The debt can be paid off in less than 10 yrs. At least if you went to Harvard, you could tell people "I went to Harvard law" and they'd be impressed. Historically U of T places a very small number of students in New York and Boston. Is 80k a measly investment for a Harvard degree? Overall, I am aware that Georgia Tech is much more viable financially than Harvard. “is Harvard Worth 160k more than a full ride to Georgia Tech?”. Some say 4/5 years v. a law degree from Harvard lasting a lifetime (assuming, of course, you are alive to reap the benefits). I'm also not advocating for either school. It's hard to fully appreciate that until you're actually paying it back. Please re-read (1) and (2) of opening post and you'll see discussion of prestige and money is painfully obviously relevant. Off hand, I know that the NCA process is easier for "elite" schools, as this came up in an interview I had when with a T14 school when applying to law schools. Think about it. If you want to go to professional school, I would agree. He never said anything about bragging rights. They would like the collective wisdom of the community, and I understand their desire, given if I was in the person's shoes, I probably would have chosen Harvard at the time, and now, I'm not so sure. I don't know a great deal about HLS financial aid policies, but Harvard has a lot of financial resources generally. In your situation Georgia Tech is the better choice because Harvard will cost you & your family $180,000 versus Georgia Tech which is offering you the world (full ride COA, laptop & $12,000 in addition to special mentoring & conferences). However, that might not be the case if a Harvard Law School graduate thereafter pursues a career in a field that is not related to law or business. In terms of financial realities, I believe they would be looking at about ~$150,000 in total post-law school debt for Toronto (considering undergraduate debt) and $250,000 in total post-law school debt for Harvard. the debt factor doesn't apply to me though. “Maxed Out,” a new documentary examining the proliferation of debt in America, was shown at an advanced screening in Ames Courtroom. That was stupid.". Harvard University Housing (HUH) manages approximately 3,000 apartments, offering a broad choice of locations, unit types, sizes, and amenities to meet the individual budgets and housing needs of eligible Harvard affiliates (full-time graduate students, faculty members, and employees). Forgot to mention, Roscoe Stamps is a Georgia Tech grad, he takes especially good care of his GT Stamps Scholars. Similar stats, 3.66/170, in queue on 20 Jan. Financially, my parents’ income hovered around 180k in 2016, which caused Harvard to give me 32k in aid. It's easy! I would hate to look back in 10 years wondering “What if I went to Harvard?” but I would also hate to look back in 10 years wishing I had accepted a full ride because I now have crushing student loan debt. The Board of Editors for volume 70 of the Harvard Law Review (1956-1957), immortalized on the steps of Austin Hall.The author, only the third woman admitted to Review membership, stands in the fourth row, at upper left.. Why would it??? Vermeule, an expert on constitutional law and theory, is the John H. Watson, Jr. Do you think med schools give a rat’s patootie about how your major is or isn’t ranked at your undergrad??? and 35k being parent contribution. Columbia Law is a case in point. So you might as well go to one that will really shock people when you tell them about it as you're making their latté. Ask your parents if you go to GT, then will they help you with med school. For inquiries and comments, please contact us at bankruptcyproject@law.harvard.edu. I am about 80% sure that I will continue to medical school, but if not, I will probably head to law school. $60k in the bank is going to be a great way to start medical/law/graduate school. As far as I understand, the person is unsure of where they want to practice, but like many 0Ls, they seem to want to practice in "big law" (for all this is). Run some loan repayment calculators to see how much you would pay over how many years to retire 100K of debt. There is an opportunity cost to giving up that national network, too. GT is a very strong school. Harvard is terrific…but not if you can’t afford it. This is a lot of money. As far as I know, they have no regrets. "Law school student debt has ballooned, rising from about $95,000 among borrowers at the average school in 2010 to about $112,000 in 2014," Noam Schieber of the New York Times reported. There are other choices (which I've already talked to the individual about and even advocated for, and they decided, of their own initiative to eliminate them), but they have said that the decision for them basically boils down to these two. To receipt this amazing scholarship, I’m sure he worked very hard, I didn't mention it because Pyke said his friend was interested in biglaw, but Harvard Law has a debt-repayment assistance program for lower-income graduates. Stamps is much more than financial aid. Even with loan repayment assistance, $150,000+ of debt is no laughing matter and it will impact your personal life and employment decisions post law school. A trained lawyer with specific expertise could start a business that is NOT a law firm. At Harvard you would be one of many, and I don’t think it’s worth the debt, especially with possible med school or law school in your future. Another thing is that it really doesn’t matter which college you graduate from when applying to med schools as med schools tend to care more about your GPA and MCAT test scores plus your preparatory EC’s. I would chosse Gtech and its a amazing scholarship, your parentes need to pay nothink, ask to they to give you al least 300 at week. BTW, federal student loans over 4 years = 27K roughly. Has your friend spoken to a financial aid officer at Harvard Law about his or her situation? Maybe you should re-read (1) and (2) a little closer and you'll see how that doesn't answer the questions, nor is it helpful in anyway. I am also concerned about the grade deflation of Georgia Tech versus the grade inflation of Harvard. I don't understand why this turned into a discussion about prestige vs. money. Still a lot of money, but significantly more manageable. One thing to consider is that GPA and research/shadowing experience are very important for med school admissions, and here Harvard likely has an advantage: there is said to be grade inflation and a ton of opportunity to shadow/research. U of T manages to recruit excellent students and Alarie conjectures that “we probably win every head-to-head contest—there are more students at U of T who turned down Harvard than students at Harvard who turned down U of T.”. Percent of grads with debt. Just for the record - I know a U of T grad who turned down Harvard. Will the easier grading at Harvard significantly bolster my acceptance into a good graduate school? However, after being offered the Stamp’s President’s Scholarship (Full Ride) at Georgia Tech, my decision has become much more difficult. UPI 12 Feb 2021. Harvard Law School is worth reasonable debt incurred in order to attend and graduate from the school. It is not just the $80k in debt, it is the $80k in debt plus the $60k that your parents would have left for graduate school if you go to GT, plus the $20k student contribution. He did his work very well in HS. If you want to work in Canada, go to U of T. A Harvard degree will be of no advantage in Canada. WHY would this student need $300 a WEEK from his or her parents? But re financing Harvard despite ineligibility for US loans: Harvard has its own loan program through which it can offer loans to international students, so it might not be as tough as you suggest. I expect that your friend is going to get very different answers from 0Ls and current students. With Harvard, you’re buying (or borrowing for) its prestige, network connections, possible use of legacy for your own children, etc. We use variation in debt tax benefit curves to help us map out the marginal cost function. So I guess this is the real question, is Harvard Worth 160k more than a full ride to Georgia Tech? @thumper1 If you think in terms of debt you might have if you're not able to get a job, I think you're fucked either way. Georgia Tech wants all their students to succeed and they especially want their Stamps Scholars to have as much success as possible. This roommates did great research at the CDC, study abroad etc. If you are an entering student, you can start by assuming an average level of debt. If you get a good job out of either school in the local market, you're going to be in essentially the same position. However, my parents are only willing to contribute 15k a year to my education, which would leave me with 20k in loans per year, for a total of approximately 80k over four years. Every employer in Canada knows UofT is "the best school in Canada" and the biggest advantage going to Harvard would probably give him in Canada would be that of impressing the ignorant. Guess where she ended up for med school? Contrastingly, Georgia Tech is offering me a full ride (Covering the entire COA) plus an $1,100 stipend for a laptop, $12,000 enrichment funding (Travel, research, etc. No reason for substantial debt…none. There’s hope for me then, yay! At GT, there will be many other very strong students, however, it is much more likely that you will be in the top 50% or even top 25% of students there. Will Harvard open doors and offer opportunities that I will regret missing for the rest of my life? My understanding is that very few people do 10 years in US biglaw. The cost factor is a large one, and one that no one should ignore. If you’re absolutely sure that you want to pursue either med or law school and see yourself having a great chance at success with either choices, especially very top law schools, then I’d lean toward Harvard. Contact the Harvard University Tax office – (617) 495-8500; Summer Public Interest Funding Documentation Federal Work Study – (617) 495-8500 (Receive a W-2 from the Harvard Office of the Controller) Grant – (617) 495-0643 or spif@law.harvard.edu (U.S. Citizens will receive no documentation; if needed Contact SPIF Office. You can try the calculator using a variety of debt levels to create different scenarios. This amount is 17.2% higher than the $5,099 amount borrowed by freshmen. Filmmaker James Scurlock and Professor Elizabeth Warren, a leading bankruptcy expert who appears in the documentary, were on hand after the film for a panel discussion. I'm a practicing lawyer and U of T alumni. . ETA2: my reasoning for why Harvard is worth 52k is not necessarily that it is that much better a school, just that it is more the market average for T20 law schools in the states, in spite of providing arguably the best education in the US. UT is the market leader by a long shot in Canada in terms of tuition, but I don't think that it is providing that much superior an education to other schools. Further, there are few (if any) firms in Canada where you must have attended UT in order to get a job. $80k in debt is going to be a tough way to start medical/law/graduate school. Both of my DD’s roommates and her friends who are Stamps say it is an incredible program that you simply should not pass up. That said, the debt differences aren’t as pronounced as you might expect. I can't speak to the relative advantages of U of T vs. Harvard law schools. Also, my Mom received a 20k raise in 2017, so my family’s income is now over 200k. About grade deflation/inflation. If you want to work in the U.S., then clearly you'll be at an advantage with a Harvard degree. You will be in an elite category and the travel and research opportunities, priority housing, enrichment funding, etc. ), annual retreats, a two week expedition before freshman year to an international location, priority housing, and annual trips to various domestic and international locations. Regarding grade inflation: You are likely to be an average student at Harvard. Many Harvard students and alumni share this concern. The Average Loan Amount for All Undergrads at Harvard University is $5,978 Per Year. I know this assumes OP has the same job upon graduating from either school. According to data that 180 ranked law schools reported to U.S. News, law students from the class of 2018 incurred an average debt of about $110,137. Depending on your friend's financial situation, he or she may be pleasantly surprised. I think you missed my point. I’m willing to bet that that’s the same for its law school. In 2016, Jones stumbled across an advertisement for the Project on Predatory Student Lending (PPSL) at Harvard Law School (HLS), and lawyers there helped him cancel his debt on the grounds that the Everest Institute had violated federal guidelines. One of my DD’s roommates that is a Stamps Scholar is going to med school in the fall. Curious, sonandera, what firms hire only Harvard grads? From his post, I can’t really tell whether he/she is “serious about medicine.” Let’s be real, what 18 year old knows for sure whether he’s set on being an MD. Professor of Law at HLS. Personally I prefer $ over prestige (especially when talking about an amount of debt that could cause serious financial problems or limit the availability of viable life choices), but I do recognize that this is a subjective value judgement. Both Stamps scholar roommates have gotten a 4.0 the entire time at GT so if you are worried about grades, chances are that if you are selected for Stamps you have what it takes to make the grades for med school. Had a lot of med school interviews and is ending up at a great med school (I don’t want to say to protect her privacy). However, I think that the offer that you got from GT is just too good to pass up. She aspired to med school. You’re going to have a lot of debt for med school. would be hard to match. Graduating with a large amount of debt isn't wise, in either country. Harvard will still be there when you move on to your post undergraduate studies.
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