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Topics - nealric

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Incoming 1Ls / sobering: Loan repayments
« on: February 13, 2007, 09:14:09 PM »
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?

Studying for the LSAT / should I write an addendum?
« on: January 09, 2007, 02:32:42 PM »
On my first real lsat I freaked out and got a 161

On the second I just now finnished a long saga with a misbubbling error. Long story shory, they corrected my misbubble and I got a 165. However, I did miss one question due the the misbubbling handscore and should have gotten a 166. Is that worth an addendum or would that just come off as whiny?

Also, on the retake, I completely tanked on the LG section immediatly after I disovered the misbubble (-8). My LR sections were -2 & -1 for perspective. On my previous LSAT, I scored -4 on LG. Would it be worth adding that to the addendum as well?

I really feel like I should have been in the 168-170 range (which is where I was practicing)

Studying for the LSAT / to those who have had scores held before...
« on: December 21, 2006, 08:46:36 PM »
Due to a misbubbling and subsiquent handscore request, I didnt get my score today but a warm fuzzy email telling me my score was being held. No ETA.

Anybody know how long it takes for that type of thing to get sorted out?

Acceptances, Denials, and Waitlists / In at sturm (university of denver)
« on: December 11, 2006, 06:32:59 PM »
Got the email today over the lunch stand. I informed my coworkers I am officially blowing this popsicle stand after this summer.

Its a great feeling to know I am definetly going to law school now  ;D

Studying for the LSAT / Help- I misbubbled. What do I do now?
« on: December 02, 2006, 09:30:28 PM »
The worst part is I know I was absolutely rocking the thing before it happened.

Basically, I skipped a question in the 3rd section (LR with the sliding doors and such) ,question 18. I noticed what had happened with 30 seconds left to go. At the time I wasnt sure which question had been skipped so there was no time to erase and rebubble. My fervent prayer was that it was the experiemental but the postmortem is indicating otherwise. The proctors wouldnt let me rebubble but did say that they could send in a note with my exam discussing what had happened and indicating that question 18 was the skipped question.

What do I do now?

Just cancel? I already have a mediocre score from september that should at least get me into my backup.

Is it possible they might actually take the addendum into account and score accordingly?
Can it be hand scored? If so, do I have to wait untill the scores are released before I can request a hand score?

The problem is that LSN puts me at about 50/50 for my 2nd choice school and I have already applied with the first score. The school averages- so I am a bit paranoid that the rejection letter could come before anything is sorted out.


Choosing the Right Law School / reapplying same year?
« on: October 20, 2006, 06:54:47 PM »
reapplying same year?

Well, I went from averaging 167 on the practice LSAT with a 174 high and 164 low to a 161 on the real deal.  :-\

GPA is a 3.67.

My schools were cornell and georgetown. Now, my former safety is now no certainty: CU boulder. According to the LSAC calc, I have a 50% chance there with my stats. If I apply now and am rejected come december, can I apply again in january with the higher score? Is there a general policy with that. Should I apply now with notice that I will retaking in december. I KNOW I can get at least a 170 if things go my way. I just dont want to shut myself out by applying later.

My other stats:

White Male, No interesting cultural or other factors
I do speak spanish and headed a few clubs in college, nothing remarkable
GPA 3.67 (school and lsdas) mid 1st tier LAC, philosophy major, 3yr graduation
I can get stellar recs to yale due to some faculty connections, others schools I can get decent recs
1yr working in insurance

Right now my mean LSAT practice scores have been about 171. My low is 165. My high is 175.

At what point is HYS even remotely realistic for me? 170? 173? 176?

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