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Messages - BigRig

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1
Current Law Students / Re: Bar Study Loan
« on: March 20, 2009, 04:38:33 PM »
From what I've gathered, our best bet is through Sallie Mae http://www.salliemae.com/get_student_loan/find_student_loan/grad/law_school_loans/bar_study/.  They list 6 lenders to choose from, but for all the repayment term is 15 yrs (up to 25 and forbearance during hardship offered too) and begins 9 mos after grad.  You have to submit an app before you can assess what the IR will be (based on your credit profile and/or cosigners).  Other than that the only info I was able to obtain (over the phone as little is available online for some reason) is that Fifth 3rd, Sallie and Nellie Mae, and Student Loan Funding are the only lenders offering .25% IR reduction for auto debit.  US Bank is also offering these loans, with 4-9% origination fees, prime (currently 3.25%) + 0%, over 15 yrs beginning 6 mos after grad, with 0.20% reduction for auto debit and forebearance available. They have set a ceiling on total outstanding student loans ($120,000) as well.  That's all I've got as of now and would appreciate it if anyone else is aware of other options and/or has helpful advice.

2
Current Law Students / Free Purchase Agreement
« on: July 13, 2006, 01:01:49 PM »
Anyone know where I can find a generic one for free? (e.g. auto, moto)

3
If you contemplate joining the legal profession to have fun and to be happy, keep in mind that there's a higher percentage of depression and mental illness among lawyers than other professionals. Attorneys are 4 times more likely to be depressed than the public at large. They have the highest depression rate of any occupational group, and about 20% of them have a substance abuse problem, twice the rate of Americans in general. It is also estimated that 20-40% of law students -- even those entering with the same psychological profile of the public generally -- leave law school with some psychological dysfunction such as depression, substance abuse, or various stress-related disorders. She notes that this percentage is not only unusually high, but is not matched by medical students, for example, who are usually thought to undergo probably the most stressful form of professional training possible. The percentages are lower among medical students.

Now you may say, I'm going to law school for the intellectual challenge. Well, you're likely to be disappointed if you do litigation. You can look forward to endless cycles of scut work ... relentlessly repetitive and strangely unconnected to a dimly recollected purpose in choosing law. And if you go to law school to be loved and respected, forget it! The public perceives lawyers as greedy, arrogant and dishonest.

If you go to law school to get rich, there's some hope that you can achieve that goal, but you will be miserable even when you are rich. Most lawyers are so unhappy with what they're doing, whether they go to work for that big firm that's offering them the big bucks or pursue a career in public interest law.

So, have you dropped out yet or just decided not to attend? You make some great points; who is the "she" that you refer to above? It's amazing that so many naive people would enter such a bastion of misery. Thankfully, there are those such as yourself who will steer us in the right direction. Oh wait.. it's precisely this personality trait (i.e. letting others pre-conceived notions guide your choices and hence, what you get out of life) that contributes to the unhappiness you speak of. In any event, I hope that you find an alternative career path where you'll feel there is a greater chance to build your professional and personal happiness.

4
Wow, couldn't have read a worse thread at a worse time. I'm sure anxiety and second-guessing is setting in for a lot of will-be 1Ls as we are just two months away.  Perhaps we'll hear some positive experiences (not that I put creedence in what others say here).

It is of my opinion that if you don't make the degree work for you and what you want out of life, you'll be unhappy. You might have to make sacrifices and tough it out for a couple of years along the way (debt is an obvious reason), but a legal education offers the opportunity to grow intellectually and professionally.  Is it half empty or half full?

Necessarily, I think many of the lawyers that are unhappy are so because of their ability to look for potential problems (i.e. what's wrong, risky, dangerous, etc.) in any given situation. This is surely important for legal analysis, but horrible if applied to every facet of life.  I have found that the it's the extremes where you find those that are miserable in the field, whether extremely academic-oriented, extremely firm-oriented, etc.

If you expect the degree to set your life on course by itself, you are mistaken. If you utilize it, you can surely benefit from many exciting, rewarding (monetarily and otherwise) endeavors that otherwise would have likely not occurred.

I am not looking back and know that I will make it a good investment for my life.

5
For example, at FSU there is a very strictly enforced C+ curve in which only 5-10% of the class may receive an A while another 5% must receive a D.  A current student made mention of this as a very important point to consider.  Apparently employers do not adequately account for a more difficult curve and it comes across as an excuse/whining during an interview.  I believe I was told by faculty/administrators that it's equally as common to place class rank on a resume especially in these circumstances, however, I'd hate to be ranked right in the middle of my class with a 2.5 and not get a job over someone at say UF with 2.6 who's closer to the bottom in his/her class (I am only using UF as an example, not suggesting comparison is accurate).

Does anyone have any thoughts on this?  I was all psyched to attend FSU but considering this and the residency transfer in limbo till June, excitement and anticipation is quickly turning to doubt and concern.

6
Thanks! There is still no specific information as to what debt elements are examined and hence, acceptable/unacceptable. I imagine in most (if not all) cases the examination will pertain to delinquency and bankruptcy history rather than consumer debt levels during/prior to law school. Do lenders examine what portion of one's student loans is used to pay existing/new credit card debt? I am sure there is a way to prevent someone from transferring all of their debt to a student loan, but I believe you are able to make a payment toward this debt (not sure how large).

7
Just spoke with the Florida Bar Board of Examiners and the only consumer debt element in their background check is related to account delinquency/bankruptcy/etc. This is as I suspected, yet realize Bar standards vary by state. If anyone finds a specific practice in another state that is different than this, please share as I am curious.

8
This is a personal finance issue should not be for us/someone else to determine. Yes, if someone is trying to wrap consumer debt into educational loans to avoid paying them/get a lower rate/etc. you could have issue with that practice. However, if a student has consumer debt or chooses to use consumer debt to finance their way toward an advanced degree, he/she should not be denied admission (to law school or the Bar) based on that fact alone. If he/she files bankruptcy or has another serious legal issue related to debt, then there is a cause of action the Bar needs to address. Because someone has resorted to these debt instruments to attend the best school he/she can (telling someone to go to a lesser school because they have debt/can't afford it is discriminatory) is his/her choice.

9
Any Floridians (or others) able to point me in the right direction?

10
Incoming 1Ls / Re: Residency Question
« on: July 10, 2006, 07:57:43 AM »
I am not sure if it is "usually" the case (as in a majority of the states allowing for it). You need to check with your particular state. I do know that there is a general push for states to make residency transfer more difficult (especially for those coming to school from far away with no ties to the state). I am facing residency transfer in FL and am very familiar with the process there if you have more specific questions.

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