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In!
Contained within a fat white envelope in today's mail was the following letter:
On behalf of the Admissions Committee, I am delighted to inform you of your acceptance to August 2003 entering class at Boston College Law School. You should be proud of this accomplishment; we expect to receive over 8,000 applications this year for an entering class of 260.
I'm glad I should be proud, because I am, but probably more than anything else I feel relieved. After being deferred at GULC, my confidence was a bit shaken and I was beginning to worry about getting in anywhere. Of course, I hope I'll be getting at least a couple more letters like this from other schools in the coming weeks, but at least I now know that I can get into law school.
Now the question is: How will I pay for it? The good news is that BC does have what appears to be a fairly good LRAP, which is reassuring. The hard part is getting to graduation and a job so that the LRAP can start doing its good work. Looks like it's time to get serious about all those financial aid details.
I know finances are considered taboo and personal in U.S. culture, but I do wonder: Why don't bloggers currently in law school talk more about the financial side of things? Now that I must seriously contemplate taking on something like $40k or more per year in debt for the next three years, my first instinct is to panic and become seriously dismayed. My second instinct is to ask: How the hell do you do that?
Posted February 3, 2003 10:26 PM | law school
YAAAAAAAAAAAAAAAAAAY! Good for you!
Just remember that educational loans are good debt. Or at least, tell yourself that!
Why don't we talk about it? It's depressing. It is depressing to see your friends buying houses, getting married, having babies, and living a relatively secure life with a few creature comforts while you while away slavishly over your books in your little hovel that you affectionately call "the hole." (Because they left undergrad for a job starting at 80k with no law school loans to pay off, they can afford this).
You resent having to eat pb&j so you can go out for drinks once in awhile. You get tired of things that get made from boxes and bags. You're extremely bitter about the trust fund babies waltzing around with their rolexes and designer clothes ('course, they also snort a lot of coke, so...). In some respects money represents the life you are NOT living (no matter how much you really are enjoying yours, there's something to be said about not having to save every penny). Of course you are happier with a nobler pursuit, but not having money is incredibly stressful. You could choose to spend more, but then you realize it's not worth it in the long run. Living like a pauper when you're a grad student with a stipend is one thing -- you know that in the end you're not going to have this big heavy cloud of debt hanging around you. Every time I look at my bank account and how much I've spent that month I remember how much I have out in loans.
See, this is why nobody talks about it. We're all bitter, bitter people.
Posted by: alice at February 3, 2003 10:47 PM
Ok, so here I am, trying to decide what to do. Should I keep up the work/school pace? Hang on to the expensive apartment, nice car, and hourlong commute to Chicago? Or hold my breath, quit the job, and just do it?
Thanks, Alice for tempering my enthusiasm a bit. A very little bit. I did fairly well the first go around (3.5), so I'm keeping my fingers crossed for round 2. But I can't help but think that B+ in Civil Procedure could have been an A but for two lousy points. And there's a part of me that thinks those two points are in the days when I was stuck at work until 5:30, unable to get to class until nearly 7......
I know I'll owe over $100K by the time I'm done (I joke about buying a house but not getting one). But in the end, if going full time is the difference between getting a good job, and getting a mediocre one, well....it'll be worth it.
My advice? Don't worry about the debt. Worry about the classes, worry about your relationship, worry about your family, but don't worry about the debt. If this is what you want to do, it'll work out. Trust me. (and yes, sometimes you can trust a guy when he says that)
Posted by: greg at February 3, 2003 11:11 PM
Way to go kiddo! We knew we could expect good things from you.
As for the dollars, you will have years to work off those loans. I think the only thing you can do is work up a realistic budget and make some decisions about what is most important to you. Then you'll have to live with that budget and write yourself a little note about why you are doing this and stick it on your bathroom wall!
Most of all, focus on the positive. Yippee- you're in!
Posted by: sue at February 4, 2003 06:43 AM
Yay!
way to go.
I am with you on the financial aid focus and debt worries (I guess that is normal for "older students" like us). But I am trying to convince myself that this is an investment and that I will not be a financial drain on the family unit. My husband has been very supportive on that score. The cat only cares if we'll still be able to afford canned food.
yay!!!
Posted by: Shara at February 4, 2003 07:26 AM
Congrats on the acceptance - well done. And don't stress on the money. That stress will make you desire a job that you don't want in order to pay back the loans. I am a rather financially irresponsible person, and this is what I've learned so far about the money
1. borrow what you need and no more...no new car, no expensive trips for fun, etc. You'd be suprised at what people spend their loan money on.
2. ditch the credit cards and make the loans your only debt
3. yes, doctors are the only other field that will understand, so don't listen to the horror of others at the size of your debt
4. forget your friends' money, your familys money, and the "thems" money. Never compare your financial status with anyone. You either end up feeling horribly poor or horribly spoiled. Neither is a healthy option.
5. Feel good about getting in and forget the rest for now. You'll have plenty of time to freak out later.
Posted by: nikki at February 4, 2003 09:42 AM
rock! such a nice feeling. i recall when i got my package, i only made it to my school's equivalent of "..i am delighted..." before dancing the dance of joy. and if these guys want you, chances are good the others will too.
my wife and i have gone from a solid $86k in combined income in boston down to about one third of that, plus my loans, here in concord. so we've quickly learned the art of suppressing the urge to splurge, and have the added bonus of living in a town that doesn't exactly get the spending bug buzzing.
you get very used to the idea, and start to sort of pride yourself on your discretionary spending habits. as others have said, don't even sweat the loan payback issue until it is time to do so. millions of people have done this before we all have, so it can be done.
Posted by: matt at February 4, 2003 03:13 PM
Woo hoo! (How nice that I can keep up with these things through your blog! :) )
As for not talkin' about the money, I think it's also a societal taboo of sorts. But remember this, kiddo--you've already been a grad student, so you already know how to be poor.
Congrats again!
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