?
« Reply #68 on: February 22, 2006, 07:51:38 PM »
My understanding is as follows: All income is taxable.  You are eligible for the following:

1) Deduction of student loan interest payment - up to $2500 per year - over the lifetime of the loan.  This is a deduction.  It will be used to lower your total taxable income.

2) Lifetime Learning Credit - You will be eligible for this ONLY during those years when you are actually attending law school.  This is a credit.  It will impact your refund.  IE, if you owe the IRS $500, but then factor in an LLC of $2000 (maximum), you would be entitled to a $1500 refund.  This is a credit as opposed to a deduction.


This is mostly correct however you can only deduct student loan interest payments if you earn less than a certain amount ($125,000 for married filing jointly I think).

Also you can only take the lifetime learning credit for any tax you actually owe. Therefore if you owe $500 but qualify for a $2000 credit your credit is essentially only worth $500, you dont get the $1500 back.


Yes, the loan interest payments are deductible--- for those who earn less than 130k if filing married jointly. (125k is close enough lol)

Stephon Devante

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Re: Top 20 or full scholarship?
« Reply #69 on: February 22, 2006, 07:54:59 PM »
after checking out your LSN, i am assuming you want to do corporate or business law. Do you know where you want to practice? I think the answer to that question is very important in deciding where to go. As im sure you know, some degress travel better than others.

Well I really like Vandy's Law & Business program...and I wouldn't mind doing some kind of corporate/business law for a year or so to make some big $$$ fast and pay off loans.

However, within a few years of school, I would like to be doing financial planning, investment banking, securities law for a mutual fund company.... basically something to do with investing. Also like to do child advocacy on the side... I basically want the ability to work decent hours as well. Lol.

Paradiso: Vanderbilt ($$), UNC ($$), Wake Forest ($$$$), William & Mary ($$)
Purgatorio: Duke (WL), Northwestern (WL)
Inferno: Texas, Michigan, Penn, Cornell, Virginia


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