- PowerScore Staff
- Posts: 9010
- Joined: Feb 02, 2011
- Sat Apr 22, 2017 8:52 am
#34283
What follows is the transcript of a conversation between a student, Breanne, and one of our Admissions gurus, Dave, regarding Breanne's law school choice.
Breanne: "Hi Dave, I was offered a full-ride by The University of Minnesota Law School. However, I was also accepted at the University of Chicago Law School. The University of Chicago has offered me a scholarship of $10,000.00 per year, I have requested a scholarship review in hopes of having more assistance.
I am from the Twin Cities Area and up until I attended the Admitted Students Weekend at UChicago I was very confident that I would attend the U of M. However, after visiting UChicago I can't help but feel I would be missing out on a huge opportunity if I decide not to attend.
As of now, I am interested in pursing a career in public interest, particularly in the field of education law/educational policy. One reason UChicago stands out is the location in Chicago, I would like to pursue an internship at the U.S. Department of Education, Office of Civil Rights, which has a field office in Chicago. Additionally, UChicago offers a generous summer funding program for public interest positions and a great LRAP.
However, I know that I could change my mind after starting school and learning about different opportunities. I feel that UChicago offers the most flexibility and opportunity for being unsure about career choice as it is a nationally known school.
All that being said graduating with $250K in debt is a bit hard to contemplate. I know that the U of M is also a great school and the opportunity to graduate almost debt free is very attractive. But almost everyone I have spoken to has expressed that I should go to UChicago, that the price is worth it in terms of opportunities as a student and future career choices.
I would appreciate any general thoughts/opinions you may have on my situation! Thanks so much!"
Dave Killoran: "Thanks for the message! This is a tough one too. In this case you have a Top 25 law school in Minnesota that looks to be near free for you vs a Top 5 law school in Chicago, which has national and international recognition. I find decisions of this sort (good vs great) to be a real challenge, mainly because I know that if I were in your shoes I'd be facing the exact same mental arguments, and perhaps one even closer to you than you think since my whole family is from Minnesota and I graduated high school from the area (Minnesota represent!
So, in this case, I feel like I understand all the non-personal factors in play very well but even with all that knowledge, I don't have a clear answer for you.
So, let's reduce this down to what it really is: you're paying $250K to go to a higher-ranked school. That's pretty much the simple trade here, and it's basically as if someone walked into your living room and said give me a check and instead of Minnesota you can go to UChicago. When I put it that way to you, does it change your outlook in any way? Do you suddenly think that maybe that's a mistake? Or do you think to yourself that that sounds like a good deal, and it's one you'd make every day of the week? How you respond there can tell you which way you are leaning so listen closely to your gut reaction.
The other thing to do is to go look at exactly what $250K in debt looks like in monthly payments. Check out these two sites:
Michigan Law Debt Wiz Calculator: https://www.law.umich.edu/financialaid/ ... lator.aspx
Washington Post Student Loan Debt Calculator: http://www.washingtonpost.com/wp-srv/sp ... alculator/
That will help give you a sense of whether this is a good decision for you. Obviously, Chicago gives you opportunities that you don't see at a lot of schools, even Minnesota. But it's a trade of opportunities for cash. For many students that works out well, but not for everyone so examine the options closely.
Last, when other people see a high-level door open to someone else, the natural tendency is to tell that person to take the opportunity. Years ago, this wouldn't have even been a conversation. But since the economic meltdown and the subsequent difficulties in the legal profession, this is not longer a slam-dunk yes to Chicago. So, that's my way of saying that you should devalue what your friends say. Look at the facts instead as much as you can:)
Please let me know what you think, and definitely let me know what you decide! Thanks and good luck!"
Breanne: "Hi Dave, I was offered a full-ride by The University of Minnesota Law School. However, I was also accepted at the University of Chicago Law School. The University of Chicago has offered me a scholarship of $10,000.00 per year, I have requested a scholarship review in hopes of having more assistance.
I am from the Twin Cities Area and up until I attended the Admitted Students Weekend at UChicago I was very confident that I would attend the U of M. However, after visiting UChicago I can't help but feel I would be missing out on a huge opportunity if I decide not to attend.
As of now, I am interested in pursing a career in public interest, particularly in the field of education law/educational policy. One reason UChicago stands out is the location in Chicago, I would like to pursue an internship at the U.S. Department of Education, Office of Civil Rights, which has a field office in Chicago. Additionally, UChicago offers a generous summer funding program for public interest positions and a great LRAP.
However, I know that I could change my mind after starting school and learning about different opportunities. I feel that UChicago offers the most flexibility and opportunity for being unsure about career choice as it is a nationally known school.
All that being said graduating with $250K in debt is a bit hard to contemplate. I know that the U of M is also a great school and the opportunity to graduate almost debt free is very attractive. But almost everyone I have spoken to has expressed that I should go to UChicago, that the price is worth it in terms of opportunities as a student and future career choices.
I would appreciate any general thoughts/opinions you may have on my situation! Thanks so much!"
Dave Killoran: "Thanks for the message! This is a tough one too. In this case you have a Top 25 law school in Minnesota that looks to be near free for you vs a Top 5 law school in Chicago, which has national and international recognition. I find decisions of this sort (good vs great) to be a real challenge, mainly because I know that if I were in your shoes I'd be facing the exact same mental arguments, and perhaps one even closer to you than you think since my whole family is from Minnesota and I graduated high school from the area (Minnesota represent!
So, in this case, I feel like I understand all the non-personal factors in play very well but even with all that knowledge, I don't have a clear answer for you.So, let's reduce this down to what it really is: you're paying $250K to go to a higher-ranked school. That's pretty much the simple trade here, and it's basically as if someone walked into your living room and said give me a check and instead of Minnesota you can go to UChicago. When I put it that way to you, does it change your outlook in any way? Do you suddenly think that maybe that's a mistake? Or do you think to yourself that that sounds like a good deal, and it's one you'd make every day of the week? How you respond there can tell you which way you are leaning so listen closely to your gut reaction.
The other thing to do is to go look at exactly what $250K in debt looks like in monthly payments. Check out these two sites:
Michigan Law Debt Wiz Calculator: https://www.law.umich.edu/financialaid/ ... lator.aspx
Washington Post Student Loan Debt Calculator: http://www.washingtonpost.com/wp-srv/sp ... alculator/
That will help give you a sense of whether this is a good decision for you. Obviously, Chicago gives you opportunities that you don't see at a lot of schools, even Minnesota. But it's a trade of opportunities for cash. For many students that works out well, but not for everyone so examine the options closely.
Last, when other people see a high-level door open to someone else, the natural tendency is to tell that person to take the opportunity. Years ago, this wouldn't have even been a conversation. But since the economic meltdown and the subsequent difficulties in the legal profession, this is not longer a slam-dunk yes to Chicago. So, that's my way of saying that you should devalue what your friends say. Look at the facts instead as much as you can:)
Please let me know what you think, and definitely let me know what you decide! Thanks and good luck!"