Law School Discussion

Poll

How much debt do you think you'll ultimately graduate with?

under 20K
4 (3.3%)
20k-40k
5 (4.1%)
40k-60k
11 (8.9%)
60k-80k
14 (11.4%)
80k-100k
32 (26%)
over 100k
57 (46.3%)

Total Members Voted: 122

Graduating with debt

Re: Graduating with debt
« Reply #10 on: April 03, 2008, 09:09:08 AM »
I hope you land that big law job... jeez. Otherwise, I see bankruptcy in your future..


I'm going to UVA so I'm not worried about landing a biglaw job. I'm a big planner so I already have all sorts of charts for what I will pay of first and how quickly I can pay everything off.

Re: Graduating with debt
« Reply #11 on: April 03, 2008, 09:12:46 AM »
$300,000 is a ton of money for sure but it won't get you a decent two bedroom condo here in LA.  I think you just won't be a homeowner as quickly as some other people.  That's the way I look at it. 

But I've been wrong before a few times. 

yeah, I plan on living in an apartment for the first 5 years out of law school so I can pay down a bunch of debt. Unless i get married, that would change things.

Re: Graduating with debt
« Reply #12 on: April 03, 2008, 09:13:36 AM »
80k-100k depending on what job I land 2L year. Feeling a little bit better about this after seeing so many 100k+ responses in the poll!

Re: Graduating with debt
« Reply #13 on: April 04, 2008, 01:11:03 PM »
Anyone wanna take a shot at how long 80K will take to pay off earning an average salary of like 125k? I seriously have no clue.

Martin Prince, Jr.

  • ****
  • 148
  • Excelsior!
    • View Profile
Re: Graduating with debt
« Reply #14 on: April 04, 2008, 01:19:56 PM »
Anyone wanna take a shot at how long 80K will take to pay off earning an average salary of like 125k? I seriously have no clue.

Your mileage may vary. How many trips, shows, expensive dinners, weekend getaways, etc etc are you willing to forgo. Are you living in NYC, where your income is taxed 3 times, or are you living in a suburb of Nashville, where it's only taxed once?

I personally am not too concerned about the 60K of stafford loans, but I want to get the 40-60K in grad plus loans paid off pretty quickly (provided I can't lock in a good % on a federal consolidation loan, but we'll see where the market is in three years, won't we?).

Astro

  • *****
  • 9930
  • Happy birthday goalie!!!
    • View Profile
Re: Graduating with debt
« Reply #15 on: April 04, 2008, 01:29:00 PM »
Anyone wanna take a shot at how long 80K will take to pay off earning an average salary of like 125k? I seriously have no clue.

If you were taxed at 42.5% annually, were spending $2500 a month in living costs, and didn't put anything away in savings or try to make a large purchase, it should take you between 2 and 2.5 years to pay that off, even at 8% interest.

Re: Graduating with debt
« Reply #16 on: April 04, 2008, 01:37:20 PM »
It's looking like either 44k for Florida or 90k for Boston. 

Re: Graduating with debt
« Reply #17 on: April 04, 2008, 02:25:33 PM »
25k undergrad and then 190kish for NYU...not counting on any summer income.



This is why I had a very hard time picking between NYU and WUSTL with a scholarship that would have allowed me to graduate with under 100K in total debt.

Re: Graduating with debt
« Reply #18 on: April 04, 2008, 03:29:38 PM »
about 70K for UG and looking at between 150K and 200K additional for law school.

plan on going into big law for a bit, living like i'm only earning 75K/year, and paying those suckers off within five years.

Re: Graduating with debt
« Reply #19 on: April 04, 2008, 03:45:48 PM »
I am still deciding, but it's either $125K at a very good but non-T14 school, or zero debt at a Tier2 regional school (in a region where I would like to practice).  Talk about extremes in my case!

BTW, I think it's possible to pay off your loans quickly, but realize that most people don't do this.  You hear of a lot of people saying they have to work in Biglaw to pay off loans for a reason.  If it was easy to pay it off in 2 years, everyone would do it.  It's simple to say now that you will live like a student still once you graduate, that you won't make any big purchases, etc. etc., but it's A LOT harder to maintain that sort of attitude once you are out in the real world.  I've been out of undergrad for awhile and while I don't live any sort of luxurious life, things easily come up especially when your married, etc.

That's part of the reason why I am so hesitant about taking out $125K more....