Is Cooley Law School That Bad?

[pslaw2011]

To continue the income based repayment, if you work in "public service" ie: government, nonprofit (501c3 nonprofit - not political or unions), or academia your loans are forgiven after 10 years instead of 25. And, you can pay back your loans on income based repayment & have them forgiven after 10 years of public service.

[jack24]

so hitting it big is a bad thing? Isn't that like trying to pick bad lottery ticket numbers so to avoid taxes?

It's not bad to hit it big, but it's bad to pay large loans off slowly only to have to pay them completely off at the end.  It's better to hit it big faster.

[fortook]

so hitting it big is a bad thing? Isn't that like trying to pick bad lottery ticket numbers so to avoid taxes?

I know who you are.  Same logical fallacies, same consistent missing of the point, same directionless aggression; I knew you wouldn't be gone for long.

[Pdukes]

by 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 3
350/month if you have a family of 2
and
420/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.

Sure you could sell drugs and make 50k but I think 50k is a legit salary for a 25-30 yr old trying to start a life.  Another 5 yrs down the road if not set up to be partner 75k would be a realistic salary amount.  So at that point you could piss out 420/month regardless of what your debt balance is you have a law degree that can never be taken away.

[lawyerintraining]

so why not all just join the marines? Don't they pay it off for you? We'll need ground troops for Libya and Iran soon anyways.

[barond]

Your a jackass lawyerintraining.   Wait until you step inside a law school before you start running your mouth.  All this pyscho babble coming from you is insanely idiotic.

[fortook]

He's CooleyLawStudent.  Been behaving like this for awhile now.  I'm not sure why.  He can't be as stupid as he comes off, he just can't be.  I'm being serious about that, btw.  Maybe he's trying to raise pulses?  Idk. 

And no, the Marines will not pay for your law school.  The GI Bill does not apply 1) retroactively and 2) to professional schools.  If you go into JAG, you just get paid a salary, just like everyone else- that's it. A good question is: does JAG count as public service and thus qualify for loan forgiveness?  I suspect not, now I thought about it for a sec.

What are they telling you kids at Cooley?  When you graduate you will not be beating off the job offers with a stick.  You won't get a job day two after graduation.  Its not all peaches and cream. 

[lawyerintraining]

I'm planning Regent. Not saying it's better than anyother school(though God may differ) but whats that have to do with cooley?

[FalconJimmy]

I've mentioned this a few times, and I think we all know that Cooley is what it is.

However, they appear to have, hands-down, the most generous scholarships of any law school out there.  I could have gotten 3/4 ride there.  With another point or two on the LSAT, I could have gone with a full-ride.

So, if graduating with 100K of debt is a problem, Cooley actually is a school that might reduce your chances of graduating in debt.

[fortook]

I didn't really mean to put Cooley down directly.  I was just saying that kid goes there, I've seen him before.  Oh well, too much time wasted on this already.

Which Army program offers loan repayment?  That's pretty nice.  The military only offers that stuff in areas they have trouble staffing and to the best of my knowledge,  they don't have a problem staffing professional and admin positions, which of course includes JAG lawyers.  Very interesting, regardless.