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Author Topic: credit card debt and entering law school  (Read 1666 times)

luvcats

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credit card debt and entering law school
« on: November 09, 2008, 03:49:43 PM »
how do law schools factor in credit card debt for entering 1 ls?  Do they expect you to pretty much have no credit card debt going in?  How do you guys manage to pay bills with no job while in law school?

fertsru

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Re: credit card debt and entering law school
« Reply #1 on: November 09, 2008, 04:15:41 PM »
how do law schools factor in credit card debt for entering 1 ls?  Do they expect you to pretty much have no credit card debt going in?  How do you guys manage to pay bills with no job while in law school?

I am not quite sure what you are asking. When you get loans, only few are based on your credit rating. Is your debt lowering your credit score?

I pay bills on regular basis from the loan left-overs that I keep in a checking account.
Per aspera ad astra.

DonaldDarko

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Re: credit card debt and entering law school
« Reply #2 on: November 09, 2008, 04:53:36 PM »
If you have $50,000 in credit card debt, for example, they don't factor that in your financial aid and say, "Gee, you're broke, here, have some more money!"

If you're really floundering in credit card debt, pay it off with your student loans. I guarantee the interest rate on the student loans is lower, and there are many more ways to defer repayment. You're not going to get that kind of forgiving service from your credit card.

Better yet, just don't spend the money you don't goddamn have and rack up credit card debt.

jacy85

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Re: credit card debt and entering law school
« Reply #3 on: November 09, 2008, 07:27:01 PM »


Better yet, just don't spend the money you don't goddamn have and rack up credit card debt.

TITCR

If you have so much credit card debt that you're concerned you won't have enough money to make your monthly payments and live off the student budget, then perhaps you should pay the debt off first before undertaking more debt to go to school.

And the answer is yes, law schools expect people to be financially responsible, so they don't automatically factor non-necessary debts.  You could perhaps seek an increase in the budget (I got one to cover my car insurance; it's not clear why that wasn't factored in at a school in Atlanta, GA with no extensive/reliable public transportation), but I doubt you'll get one for credit card debt.

And as for final_id's post, it's pretty irrelevant.  It doesn't matter how much you get in scholarship or merit aid, the bottom line is that the student budget pretty much defines how much money you can get in whatever form.  Even if you get scholarship money to cover 100% of tuition, you will still be limited by how much you can borrow in other aid by the budget.  Lenders won't approve anything over that, unless your school ok's the budget increase.  It prevents people from taking out tons and tons of student loan money (that should be going to other student's basic needs) and doing frivolous things with it.

Clayton

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Re: credit card debt and entering law school
« Reply #4 on: November 09, 2008, 10:23:27 PM »
how do law schools factor in credit card debt for entering 1 ls?  Do they expect you to pretty much have no credit card debt going in?  How do you guys manage to pay bills with no job while in law school?

Pay it off before you start law school.

Get a car that you don't have to make payments on.

Be financially responsible.

Schools generally provide enough loan money for a student to get by, ie modest rent, food, utilities transportation, etc. Not for "extras."

Remember for every dollar you borrow, you will be paying back at least two perhaps three dollars.

macraiser123

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Re: credit card debt and entering law school
« Reply #5 on: September 01, 2010, 06:49:44 AM »
This is an awesome community. Thanks for sharing

barond

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Re: credit card debt and entering law school
« Reply #6 on: September 08, 2010, 07:50:10 PM »
Or you could sue for debt collection harrassment and make them pay you.

Generally, if you want to live large arising out of attending law school. You should just rack up tens of thousands in student loans. Most students who go to law school do this and have no financial problems unless you are truly irresponsible.

the white rabbit

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Re: credit card debt and entering law school
« Reply #7 on: September 09, 2010, 06:46:34 AM »
You should just rack up tens of thousands in student loans. Most students who go to law school do this and have no financial problems unless you are truly irresponsible.

For the record, this is absolutely horrible advice and probably said in jest.

This is an old thread so I doubt the OP is listening, but just in case anyone comes across it and decides to take it seriously.
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