sobering: Loan repayments

Just thought I would plug in what it would take to pay off borrowing the full cost of a private law school:

Loan Calculator

Loan Balance: $150,000.00

Loan Interest Rate: 6.80%

Loan Term: 10 years

Minimum Payment: $50.00

Monthly Loan Payment: $1,726.20

Number of Payments: 120

Cumulative Payments: $207,144.85

Total Interest Paid: $57,144.85

Note: The monthly loan payment was calculated at **119 payments of $1,726.20** plus a final payment of $1,727.05 .

It is estimated that you will need an annual salary of at least **$207,144.00** to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. **If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $138,096.00 , but you may experience some financial difficulty.**

These results assume that the student is paying the interest charges on any unsubsidized loans and is not capitalizing the interest while in school. If the student is capitalizing the interest, the cumulative payments and total interest charges will be higher than shown here.

Now, all one has to do is live super frugal (as in live on 25% of your income) if one is to assume biglaw salaries and that debt is gone in 3-5 yrs. But trying that on even the best paying govt jobs (i.e DOJ honors) and it becomes a bit more difficult. Even on a 10 yr plan, that pretty much makes buying a house extremely diffuclt.

Seems to me that we are fast approaching the point in law school costs where the market can bear no more.

Comments? Thoughts?