Law School Discussion

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Author Topic: Law School Debt  (Read 2665 times)

FLgirl07

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Law School Debt
« on: July 30, 2007, 03:03:01 PM »
It seems that many of the people who post here get disheartened with law school due to the debt they accummulate.  This is particularly true with the T14 schools.  If you had the choice to study at a B school with a full-ride or at least a significant amount of aid, would you opt for that? 

HRoark81

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Re: Law School Debt
« Reply #1 on: July 30, 2007, 03:54:32 PM »
No. 

Barbie22

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Re: Law School Debt
« Reply #2 on: July 30, 2007, 05:59:22 PM »
A B school as in non-T14 or as in Business school?

littlelisalaw

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Re: Law School Debt
« Reply #3 on: July 30, 2007, 06:15:12 PM »
Depends on various factors.......

What do you want to do with your degree?  Are you looking to practice in a big firm?  Or do you want more regional, or local government type work?

Many may argue with me here.  If your point is to make 6 figures right away, then you need one of the top schools.  And at that point, go ahead and rack up big debt, because truth be told, a couple years making bank and your debt is paid back.

However, if you are like me, my interest was not in big law firms.  I want to stay regional and my goal is to ADA or God-willing, be elected DA someday.  I chose a regional school because of it's clinical program and the amount of face time I get with local lawyers.  At my school, both the DA and the current Oregon Supreme Court Chief Justice teach, so these kind of connections and face time are invaluable.

But what are your plans?  How do you plan on using your law degree?

Sparkz1920

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Re: Law School Debt
« Reply #4 on: July 30, 2007, 08:52:52 PM »
You still end up making the same amount of money somewhat

Rack up debt at T14 and make over 100K, and pay it back

Get no debt and make maybe 60-75K depending on your job


Still the same salrary after you take out your loan debt from your 100K salary or have no debt and make 60-75K

Just work less hours at the latter and maybe see the significance of your work

Honestly, i would go with the free ride since im not into BigLaw. But if i were, id just rack up the debt.

But gotta factor in, alot of people go into Biglaw, dont like it, and have no choice but to stay because they owe money to SallieMae


Blunderbuss

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Re: Law School Debt
« Reply #5 on: July 30, 2007, 08:57:57 PM »


But gotta factor in, alot of people go into Biglaw, dont like it, and have no choice but to stay because they owe money to SallieMae



don't forget these people at biglaw tend to have better exit option. 

FLgirl07

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Re: Law School Debt
« Reply #6 on: August 01, 2007, 12:44:04 AM »
I'm not in law school yet.  I'm intending to apply for next fall, which is why I was asking this.

rhombot

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Re: Law School Debt
« Reply #7 on: August 01, 2007, 08:39:49 PM »
It seems that many of the people who post here get disheartened with law school due to the debt they accummulate.  This is particularly true with the T14 schools.  If you had the choice to study at a B school with a full-ride or at least a significant amount of aid, would you opt for that? 

that's what i chose, and i'm glad i did. it takes a lot of pressure off and has made law school a fun experience for me so far. i have no interest in EVILLAW, so i don't feel like i'm foregoing any options, besides which i did well enough in 1L to have been competitive for EVILLAW jobs had i been interested.

the main downside is the limited reach of the degree. it's going to be a struggle to get a job on the east coast if my personal connections don't net me one.
case '09

Sparkz1920

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Re: Law School Debt
« Reply #8 on: August 02, 2007, 06:48:31 AM »


But gotta factor in, alot of people go into Biglaw, dont like it, and have no choice but to stay because they owe money to SallieMae



don't forget these people at biglaw tend to have better exit option. 


What do you mean? Job wise


Ad oculos

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Re: Law School Debt
« Reply #9 on: August 24, 2007, 10:43:23 PM »
Quote
Still the same salrary after you take out your loan debt from your 100K salary or have no debt and make 60-75K

Don't forget that people in small law top out a lot quicker.  The student loans are paid off in 5-10 years, depending on how aggressive one is.  A midlevel/senior associate can pull down $300k+.  But the small law 7th year?  Nowhere close.  You have a ton of compression, and the financial comparison is not even close after a few years, even with all the student loans.

Quote
What do you mean? Job wise

A general rule is that it's a lot easier to move down than it is to move up.  If you start off in Biglaw, you have plenty of options.  If you go to a less-than-stellar school, you're already starting at the bottom.  Where are you going to go if things don't work out?