Law School Discussion

How long to repay student loans

Snoopy

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How long to repay student loans
« on: April 29, 2006, 02:43:01 PM »
I just finished reading Deloggio's website noting how long it takes a grad from each law school to repay his/her debts.
Sadly, my school, Roger Williams was second to last.  The one who came in last was, of course, cooley.

http://www.deloggio.com/choosing/debt.htm

Re: How long to repay student loans
« Reply #1 on: April 29, 2006, 04:15:55 PM »
those numbers are ridiculous, I did not even see Yale on the chart.  Most people take 20 years to pay off loans especially since intreset rates hit record lows.  That site seems to claim people make 100g bring home 67 and somehow pay off 100g of debt in 3 years, thats outrageous!

jacy85

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Re: How long to repay student loans
« Reply #2 on: April 29, 2006, 04:26:08 PM »
actually, that's not totally outrageous.  If you live at or below your means for 3-5 years, and do little or nothing with your disposable income but put it towards your debt, you can pay off a lot of money faster than you'd think.

Problem is that most people don't have the luxury of putting every penny of disposabe income towards their debt.  I plan on doing that as much as I can, however, and even with over $100k in debt, I'm not planning on swimming in it for very long.  (and my partner, who has a great job that can support us both, agrees with the plan)

sdlaw

Re: How long to repay student loans
« Reply #3 on: April 29, 2006, 05:30:54 PM »
3 years to pay off all your loans seems kind of optomistic, with taxes and cost of living it will take many years to pay off the loans.

Re: How long to repay student loans
« Reply #4 on: April 29, 2006, 06:03:28 PM »
Jacy and his as s buddy are living in a dream world.  You can not pay 100g in loans in 1 year unless u suck a lot of dic k for money, oh my bad judging by ur posts i think u do that but still 100g in 1 yr nah, at best u can find a good guy in prison

980eQ

Re: How long to repay student loans
« Reply #5 on: April 29, 2006, 06:27:39 PM »
chart is crap. I know only 2 persons of all the attorney's i know that paid off their loans within 3 years.

One of them was a child of a very wealthy family, whose father conditioned the paying of his loans based on his ability to graduate magna cum laude (he did, and got 115K paid off, AND a car)

The other is a hard boiled personal injury attorney who somehow got lucky as hell on a medical malpractice case in FL where the doctor was intoxicated, and punitive damages in the sum of 1.1 million were awarded on top of the 3.9 of the rest of the damages that were awarded for P & S, future loss of income and other things... (person was left completely disabled. he did this his 3rd year in. He paid off his loans, invested into south fla realestate, and pretty much practices because he wants to and not bc he has to

Snoopy

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Re: How long to repay student loans
« Reply #6 on: April 29, 2006, 06:43:22 PM »
The point is this:  it is almost impossible for a Roger Williams graduate to repay his or her student loan debt.  That chart represents the "ability to pay" given average indebtedness and salaries of grads etc.
hey, at least we aren't last, right?

Leaf2001br

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Re: How long to repay student loans
« Reply #7 on: April 30, 2006, 12:41:44 AM »
I think it should be pointed out again that there is no reason to be paying off student loans unless it is the only debt of any kind that you have to your name.  Pay off your house, your car, your credit cards, anything else.  If you even have a balance on a gas card and you're paying extra on your student loans, you're throwing money away.  You can't argue with the interest rates.

lol

Re: How long to repay student loans
« Reply #8 on: April 30, 2006, 08:08:01 AM »
Jacy and his as s buddy are living in a dream world.  You can not pay 100g in loans in 1 year unless u suck a lot of dic k for money, oh my bad judging by ur posts i think u do that but still 100g in 1 yr nah, at best u can find a good guy in prison

LOL LOL LOL My thoughts exactly! ;)

Re: How long to repay student loans
« Reply #9 on: May 01, 2006, 05:55:54 PM »
another hole to this chart, i believe the average salary is based on those employed at firms, which we know isn't everyone, and those who don't, their salary is a bit lower,