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Author Topic: 2.0 - Should I drop out?  (Read 9298 times)

Miss P

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Re: 2.0 - Should I drop out?
« Reply #20 on: January 23, 2009, 02:40:12 PM »
student loan debt should not take more than 10-15% of your income. 

While I generally agree with you that the OP should think carefully about whether s/he wants to be a lawyer and think through the economics of the decision, I have to question this figure.  First, most young lawyers I know pay much more than 10-15% of their income in loan payments.  Second, it really depends on your income, doesn't it?  I think it makes much more sense to figure out what take-home income would make you reasonably comfortable and assume that whatever is left is fair game for loan payments.  Not that it's particularly relevant to this thread's topic, but if you're making $165K + (half or full) bonus, there's no reason you can't make $2K/month payments, and in this economy (with low investment and savings prospects, declining housing costs, and high job insecurity), you should probably pay much more.
That's cool how you referenced a case.

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Stole Your Nose!

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Re: 2.0 - Should I drop out?
« Reply #21 on: January 23, 2009, 02:58:08 PM »
This is where I got it from.  http://www.finaid.org/calculators/loanpayments.phtml

Feel free to argue with it.  Still think a 2.0 doesn't bring stellar job prospects and that $150k+ is a pretty crushing amount of debt for something that doesn't substantially improve your position.

Miss P

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Re: 2.0 - Should I drop out?
« Reply #22 on: January 23, 2009, 03:06:34 PM »
Feel free to argue with it.  Still think a 2.0 doesn't bring stellar job prospects and that $150k+ is a pretty crushing amount of debt for something that doesn't substantially improve your position.

I didn't mean to be captious.  I just don't think the figure makes a lot of sense, especially in the current economy.  (Of course, I am really arguing that you should pay a higher percentage of your income toward your debt if you make a lot of money and not that it's a good idea to take on a higher debt load so that your scheduled payments would be higher.  You and I may actually be agreeing.)

I also totally agree with you about the OP's situation.  OP, as many others have suggested, if you don't want to be a lawyer, or aren't sure, get out or take a leave.  This is not a good start in a competitive field.  Law, in general, is a high-cost, low-return investment that doesn't make for a great fallback or default option.
That's cool how you referenced a case.

Quote from: archival
I'm so far from the end of my tether right now that I reckon I could knit myself some socks with the slack.

Stole Your Nose!

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Re: 2.0 - Should I drop out?
« Reply #23 on: January 23, 2009, 03:24:45 PM »
FWIW, I do agree with you.  I am planning to repay early, depending on interest rates. But it's much easier to do that at close to $200k salary with a (generally) stable upward trend than with a job pays even $60-70k.

Miss P

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Re: 2.0 - Should I drop out?
« Reply #24 on: January 23, 2009, 03:32:42 PM »
FWIW, I do agree with you.  I am planning to repay early, depending on interest rates. But it's much easier to do that at close to $200k salary with a (generally) stable upward trend than with a job pays even $60-70k.

Oh, of course!  ITA.
That's cool how you referenced a case.

Quote from: archival
I'm so far from the end of my tether right now that I reckon I could knit myself some socks with the slack.

inspectionstare

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Re: 2.0 - Should I drop out?
« Reply #25 on: January 23, 2009, 09:53:30 PM »
I have basically the exact same story as you. I made the tough decision and dropped out of law school. I realized that being a lawyer was going to be a *&^% life, and very few people were actually 'wired' to enjoy legal work. I definitely am not one of them. Since dropping out (only a few months ago, dropped out mid semester from the U of U) I've got a job with an internet marketing firm and I love it. I can guarantee I'll end up being better financially off because I'm doing something that fits me.

I found law school to be a joke. The case method of learning is the biggest *ucking sham I've ever run into. I quickly realized that I was under a massive delusion that law and law school was some admirable thing, when in fact it's just not true. Law school was a joke, and people who really love studying the law are by nature a little backwards. 

I'm not trying to persuade either way, just trying to lend a helping hand. Quitting law school was the best decision I could have made. I can't imagine 'sticking it out.' It would have been absolutely ridiculous for me to do that.

Tetris

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Re: 2.0 - Should I drop out?
« Reply #26 on: January 23, 2009, 10:05:28 PM »
inspectionstare:  What are you doing browsing a Students & Graduates thread on LSD if you are out of law school? 
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TTom

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Re: 2.0 - Should I drop out?
« Reply #27 on: January 23, 2009, 11:20:51 PM »
I have basically the exact same story as you. I made the tough decision and dropped out of law school. I realized that being a lawyer was going to be a poo life, and very few people were actually 'wired' to enjoy legal work. I definitely am not one of them. Since dropping out (only a few months ago, dropped out mid semester from the U of U) I've got a job with an internet marketing firm and I love it. I can guarantee I'll end up being better financially off because I'm doing something that fits me.

I found law school to be a joke. The case method of learning is the biggest *ucking sham I've ever run into. I quickly realized that I was under a massive delusion that law and law school was some admirable thing, when in fact it's just not true. Law school was a joke, and people who really love studying the law are by nature a little backwards. 

I'm not trying to persuade either way, just trying to lend a helping hand. Quitting law school was the best decision I could have made. I can't imagine 'sticking it out.' It would have been absolutely ridiculous for me to do that.

I'm glad you dropped out too!

MidWesternPleb

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Re: 2.0 - Should I drop out?
« Reply #28 on: January 27, 2009, 05:03:24 AM »
inspectionstare is making friends with the law school kids

OP sounds like he flat-out doesn't even enjoy law school.  2.0 and don't enjoy it?  Drop out.  2.0 and enjoy it and know you'll enjoy life as a lawyer?  Yeah, it's possible to rebound a to a certain degree.  Go for it.

Ninja1

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Re: 2.0 - Should I drop out?
« Reply #29 on: January 27, 2009, 11:26:32 AM »
   Graduating with a law degree from a good school, even if you finsih in the bottom 5%, will impress alot of employers.

From a top 10 school maybe.  I wouldn't be impressed by a student at a 30-40 school who is in the bottom 5%.

I think non-legal jobs will usually be sufficiently impressed with a law degree from almost anywhere, let alone a name brand school, regardless of grades. Even at the undergrad level, I saw a ton of people that got piss poor grades get good jobs just by virtue of having a BA. Of course, this does bring up the "why go to law school if you're not trying to be a lawyer" argument...
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