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Author Topic: How does one cope with law school debt?  (Read 2781 times)

lsatlsat

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How does one cope with law school debt?
« on: November 02, 2009, 01:46:19 PM »
Anyone here have to take out loans for law school?? How do u handle it??!!

Joey Porsche

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Re: How does one cope with law school debt?
« Reply #1 on: November 02, 2009, 03:35:32 PM »
You take out loans and you pay them back.  Didn't you go to undergrad?

jack24

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Re: How does one cope with law school debt?
« Reply #2 on: November 02, 2009, 04:02:19 PM »
I like to forget I have loans, that way I will get such a fun surprise when I graduate!

Seriously though, just figure out the monthly payment, and decide what kind of impact it will have on your life after you graduate. 

lsatlsat

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Re: How does one cope with law school debt?
« Reply #3 on: November 02, 2009, 04:50:11 PM »
The subject is how does one cope with law school debt?!

Does it worry you? Do you just not think about the loans, etc?

Talk Is Cheap

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Re: How does one cope with law school debt?
« Reply #4 on: November 02, 2009, 08:34:15 PM »
I try not to pay attention to it, but that doesn't really work for me.

To be honest, my law school debt casts a cloud over my entire existence. I know most of us have it, and we just deal with it, but that doesn't make it any better. You go to the Dept. of Education and calculate what your monthly repayment will be like, and then you despair some more. You realize that you'll likely be making peanuts in this economy and despair a little more. Wonder if you would have been better off taking a low-paying job with your undergrad degree...but without this handicapping debt. You flirt with deferring your repayments to the "25 year plan" rather than the default 10-year plan, but can't stomach paying that much interest. You calculate how much disposable income you'll have per month, after state and federal taxes, and loan repayment. You make different models based off of several prospective starting salaries, which run the gamut from depressingly realistic to overly optimistic.

Oh wait, obsess much?

In the end, all you can do is repay them...or skip the country, I guess. Many people before us have managed. I'm sure we will, too.

That being said, if I could take a prospective law student and give him my wizened advice today, I would sternly caution him about the evils of taking on mountainous debt to try and grab an ever-shrinking slice of the decent-salaried pie. There are much easier, and less stressful, ways.

Joey Porsche

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Re: How does one cope with law school debt?
« Reply #5 on: November 03, 2009, 01:10:51 AM »
I'm more worried about coping with taxes.

jack24

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Re: How does one cope with law school debt?
« Reply #6 on: November 03, 2009, 11:20:59 AM »
The subject is how does one cope with law school debt?!

Does it worry you? Do you just not think about the loans, etc?

Yeah, I told you how I cope with it.   I break it down into monthly payments, and it doesn't seem as overwhelming.
I can handle a 650/month payment as long as I have a good job and a modest house, but thinking about a 90,000 mound of death debt weighs me down.

Ninja1

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Re: How does one cope with law school debt?
« Reply #7 on: November 04, 2009, 04:42:29 AM »
Get in on the Public Interest Loan Forgiveness (or whatever it's called) program. Nothing like making a big chunk of debt disappear one day.
I'mma stay bumpin' till I bump my head on my tomb.

IPFreely

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Re: How does one cope with law school debt?
« Reply #8 on: November 04, 2009, 01:30:17 PM »
I'm more worried about coping with taxes.
I'm more worried about coping with death.

Joey Porsche

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Re: How does one cope with law school debt?
« Reply #9 on: November 09, 2009, 12:40:21 AM »
I'm more worried about coping with taxes.
I'm more worried about coping with death.

Don't knock it 'til you tried it.