Law School Discussion

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Messages - qmmm

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51
Financial Aid / Re: LAWLOANS, access group, the, wtf?
« on: June 25, 2007, 01:18:23 PM »
No.  The terms of a private loan can vary widely depending on your credit score. 

One of the private loan options for my school had interest rates anywhere from PRIME-0.75%/0% origination fee/0% repayment fee to PRIME+6.50%/5% origination fee/5% repayment fee depending on your credit history. 

52
Law School Applications / Re: If I Were You I Would...
« on: June 16, 2007, 11:05:35 PM »
I'm probably going to seem like the they hippie uncle that you only see one in a blue moon but I'll say it anyway; wtf?  You're 19.  Take the time to find yourself. 

Find out if you prefer to smell roses or lavender. 

Quick.  Chagall or Dürer?

Is the DH an abomination?

Paper or plastic and why?

Alright.  I'll be a bit more serious.  I wish that I was in your position.  I'd love to go back to that seemingly magical time where I could do anything.  You do realize that you have the golden ticket, right?  You're at an age where you can chase windmills. 

Do it.

Law school will be there in a couple of years if that's what you want.

Right now, chase windmills.


53
Wait List / Re: Waitlisted at Boalt Support Zone
« on: June 12, 2007, 10:23:07 PM »
June 15th is a deadline to officially accept an offer, but you don't have to fork over cash when you tell them that you'll be accepting.

54
Personal Statement / Re: If Reapplying, Need new PS?
« on: June 11, 2007, 11:08:56 AM »
Yes.

1) More time and reflection can improve your PS.

2) Empirically, your PS didn't work for you this cycle.

3) For me, if I did not rewrite my PS and had a disappointing second cycle, I would be kicking myself for many years to come wondering what if.

In my opinion, every 2 or 3 days you should set aside an hour to brainstorm and start a brand new draft.  At the end of July, pick the 2 or 3 best beginnings and try to flesh them out over the next two weeks.  Once you have completed the drafts, you can then decide on the best one with the help of friends that you've bribed -- you have to take care of your friends after all.  Pick one of those draft and polish it up in the last week of August.  Now it's Sept. 1 and your PS is ready to go.

Good luck with your 2nd cycle.

55
I could be wrong, but you're also not losing anything by saying yes to paying interest payments while in school. It gives you the option to, but you are not under obligation to do so. So if you change your mind and don't pay or don't pay for a particular month, it has no effect on you than if you had said no from the get-go.

I'm not sure that you can claim that you are 'not under obligation' to make the interest payments.  I suspect that this is strongly dependent on the particular lender and you may be obligated to pay or suffer some sort of penalty.  I further suspect that for private loans, especially those that tie your interest rate into your repayment plan, you would be obligated to pay on time.

Besides, if you say that you won't be making interest payments while in school, you certainly are 'not under obligation' to pay.  However, the lender will always accept payment.  In fact, most loan agreements that I have investigated contain a clause that if you return part of a loan payout within 120 days from the time of issuance, it will be as if you had never taken out the money in the first place.  That is effectively a 4 month interest free loan for the portion returned.

56
Schools can't accept everyone, and, by in large, the vast majority of people who apply can handle the work.  It's part of the reason that the application process is so capricious.



57
Phd in chemistry.  Going to Boalt.  Withdrew my app to GW before they made a decision.  I got the waitlist letter a couple of days after I withdrew.

58
ok....i'm confused ??? so is it better to pay interest while in school?

It depends. 

I've mentioned some reasons to not pay. LDPYYKM mentioned some reasons to pay. 

Not every situation is the same because everyone is taking of differing amounts of debt, already have differing amounts of preexisting (UG, car, credit card) debt, and have different potential incomes while in school.

If you have no savings and no source of income, in my opinion, you should not make interest payments.  Once you have established some savings, you can then consider whether interest payments makes sense for you.  This goes back to the 'Can you afford it?' question.

There's another issue that hasn't really been mentioned explicitly; some people make all of the financial decisions based entirely on what will cost them less, while others are willing to pay a bit of a premium for less tangible benefits like financial flexibility. 

Establishing some savings in an intangible benefit that will cost some money in the long run (see me example above).  To me that flexibility is worth the extra cost.

If you are really having a hard time figuring out whether paying the interest while in school makes sense for you, I think that you should contact to professional financial adviser that can go over in detail your particular situation.


59
First of all, a tax deduction while your making essentially nothing at the beginning of law school does you little good.

Secondly, between graduation and Dec. 31st, even if you are working biglaw, you won't make six figures.

The following is a slight elaboration on the 'you can afford it' presented by the previous poster. I do agree that if you have a lucrative 2L SA position making a $2500 interest payment does make sense.  It doesn't make sense to pay more if you will have to take out more loans for your last semester or bar study.



60
Just out of pure curiosity... do not American credit card companies give you a credit limit related to what you would be able to pay? There's no way in hell someone here could get enough credit to end up in $20k debt as a student at least.

There was a time when I had a single credit card with a credit limit that was roughly twice my yearly income.  Granted, I wasn't making a whole lot at the time, but I certainly wasn't living below the poverty line either.

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