Dreams Deferred - How the Credit Crisis May Prevent Me From Being An I-Banker
Until this morning, I had a solid plan to attend Zarb (Hofstra) and go into I-banking, PE or Hedge Fund Management, which would have been easy given my Triple H credentials. Unfortunately for me, Zarb, being the best business school on the Island, is pretty expensive and would have required me to borrow over $100k for tuition and living expenses.
I completed a FAFSA and worked with several private lenders to cover what the Staffords won't cover, and get this, student loan companies are rejecting me as a debtor. They asked how much student loan debt I currently have, which is about $285k between principal and accrued interest from my undergrad and law degrees at Hofstra. Every lender has said I have too much debt and they are not willing to work with me until I pay it down.
That's such a joke. I told the lady at one of the lenders I spoke with this morning that when I get done, I'll be making like half a million year and I'll pay them back within 5 years, but she said the "system wouldn't let [her] make the loan even if [she] wanted to." WTF???
Has anyone else had an injustice of this magnitude happen to them with respect to law school or business school funding?
(27) Comments
my parent's would only pay for the pricey private school near them, so i had to turn down higher ranked state school.
I hope 11:51 is a troll. If not, there are just too many things wrong with that "sentence."
As to the original poster, I've never heard of that happening to anyone else, but it doesn't seem shocking. You do have a lot of debt, the economy is projected to get worse, and the lender is probably unsure (as am I) why you're certain you'll earn 500k per year when you graduate.
If your heart is set on going to business school, why don't you explore more options (e.g., applying for scholarships at other schools) or working in BigLaw for a year or two to pay off some of your debt?
$285K? I wouldn't lend you money either if I were a lender.
You could try Prosper.com - I'm sure you can get a loan at 45% interest.
Gonzo - thanks for the advice. I applied to all of the Vault 10 firms, but due to the slowdown was rejected at all of them, so biglaw is probably out of the question. I'm pretty sure I will make at least 300k when I get out, though. Top finance talent is commanding a huge premium.
I really want to go to Zarb because then I'll have three Hofstra degrees and I love Hempstead. What other schools in the NY area do you think I should apply to?
I'm a moron.
Does CUNY have a b-school?
I wouldn't bother applying to other NY area schools. Anything other than Zarb is TTT.
Magna, are you taking the bar next week? Is your insurance botique giving you time off to study?
I took Pieper, and I hear he is a professor at your law school. Did you get to take any classes with him?
It's unfortunate you don't get a Triple-H discount for the MBA. Good luck!
Do you know Ruskin Moscou, the law firm right next to your law school? They might hire you, as they prefer to hire graduates from your school.
Dude, have you tried applying to none v10 firms e.g. v11-v100 and beyond? How about just applying for an I-banking job with your JD as an analyst? Some banks have programs that promote analysts to associates after X number of years (i think 2 years). That way you end up at the same position, but without the additional $100K AND you can start paying off your $285
Let's start a fund to donate to him, so he can pay down his loans and qualify for a new one. Everyone send your money to me, and I will make sure he gets it.
Obviously your conversation with the lender was over the phone. In person, they would see how jacked and tan you are and immediately loan you as much money as you wanted.
Hey buddy,
This is Vinnie from the Island. I think we took torts together -- you were the guy with the cool hair, dark tan, and Wayne C. jersery, right? You sat in the third row, right? I'm the guy with the cool hair, dark tan, and always wore the Jets shirts. I think you once chilled at my shore house.
Anyway, bro, stay cool. Too many people on this site are ignorant to the salary that the Triple H commands. In fact, I hear from Vito (the guy from torts with the cool hair, dark tan -- always wore wife beaters), that less than 10 others have gotten the Triple H -- all of them are at the helm of top companies (like GE) and are managing directors at the big I-banks (like Goldman Sachs).
My words of advice... Keep holding on to your dreams, man. And don't settle on second best. Since you already have the coveted Double H, I'm sure you could get a scholarship from NYU or Wharton or some other pretty decent institution. Ride the market, bro and keep it real.
Vinnie
CUNY is Baruch, I think. It's a TTT. No respectable banks or PE funds are gonna hire out of there. Hofstra's way better.
I'm not just going to fold and give up my dream. I'm gonna get into Zarb. Thanks to those who are supporting me.
HM,
Like the pic, bro. Its good to see you representing Wayne Chrebet. I found a pic of you from the Island, I think its from the night we chilled and picked up the ladies after our torts exam. We went to Webster Hall. Here's a link, you looked cool and neat hair. Keep it real, yo, and good luck with Zarb.
Here's a link to that pic of you. http://i94.photobucket.com/albums/l119/laura235_2006/guido.jpg
Hit me up, bro. We'll go to the tanning salon b4 hitting the club.
Vinnie
Hofstra's a joke, right? I mean, this has to be an assumed persona because no can be this oblivious to life. He is an exercise in performance art/meta-humor, correct? Because if he is a real, it may be the saddest thing in the world.
Come on, 10:19, you really have to ask?
Folks, HofstraMagna is an obvious flame. He probably went to Fordham and is pissed that Hofstra students are getting better jobs than him or went to a lower ranked school in NYC and is mad that he got rejected at Hofstra. What is really sad is the fact that this dude has already spent hundreds of hours on this website trying to bash another law school. If that doesn't meet the definition of "loser," I don't know what does.
lulz you ATL ppl are retarded
Wow, HofstraMagna is huge attention whore. http://www.top-law-schools.com/forums/viewtopic.php?f=10&t=38856
Hey colossal douche at 11:21 (hereafter "douche"), Fordham is a lower ranked school than Hofstra per independent rankings. Fordham is an overpriced toilet and if you go there, you will probably have to live in Manhattan, which is way more expensive than Hempstead. B &T trash like you wouldn't fit in Manhattan, douche.
I did not get rejected from Hofstra, douche, you are just terrified in the presence of a prospective Triple H and you don't know what to do.
Hey douche, do you really think talking about my life on here has taken me "hundreds of hours?" Really? Hofstra law grads have IQs significantly above the average IQ and we can write lengthy, coherent, intelligent pieces quickly. We learn that in law school, douche. Evidently, some of us learn it better than others, hence the Magna after our names, douche.
Peace,
Magna
Dear Mr. Magma (and if you are a Ms., than I am sorry),
My name is Roger Lou. I am writing to advice you on how best to handle the propect of your long unemployment.
As you no, the Hofstra Law School not is as good of a school as the other HLS in Cambridge. The Hofstra no is as good as AU either. I am recommending that you reading my post on transfers (see community section) and then we can talk.
Thank you very much.
Roger Luo just proved that Hofstra is a bitch!
How about if you go somewhere better than HofsTTTra for your MBA, such as Nassau Community College?
You would also learn more from watching CNBC with the volume off than from HofsTTTra.
HofsTTTramagna wants a triple-H from a triple-T
hofstra,
how does it feel knowing you were pawned by an oriental exchange student from american law school? must suck for you and your flyover school!
frank rizzo.