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Messages - qmmm

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51
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.

52
I suppose that I should also point out that I'm a chemist and not a certified financial adviser.  Take my advise with a HUGE grain of salt.

53
Incoming 1Ls / Re: Law School Personality
« on: May 28, 2007, 08:52:12 PM »

I'm really surprised that an "introverted" personality is suitable for the law, but there it is... a career in law suggested!

Did you expect introverts to be drawn to fields likes medicine, education, and psychology?

It seems like lawyers need people skills as well.
I'm a people-person, which is why I want out of computer programming!!!!!!!

Sure.  Lawyers need people skills, but the vast majority of a lawyers day is spent alone at a desk.

54
qmmm I'm also a bit confused by your post. Are you saying we should not pay the interest and instead take the amount we would have paid and place it in an money market account? I got lost around the "earning interest on the interest" for Case (2) ???

I'm sorry if I was confusing.

In my opinion, having some money on hand in case of emergency is a pretty valuable thing.  So instead of making the interest payments, I'll be stashing money into a high interest savings account each month. 

Let's see if some numbers help...

Let's say you take out $10,000 in a lump sum @ 6.8% interest where the interest payment, if unpaid, get capitalized each month.

If none of the interest is paid, 36 months after the loan was taken out you would owe @12,255.92.  Thus, $2,255.96 is the total amount of interest that accumulated by not making a single interest payment.

The interest payment for the first month would be $56.67.  The interest payment for month 36 would be $69.06.

Let's consider what would happen if you save $57.00 each month, for 36 months, in a savings account that gets a 5% return/yr.  After 36 months, you will have $2,208.94 in your high interest savings account.

Thus the effective cost for not making the interest payments is $46.98(=$2,255.92-$2,208.94).

Obviously, most people are taking out more than $10k/yr.  At some point, it becomes really difficult to make a deposit into your savings account that's large enough to keep up with the interest payment when you're taking out 3 or 4 times as much out in a year. 

Anyway, I hope that clarifies things a bit.

55
Just search for money belt or travel belt.  You can find a fanny pack type belt that's really thin and meant to be worn under your shirt.   

56
If you can get home in 30 minutes, you could also get to school in 30 minutes provided you left home earlier.  You can study before class too.

57
Incoming 1Ls / Re: Law School Personality
« on: May 28, 2007, 02:59:11 PM »

I'm really surprised that an "introverted" personality is suitable for the law, but there it is... a career in law suggested!

Did you expect introverts to be drawn to fields likes medicine, education, and psychology?

58
Incoming 1Ls / Re: Law School Personality
« on: May 28, 2007, 01:24:58 PM »
So, what I figure is that you INTJ guys should be transactional lawyers and us ENTJs should be litigators! ;)

I would disagree with you, but that would require me to interact with you.  I think that'll make my INTJ head explode.

59
Visits, Admit Days, and Open Houses / Re: Residency
« on: May 28, 2007, 08:30:38 AM »
It's not the school that makes it difficult to obtain residency.  Rather, it is the state laws that govern residency, and some states make it virtually impossible to establish residency if your primary reason for moving to the state is for education.

60
Another alternative is to work for a couple of years and pay off as much of the UG debt as possible and then go to LS.

Not knowing your UGPA and LSAT score, I don't know how easy this might be for you, but another alternative is to apply to schools where you'd be likely to get some sort of merit aid.  If you have a UGPA and LSAT score that are higher than the 75th percentile for the LS, you'll probably get a lot of merit money.  If one or the other is higher, you could get some.

Some schools give out aid based on financial need.  Having a significant amount of UG debt would surely come into play for that sort of calculation. 

Also, if you're a state resident of WI and you get into UW law, it's pretty cheap as law schools go.  If you aren't already, you could work in Madison or Milwaukee for a a while to pay off debt and establish residency or you could apply to the state schools in whatever state you do have residency.

Gwiz is right; if you really want to go to LS, you can 'find' the money.


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