3/31/09 - Creighton is a decent school and is located in Omaha, NE which I would argue is a very underrated venue. Even with the scholarship offer I just could not see myself paying the tuition for a school which is not as good as the University of Nebraska-Lincoln (UNL) where I would receive in-state tuition.
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4/1/09 - After reviewing my financial aid package from Univ. of Miami FL, I have become rather pessimistic about law school. My financial aid package had $40,000 in Grad PLUS loans per year at an unsubsidized interest rate of 8.5%. Because these loans are not subsidized, they accrue interest during the time I am in school. This would likely leave me with a debt much greater than $120,000 (of course this doesn't include the subsidized and unsubsidized Stafford loans which would push things up to over $180,000). Add on interest and I would be financially ruined for life. With the economy in the mess it is in now, I don't know if it will have recovered by the time I graduate to allow me even the slightest chance of repaying those loans.
On a Standard term with the Grad PLUS loans I would be making monthly payments of about $1,500 and paying nearly $60,000 in interest. With an Extended repayment plan I would be paying approximately $970 a month, but end up paying $170,000 in interest (No - this is not a misprint).
The Stafford loans included would push my monthly payment over $2,000 (under the Standard term) and tack on another $13,000 in interest. Under an Extended term the interest balloons to almost $40,000 with a monthly payment of $1,300.
Total cost of a legal education at the University of Miami under a standard repayment plan: $254,000. Under an extended repayment plan it is $388,000.
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Note: A recent New York Times article detailed the impact of the recession on law firms.
"The downturn will probably rein in salaries at the high end. Top firms are already under pressure to lower the $160,000 starting salary; one industry-watcher says it could fall as low as $100,000. And fewer firms will feel the need to pay the top salary."
While $100,000 seems like a great salary, after taxes and loan debt that salary could see a take home pay of only $30,000-40,000. Keep in mind that this is for "top firms."
http://www.nytimes.com/2009/04/02/opinion/02thu4.html
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4/9/09 - I recently received a couple of rejections from Illinois and Colorado. The Colorado rejection was not surprising considering that I admittedly did not have a strong personal statement then. Unfortunately, I was rather outgunned for Illinois, but with the fee waiver it was worth a shot. Being down to three schools leads me to wonder my options in the event that I fail to get into any school.
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4/24/09 - Rejected at Ohio State and accepted at UNL. The cost of a legal education at UNL for three years is around $60,000 (including personal expenses, tuition, room and board). Unfortunately, the acceptance packet from UNL seemed rather perfunctory and gives the impression that the school does not care whether I enroll or not. I received my bachelors degree from UNL and know that the school is better than that. As much as I like UNL, they are not giving me much reason to enroll. I have The University of Iowa College of Law still to go and I am very high on them (despite the cost).
I also received an email from UNL Assistant Dean Sarah Gloden on April 23rd, 2009 which stated that,
"If you follow the U.S. News and World Reports rankings, you might have noticed that the most recent ranking places the University of Nebraska College of Law much lower than it has been in recent years. Before I go any further, I want to alert you to the fact that this ranking is wrong and was based on incorrect data used by U.S. News."
What is going on here?
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Special note: As I was reading Brian Leiter's post that called attention to how law schools are gaming the U.S. News rankings, I couldn't help but think of the University of Minnesota Law School this year (have a small first year class size, send fee waivers/solicitations to students who have no chance of getting in). Leiter's post should be required reading for anyone interested in law school.
http://leiterlawschool.typepad.com/leiter/2008/11/an-open-lette-1.html
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7/22/09 - Going to the University of Nebraska College of Law. In state tuition is about $30,000 less than my other options. I should have residency in California by next year so with a lot of hard work and a little luck, I may be able to transfer (California's government and economy is such a mess right now though it would still be a difficult decision). I am looking forward to putting some work in.
Wow...when you put it like that, it does sound terrifying. Take a few years off, work, do something else and come back to the idea of law school once the economy has "recovered". This might make you a more appealing applicant in the future and you might score higher on the LSAT the second time around. I work at a top law firm, and I just witnessed 4 Harvards, 6 Stanfords, a few UVA and UPenns let go in my office alone (not counting our other offices around the country)...if these attorneys are being laid off...there's little hope for the rest of us. Think about it. Good luck, let me know what you end up doing in the end!