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Author Topic: How much debt will you be in after 3 years of law school?  (Read 11573 times)

BlueGreen

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How much debt will you be in after 3 years of law school?
« on: March 16, 2008, 10:31:16 PM »
i'll be borrowing almost every penny i spend in law school (aagggghh) so i'm estimating my total debt at around 150K. maybe more. oh god.    *starts hyperventilating*

how's everyone else's potential debt looking?
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vjm

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Re: How much debt will you be in after 3 years of law school?
« Reply #1 on: March 16, 2008, 10:36:32 PM »
I just got all these figures together yesterday. Anywhere from 71,000 to 195,000. The extreme variation is due to public/private, instate/ out of state, and my ability to buy rather than rent housing (possible some places and not possible at others). It certainly put the big financial picture front and center for me.

BlueGreen

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Re: How much debt will you be in after 3 years of law school?
« Reply #2 on: March 16, 2008, 10:39:03 PM »
correction: 200K is more likely for me. i'm more or less decided on where to go (pretty obvious choice)and the *basic* costs are about 65K a year. eeeks.
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SteelersandGators

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Re: How much debt will you be in after 3 years of law school?
« Reply #3 on: March 16, 2008, 10:40:32 PM »
150 K would be lowballing it. Closer to 200K I think.

P.S.- Please withdraw from Duke!
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BlueGreen

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Re: How much debt will you be in after 3 years of law school?
« Reply #4 on: March 16, 2008, 10:44:02 PM »
150 K would be lowballing it. Closer to 200K I think.

P.S.- Please withdraw from Duke!

how long would it take to pay back 200K?



don't worry, planning to withdraw from other schools soon.
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nealric

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Re: How much debt will you be in after 3 years of law school?
« Reply #5 on: March 16, 2008, 11:41:19 PM »
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how long would it take to pay back 200K?


On a biglaw salary, it is theoretically possible to do in 3 years. The vast majority will probably take much longer though.
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negativeexternality

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Re: How much debt will you be in after 3 years of law school?
« Reply #6 on: March 16, 2008, 11:57:19 PM »
hmmm

$90,000 scholarship at emory, and tuition is gonna run me more or less $40,000/year, so i'll owe approximately $30,000 for tuition expenses plus maybe $22,000/year for living expenses, books, etc.

maybe $55,000-$60,000 altogether, if i get a decent summer associate position.  i'm pretty happy with that.
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SteelersandGators

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Re: How much debt will you be in after 3 years of law school?
« Reply #7 on: March 17, 2008, 12:02:35 AM »
Quote
how long would it take to pay back 200K?


On a biglaw salary, it is theoretically possible to do in 3 years. The vast majority will probably take much longer though.


Key word...theoretically. I think something like 6 years is much more realistic. If you are doing public interest, much longer.

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BlueGreen

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Re: How much debt will you be in after 3 years of law school?
« Reply #8 on: March 17, 2008, 12:08:40 AM »
Quote
how long would it take to pay back 200K?


On a biglaw salary, it is theoretically possible to do in 3 years. The vast majority will probably take much longer though.


Key word...theoretically. I think something like 6 years is much more realistic. If you are doing public interest, much longer.



i'll probably be going into biglaw. is 6 years reasonable? i heard somewhere that you should expect at least 10. (my sources are questionable at best)
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cantwaitforuva

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Re: How much debt will you be in after 3 years of law school?
« Reply #9 on: March 17, 2008, 12:14:19 AM »
I wish I only had $150,000 worth of debt after law school. I also had to pay for undergrad entirely in loans so after law school I'll have over $300,000 in debt.