Law School Discussion

Coping with the high debt

Coping with the high debt
« on: March 30, 2009, 10:39:30 PM »
The euphoria of being accepted to law schools quickly changed to fear as I realized the high amount of debt that I would have to incur to attend. I have received some scholarships and have applied for more. However, it is really stressful to think about taking on 20k+ a year to become a lawyer. I write this post not to complain but just to vent (if there is a difference) about increasing cost of a school. I mean some of these schools have literally hundreds of millions of dollars and they are charging 40k a year and giving the average student 7k a year, there is something seriously wrong. I guess in the end it will be okay, but for the record I want to make it clear that I applied to law school to become a lawyer not to get my first mortgage payment. 

Re: Coping with the high debt
« Reply #1 on: March 31, 2009, 08:14:17 AM »
The euphoria of being accepted to law schools quickly changed to fear as I realized the high amount of debt that I would have to incur to attend. I have received some scholarships and have applied for more. However, it is really stressful to think about taking on 20k+ a year to become a lawyer. I write this post not to complain but just to vent (if there is a difference) about increasing cost of a school. I mean some of these schools have literally hundreds of millions of dollars and they are charging 40k a year and giving the average student 7k a year, there is something seriously wrong. I guess in the end it will be okay, but for the record I want to make it clear that I applied to law school to become a lawyer not to get my first mortgage payment. 

It's not that your general disdain is out of sync, but rather, 20k a year is a lot less than some ultimately spend.  60k in debt = 600 dollars a month for 10 years. That's not terrible relative to some of those who are really crushed under debt.

Also, you can have always gone to a school for free  ;D I'm sure you could have found a full scholarship.

Just kidding of course.

sheltron5000

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Re: Coping with the high debt
« Reply #2 on: March 31, 2009, 11:57:25 AM »
plus interest.... JS

Re: Coping with the high debt
« Reply #3 on: March 31, 2009, 09:20:02 PM »
I've decided to take a scholarship at a good (imo great) school as opposed to admission at an even "better" school.  I just can't deal with anymore debt (in addition to undergrad).

I think people need to realize that getting a law degree can cost lots of money.  People need to consider the debt and act accordingly.  If that means part time law school while working full-time... then that's how it has to be.  If that means taking a scholarship or attending your state school as opposed to some elite T14 or T20 school... then so be it.

k0em9u

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Re: Coping with the high debt
« Reply #4 on: April 03, 2009, 09:42:34 PM »
Americans do not consider debt, the last year has proven that very clearly :p