How is $140K a "BIG" investment? It's one years salary.
You are right, $140K is not a "big" investment... it's a HUGE risk if you are looking at a T3/4 or non-ABA school. It is not one years salary either, especially if it was borrowed. At best, starting salary is realistically $80K, at best. After taxes that is now about $45K take home. Factor in rent and other living expenses and there is not a whole lot left for loan payments. In the mean time, that $140K is accruing about 8% interest - so it's a festering growing boil that does not quickly go away. After loan payments, there is not a whole lot left for improving one's quality of life (nice car, vacation, travel, etc.).It's not like one gets a job making $140K, throws all of that money at the loan, and it is gone in one year.Quote from: lawstudent#1 on August 09, 2011, 10:22:40 AMHow is $140K a "BIG" investment? It's one years salary.
I'm not saying you're wrong at all, I agree with you. Anything over 100K is a massive, life long investment.Some of your bills are unnecessary and some are inflated. Why would anyone pay $400 a month for a car unless you have money to burn, which you can't with debt. Are you leasing a new car? If so, you are paying way too much, both in total and monthly, unnecessarily. $400 a month in phone and utilities? How is that even possible? There is no need to pay anymore than $50 a month per phone. Are you heating a castle or something (oh and if your are using AC, why?- its the most unnecessary wasteful thing ever- just a minority opinion I know) ? $400 in food? You must have a large family or eat out every night.Like I said, I agree with you. Your point is well made, but if these are your real number, then you could easily cut your expenses in half and put more toward your loans. Fyi. Good luck.
Duncan, you're obviously a very intelligent person. Our stories are remarkably similar. I'm not even that far away from you as far as age goes. You've obviously made an informed decision and are comfortable with the various risks involved.Personally, although there may be a very small set of people for whom a non-ABA school may be appropriate, that set is probably very, very small. To me, the frightening thing is that it severely narrows your options. Going to an ABA school may be problematic, and I think everybody should be aware of the potential pitfalls. (My opinion? Half of current law grads are probably going to be very disappointed at their professional lives after graduation.)The thing that would frighten me about a non-ABA school is that as daunting as the prospects are for ABA-school grads, they're probably an order of magnitude worse for non-ABA grads. I have ideas of what I would like to do upon graduation, but who knows. I have other options. I can try to go JAG corps. I can try to apply for work in the federal government. Just off the top of my head, those are two options that no non-ABA graduate can even contemplate.I can transfer to a better ABA school if I can get good enough 1L grades. Again, no non-ABA graduate can even think about this.Your decision may be appropriate for you, personally. I just fear that only a very, very, very, very small proportion of your 1L classmates realistically know what they're getting into. Granted, probably fully half or more of the 1Ls at my school don't know what they're getting into, either, but at least upon graduation, they're eligible to pursue a job in the DOJ or whatnot.Best of luck to you. As I said, we're not that different. You're obviously a very intelligent person. I hope things work out exactly as you have planned for them to.
Lastly, how to say this? Your response reeks of character assassination and credibility undermining rhetoric. Not kool, man and totally unnecessary. Why would I fight with you over what you pay? If you want to pay more than you need for things that aren't necessary, then by all means be my guest. It's the American way, isn't it? You are entitled to an opinion, but then so am I. Also, I was kind of hinting that your estimates were inflated, presumably, to strengthen your point. Hence the questioning, but oh well. Don't you love the circle. Cheers.