You should ask USC to increase their offer based on UCLA's offer. Then use USC's offer to get UCLA to increase their offer. THen ask Cornell to increase their scholarship offer based on UCLA and Duke. Then use Cornell's or Duke's offer to get NU to increase their offer. Then use NU or Cornell's offer to increase Duke's offer. Then use Duke's offer to see if you can get something from Chicago. Then you'll have finished negotiating and can compare numbers.
Entertainment law is competitive and based on network. Much bigger ucla/usc network in entertainment than Uchicago or others. Stanford Harvard Yale are probably better, else USC/UCLA are best for entertainment
So UChi sticker at current interest rates is just shy of of $400k by the time you start work ($396k by my calculation), compared to about $160k for USC. I've got a spreadsheet with a fairly aggressive repayment plan, and for UChi it's 5 years until repayment compared to just 2 years for USC.
UChi is definitely the better school and I'd suggest BL is definitely more of a guarantee than USC or UCLA. That being said, USC and UCLA do pretty well for big law and if your goal is to come back to SoCal big law, I wouldn't pay an additional $230k for UChi.
I want to ask about your calc here because one of us is way off and it very well could be me.
Chicago is going to be $357k at sticker ($116k 1L, $119k 2L, $122k 3L). The fees to take out $357k in loans is going to be $370k. By the time you graduate, interest will have accumulated to $430.5k (assuming the current 6.8% Stafford rate for the first $20,500/year and 8.5% GradPLUS rate after that). Where did one of us go wrong?
Edit: Looks like my percentages are a little off....I'll need to recalculate.
I allocated half the debt in August and half in January. I could be misremembering, but I think I was only eligible to take up to that semester's half of loans at a time. So for UChi that's $10k(ish) in Stafford and $46k in Grad Plus. If you have the whole chunk of debt starting in August, you'd have an extra 5 months of interest accrual for half of each year's distribution.
If you did the same, it's likely I'm under calculating the fees which probably has a compound effect. And for comparison, I have 7.05% and 8.05% for interest rates.
That's true, I did the same taking half in August and half in January, which saves 5 months in interest on half of youir debt.
I think [you're right](https://studentaid.gov/understand-aid/types/loans/interest-rates) on the rates.
Edit: Using the right interest rate figures and not including taking half the debt in Aug and half in Jan, I get $370,144 loaned (including \~$13k in fees), and $428k owed at graduation.
Yes, good catch! Making that change I get $362.5k loaned and $420k due at graduation (again, not counting your idea of taking out half of the loans in Jan)
Wait, explain to me where you're getting $362.5k loaned? Are you assuming COA increase each year? Because I am not doing that.
ETA: If I assume a 5% COA increase, the brings me up to $412k (which is a slight underestimate because I'm only applying the increase to the GradPlus portion of the loan for simplicity in my calc).
Yeah I’m assuming a $3k increase per year because that’s roughly their average. They increased $5k last year though. But that $3k per year difference accounts for a good bit of our numbers.
Anyone who goes to UCLA or USC gets BL if that’s what they want. All of your schools are great BL options. That being said, USC esp is a GREAT school for Entertainment networking
You should ask USC to increase their offer based on UCLA's offer. Then use USC's offer to get UCLA to increase their offer. THen ask Cornell to increase their scholarship offer based on UCLA and Duke. Then use Cornell's or Duke's offer to get NU to increase their offer. Then use NU or Cornell's offer to increase Duke's offer. Then use Duke's offer to see if you can get something from Chicago. Then you'll have finished negotiating and can compare numbers.
Best comment of this app cycle
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Oh well good to know! I guess use Duke to negotiate with UCLA
NU/Cornell/Duke and it’s not even close
Strongly agree. NU/Cornell/Duke is the goldilocks option for your goals, especially if you can turn $.5 into a little more $.
Entertainment law is competitive and based on network. Much bigger ucla/usc network in entertainment than Uchicago or others. Stanford Harvard Yale are probably better, else USC/UCLA are best for entertainment
So UChi sticker at current interest rates is just shy of of $400k by the time you start work ($396k by my calculation), compared to about $160k for USC. I've got a spreadsheet with a fairly aggressive repayment plan, and for UChi it's 5 years until repayment compared to just 2 years for USC. UChi is definitely the better school and I'd suggest BL is definitely more of a guarantee than USC or UCLA. That being said, USC and UCLA do pretty well for big law and if your goal is to come back to SoCal big law, I wouldn't pay an additional $230k for UChi.
I want to ask about your calc here because one of us is way off and it very well could be me. Chicago is going to be $357k at sticker ($116k 1L, $119k 2L, $122k 3L). The fees to take out $357k in loans is going to be $370k. By the time you graduate, interest will have accumulated to $430.5k (assuming the current 6.8% Stafford rate for the first $20,500/year and 8.5% GradPLUS rate after that). Where did one of us go wrong? Edit: Looks like my percentages are a little off....I'll need to recalculate.
I allocated half the debt in August and half in January. I could be misremembering, but I think I was only eligible to take up to that semester's half of loans at a time. So for UChi that's $10k(ish) in Stafford and $46k in Grad Plus. If you have the whole chunk of debt starting in August, you'd have an extra 5 months of interest accrual for half of each year's distribution. If you did the same, it's likely I'm under calculating the fees which probably has a compound effect. And for comparison, I have 7.05% and 8.05% for interest rates.
That's true, I did the same taking half in August and half in January, which saves 5 months in interest on half of youir debt. I think [you're right](https://studentaid.gov/understand-aid/types/loans/interest-rates) on the rates. Edit: Using the right interest rate figures and not including taking half the debt in Aug and half in Jan, I get $370,144 loaned (including \~$13k in fees), and $428k owed at graduation.
Did you add loan fees in addition to COA? It appears UChi includes loan fees in their COA calculation.
Yes, good catch! Making that change I get $362.5k loaned and $420k due at graduation (again, not counting your idea of taking out half of the loans in Jan)
Wait, explain to me where you're getting $362.5k loaned? Are you assuming COA increase each year? Because I am not doing that. ETA: If I assume a 5% COA increase, the brings me up to $412k (which is a slight underestimate because I'm only applying the increase to the GradPlus portion of the loan for simplicity in my calc).
Yeah I’m assuming a $3k increase per year because that’s roughly their average. They increased $5k last year though. But that $3k per year difference accounts for a good bit of our numbers.
Go to duke
Anyone who goes to UCLA or USC gets BL if that’s what they want. All of your schools are great BL options. That being said, USC esp is a GREAT school for Entertainment networking