How much are you spending?

[RisingSun]

I am heading to a Tier 2 next year and after all is said and done, I will have taken 30,000 for this year.  Thus, with undergrad and three years of law school, I assume I will have more than my fair share of debt.  I wanted to see if this seems unusually high for most of you, especially considering Im heading to a Tier 2.  About how much are you all taking in private loans each year, what are your monthly payments, etc....?  Any info is greatly appreciated as these numbers are starting to keep me up at night.

[bruin]

My Total loans for this year come to $34,900 + computer loan for a total of ~$36,900. I assume next year will be similar. Private loans come to roughly $18k/year on top of Staffords.

Your $30k isn't at all unusual. I know people going to tier 2 schools looking at $100k in loans at graduation.

[wildcataz2004]

I'll be taking out the full 18,500k per year for the next three years to attend a very low tier one school; add 20k that I owe from undergrad which I'm deferring, I'm looking at over 75k. But hey at the end of all this, at least we'll be lawyers

[ErinKG]

I'm planning on 18.5k for Staffords, ~16k for private loans and 30k for uncertified private loans for the first year. I'm hoping I won't have to take out as much uncertified for the second year, but we'll just have to wait and see.

[wildcataz2004]

I'm planning on 18.5k for Staffords, ~16k for private loans and 30k for uncertified private loans for the first year. I'm hoping I won't have to take out as much uncertified for the second year, but we'll just have to wait and see.

What's with the 30k unucertified? Do you have a family to support? Just curious because that is a lot of loans just for the first year...

[ErinKG]

I don't have a family, but my BF (soon to be DH) and I own a house and cars, etc. It's worth it for us to take the money out now and continue living here with the cars, etc. We will definitely cut back on certain things and may not need the whole amount. We just want to have it just in case. The staffords will just cover my tuition, so the additional $46k will be for us to live on for the next year (we included summer in our planning in case I don't find a paying job). He also has a salary (40k), so I think we'll be good.

Erin

[tjking82]

I don't have a family, but my BF (soon to be DH) and I own a house and cars, etc. It's worth it for us to take the money out now and continue living here with the cars, etc. We will definitely cut back on certain things and may not need the whole amount. We just want to have it just in case. The staffords will just cover my tuition, so the additional $46k will be for us to live on for the next year (we included summer in our planning in case I don't find a paying job). He also has a salary (40k), so I think we'll be good.

Erin

Your COL seems to be unreasonably high.  On his salary, you should be able to cover living expenses.  Don't tell me you're making payments on 2 cars...

I'm taking the full staffords, plus 22k from private lenders just to hit school's recommended COA.  Of course that's 20k above tuition, and I fully expect to have some of that go unused.

[ErinKG]

Our COL might be a little high - we've been living on a combined salary of over $110k/year. Our mortgage is about $1800 and, yes, we are making payments on two cars, although they should be paid off in about a year. Our financial decisions may not be understood by others, but we are comfortable with them. Like I said, we probably won't use the entire 30k, but we have it just in case. We'll roll over any unused money to next year and take out fewer loans.