Law School Discussion

Off-Topic Area => Politics and Law-Related News => Topic started by: joespecial on May 01, 2006, 11:49:34 AM

Title: After Law School My Student Loan Debt Will Be...
Post by: joespecial on May 01, 2006, 11:49:34 AM
I am kind of lucky because I didn't have student loans from my undergrad years, and if I had, they would have been paid off by now anyway.

But I am concerned about the younger generation. If you went to a private school for undergrad, and now go $150,000 into debt for law school, you could come out with close to $300,000 in debt. Am I wrong? That is frightening.

http://money.cnn.com/2006/05/01/pf/college/reverse_dowry/index.htm
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: bvrlvr on May 01, 2006, 01:51:55 PM
eeek. probably around 220k  unless some miracle happens. but i doubt it.
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: HippieLawChick on May 01, 2006, 03:01:16 PM
I think it's because a similar question has been asked before.
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: dbgirl on May 02, 2006, 09:33:39 AM
Nobody wants to think about racking up $1 mil in debt and selling everything they own for the "joy" of being slapped around in law school. If you stop and ponder it, you get pretty damn depressed. :'(
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: Stacie on May 02, 2006, 12:09:22 PM
I will be thanking my lucky stars for a "renewable if you stay in good standing" scholarship.

Right now, I'm debt-free (divorces involving a house sale are good for something), and won't have to take out living-expenses loans for year 1. We'll see what happens during 1L and 2L summers to see if that changes.
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: philibusters on May 02, 2006, 10:52:03 PM
I am one of the people in the 50 to 100 range though I will be near the lower end of it.  I am a little nervous, but not too much because the thing about law is that you don't usually start out at 30 gran, usually twice that or more, so it should be manageable.
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: the_red_dragon on May 03, 2006, 06:31:39 AM
If I just go with the best possible school, it will probably be in the 120-150k range.  If I choose a school that offers a scholarship or something, it should be a lot less.  I am very worried about how much debt I will have from law school (I owe nothing for undergrad because I took the less prestigious school).  This will greatly affect what jobs I could take, what lifestyle I can have and how stressed I am for the next 10-30 years.   :o
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: Tiwaz on May 03, 2006, 06:43:01 AM
I'm estimating 135K, but that's with very conservative estimates of what I'll make during the summers.  It also assumes the budget provided by my school is accurate.  I'm hoping to live much cheaper than that; I think the threat of paying interest on everything I buy will encourage me to be frugal.
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: the_red_dragon on May 03, 2006, 06:44:43 AM
I'm estimating 135K, but that's with very conservative estimates of what I'll make during the summers.  It also assumes the budget provided by my school is accurate.  I'm hoping to live much cheaper than that; I think the threat of paying interest on everything I buy will encourage me to be frugal.

I really respect that attitude.  Knowing myself, I'll probably buy an extra round for my friends, pick the more expensive suit and keep hitting up Starbucks because I'll make money in the long run...
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: Tiwaz on May 03, 2006, 06:49:31 AM
I really respect that attitude.  Knowing myself, I'll probably buy an extra round for my friends, pick the more expensive suit and keep hitting up Starbucks because I'll make money in the long run...

See, I read the salary ranges for my school, and a little voice in my head keeps saying, "But not you.  You'll never make that much."  It's very strange.  I think that, like the debt, the number's just too high for me to wrap my mind around.
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: Tiwaz on May 03, 2006, 10:39:27 AM
But there is a part two to this discussion that I have brought up in other threads. That is that you may very well land the 145k job (and maybe in 3 years it will be at 165k, who knows) but what if you absolutely hate it? You will be chained to your desk for 3-4 years even if you are highly disciplined, if you want to pay off your loans and do something more fulfilling that maybe pays less.

You're very right to bring this up, and I fear I'm still mostly in denial about the sort of hours I'll have to work for at least the first few years out of school.  I think those years are just sort of the price of admission, though.  You pay your dues, pay off the debt, then go do something you enjoy.  (If you happen to enjoy the high stress and long hours of big firm work, so much the better.  Have fun being rich. :) )

I tend to think you can handle anything for a limited amount of time.  There's always that light at the end of the tunnel.  (Of course, I'm just speaking for myself here.  The chained-to-one's-desk lifestyle isn't as feasible for a person with family commitments, for example.)  I'm trying to minimize the risks of absolutely hating my work, though-- one of the big benefits of NYU, in my mind, is the fabulous LRAP.  Big law would be the easiest way to pay off my loans, but at least I won't feel forced into it if I try it for a summer and loathe it.
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: Happy_Weasel on May 03, 2006, 01:47:10 PM
I am guessing I will have a debt around 25 to 30 K. Hey, if my career sinks, I can take a 40K job in order to start paying my loans and prep for the MCAT.
Title: Re: After Law School My Student Loan Debt Will Be...
Post by: Tiwaz on May 03, 2006, 02:29:18 PM
I think all of us should probably consider an MCAT prep course during law school. This will give us a head start in case that firm job doesn't materialize by the end of 3L.

Hahahaha.... no.

<--- would make a terrible doctor