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Author Topic: How the hell will I pay this off?  (Read 2384 times)

LubedPumpkin

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How the hell will I pay this off?
« on: December 30, 2005, 10:24:31 AM »
I'm already in debt ~$35k from subsidized (non-interest until I graduate, aroud 12k total) and the rest from shittybank in which most of the interest is paid off each month by my parents (yay!).

Law school, assuming I don't get any scholarships (my grades aren't exactly fabulous.. maybe I'll get some aid since my brother is entering college in the fall) will rack up ~$90k in loans, since I can't pay for a dime of anything ever.

I've talked to a few people, and they say if I want to be a lawyer to just go for it. I'm 21 years old and I'm not ready for the real world yet. :) However, what are my chances of not living in a cardboard box when I graduate? I don't care if I have to live home for a few years and work (I've got some connections at firms, and I currently work for a great company and my boss and most of the directors I work for are attorneys), but I'm frightened by the prospect of having $130,000 hanging over my head and never affording like, a mortgage or more than bread and cheese sandwiches.

I know some schools (Albany, I think?) will forgive 10,000 or so a year of loans if you work in the public sector. I'm not sure what I want to do with my law degree per-se (however, if I get into albany I'd like to stay and do the dual ma in medical ethics at union medical), but I'm hoping I don't live at home forever.

Any tips to working back to the black after law school? What's my best plan through law school, in terms of financial aid and loans?
'pumpkin
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Re: How the hell will I pay this off?
« Reply #1 on: December 30, 2005, 11:09:49 AM »
Finaid has loan calculators here: http://www.finaid.com/calculators/

Try the loan repayment one to figure out what you need to make to pay off your debt in a certain number of years.

Quote: I'm 21 years old and I'm not ready for the real world yet.

I know this is a really common reason for going to law school, but for me, it definitely helped to take a few years off--maturity-wise, and in gaining a sense of what it's like to hold down a job for a few years.  You might consider taking a couple years off to work on that $30K...
I am officially a law school graduate : )

skeeball

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Re: How the hell will I pay this off?
« Reply #2 on: December 30, 2005, 11:48:52 AM »
Take a few years off and live in your parents' basement (or college roommate's extra room, whatever the cheapest rent you can swing is), work a 9-5, invest in one of those classes and bartend on the weekends.

In other words, SAVE SAVE SAVE like crazy.

LubedPumpkin

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Re: How the hell will I pay this off?
« Reply #3 on: December 30, 2005, 11:58:35 AM »
Yeah, saving is key. Hoping to save up some this summer, and next summer, and the summer after.. and so on, and so forth, so I can move out at some point, live on my own, and pay off my loans until I die :)

What classes?
'pumpkin
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skeeball

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Re: How the hell will I pay this off?
« Reply #4 on: December 30, 2005, 12:11:53 PM »
Those classes that teach you how to bartend and get a job bartending.

Unless the bars in your are will hire anyone.

LubedPumpkin

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Re: How the hell will I pay this off?
« Reply #5 on: December 30, 2005, 12:50:01 PM »
Those classes that teach you how to bartend and get a job bartending.

Unless the bars in your are will hire anyone.

Oh right right. I'm so spaced out at work today.. :P

They do hire anyone as long as you can bartend, heh. I was thinking of doing that over the summers. That's a good idea, and I can work out in the Hamptons and make buckets of money.

I think I'm just going to go for law school. @#!* it, you know? What the hell can I do with a degree in politics? Work a 9-5 like I do now until I die. Whee.. you know, because law jobs are different, or something.

It's just the next adventure in my life. I feel like I'm just cruising along and enjoying everything along the way.. :)
'pumpkin
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Zorak

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Re: How the hell will I pay this off?
« Reply #6 on: December 30, 2005, 01:07:12 PM »
MUAHAHAHAHAHAHAHAHAHAHAHAHA.. ..

okay, so I am a wee bit older....24...and let me just say...35K is not a lot of money.  yeah, it is more than i make as a teacher right now, but it is less than half of what i owe...and my husband owes more than i do.  go ivy league! my husband works for teh govt and student loan payments are pretty easy to swing, and we rent a house.

in short, unless you are planning on working for $18k a year, i think you will be fine.  the us is awesome about student loans, and you can defer your undergrad loans (don't consolidate!!) while in law school and the interest etc is very generous.  Most lawyers make about $60k a year coming from law school, and many many more make tons more.

it will mean that you can't take two years off and go backbacking in Nepal. other than that, I think you will be fine and certainly be able to afford a normal lifestyle, if not outrageous (the porsche may have to wait).

that being said, if I and my hubby get into Michigan we would go a half a mil in debt...now we're talking financial liabilities!!!!!  I am going to go cry now.
UGPA 3.7/GGPA 3.9/LSAT 169
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skeeball

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Re: How the hell will I pay this off?
« Reply #7 on: December 30, 2005, 01:38:53 PM »
Those classes that teach you how to bartend and get a job bartending.

Unless the bars in your are will hire anyone.

Oh right right. I'm so spaced out at work today.. :P

They do hire anyone as long as you can bartend, heh. I was thinking of doing that over the summers. That's a good idea, and I can work out in the Hamptons and make buckets of money.

I think I'm just going to go for law school. @#!* it, you know? What the hell can I do with a degree in politics? Work a 9-5 like I do now until I die. Whee.. you know, because law jobs are different, or something.

It's just the next adventure in my life. I feel like I'm just cruising along and enjoying everything along the way.. :)

I learned when I graduated from UG that the sleeper career for poli sci majors in insurance. Car insurance, health insurance, doesn't matter too much. There are lots of big companies in this field that hire recent college grads with liberal arts majors. Just as long as you are TRAINABLE.

It may not be the most exciting field ever, but it's handy as hell. Everyone needs it. And I think it'll be good background for LS.

You can always quit 3 months before you need to report to 1L and take that backpacking trip to Nepal.

sck

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Re: How the hell will I pay this off?
« Reply #8 on: December 30, 2005, 01:46:14 PM »
Hah, that's a good idea, skeeball.

I just worked administrative crap for a while with my political science degree and then went into IT since I had the skills and my headhunter found me a great place that didn't care that I had no experience in it -- they wanted someone smart and trainable who also had working knowledge in the field. I'm still there, but still.. the helpdesk job I have should be useful for law school, too; I'm using to working with people and figuring out what they mean, and I solve problems to an extent all day.

As for paying it off... yeah. Debt is scary. I'm unhappy enough with my 2K worth of credit-card bills! I managed to make it out of undergrad with no debt because of well-off parents, but the boyfriend has about 30K on a teacher's salary and I'm expecting a good 80-90K for law school. Hooray for debt.

It's daunting, but doable, especially if you live well within your means. In other words, don't start buying a zillion luxury items right away; work on paying off the debt first!
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aquafinaisbetter

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Re: How the hell will I pay this off?
« Reply #9 on: December 30, 2005, 02:24:57 PM »
7.25% is very high for a student loan.  my dad graduated law school 4 years ago, owes about 125K including undergrad, and pays about $600 a month.