so hitting it big is a bad thing? Isn't that like trying to pick bad lottery ticket numbers so to avoid taxes?
Quote from: Pdukes on August 12, 2011, 02:58:51 PMby any means.This is a fine argument if you really want to be a lawyer because of the day-to-day work. But there are a lot of ways to make $50,000 without going into so much debt, not to mention the fact that law school takes three years out of your career.Also, are you using IBR (income based repayment program) numbers for the repayment amounts? A 50,000 student loan is 387.65 for 20 years. Since Cooley's tuition is $30,000 a year and most students don't have substantial scholarships past the first year, I'd have to bet that the huge majority have $100,000+ in debt. A $100,000 loan is $775 a month for 20 years.However, if you make $50,000 your IBR payments on $100,000 will probably be:205/month if you have a family of 4 280/month if you have a family of 3350/month if you have a family of 2and420/month if you are single with no kids.Then everything you haven't paid after 25 years is forgiven. But remember that your payments go up when your income goes up. So if you hit it big 15 years from now, you'll have to pay all of it back including the massive amounts of interest.
by any means.