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Author Topic: Law School debt a big deal if no debt from undergrad?  (Read 522 times)

ajstyles

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Law School debt a big deal if no debt from undergrad?
« on: March 16, 2006, 06:48:04 PM »
Like a lot of other ppl I have been offered $$$ @ some schools...while none at others.  So is LS debt itself that bad if I don't have any debt from my undergraduate years?

mirror

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Re: Law School debt a big deal if no debt from undergrad?
« Reply #1 on: March 16, 2006, 06:50:19 PM »
not if you come out making bank.  its a tough call if like me youre offered $$ at a school that gives you a slight chance of making $100k+, or could pay full price at a school that gives you a better chance but certainly no guarantee

ajstyles

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Re: Law School debt a big deal if no debt from undergrad?
« Reply #2 on: March 16, 2006, 06:52:16 PM »
not if you come out making bank.  its a tough call if like me youre offered $$ at a school that gives you a slight chance of making $100k+, or could pay full price at a school that gives you a better chance but certainly no guarantee

Which schools specifically? I think I read about your schools before but I forgot. 

mirror

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Re: Law School debt a big deal if no debt from undergrad?
« Reply #3 on: March 16, 2006, 06:55:21 PM »
$$ - south carolina $ - tennessee and kentucky       full price - wake forest

BigRig

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Re: Law School debt a big deal if no debt from undergrad?
« Reply #4 on: March 16, 2006, 07:09:27 PM »
I don't know if it's that bad but it certainly is a very serious consideration. You can go to the following link and play around with what you expect to borrow.
[url]http://www.finaid.org/calculators/loanpayments.phtml[url]

If you're going to borrow I am sure it will be because you'll want to attend an elite school, which could run you near $120,000 over three years = $1380+/mo. over 10 years or $780+ over 30.  Either way, these are sizable payments and will be a part of your life for some time. Even if you land a top job, most are in markets with an extremely high cost of leaving and these loans will not be easy to pay down (don't forget a lot of those $100,000+ salaries goes to taxes).

I do not know your position, but if you're coming straight from undergrad and haven't managed a budget, debt, etc. I would be cautious.  If, however, you are more experienced managin finances and are fortunate to have a lot of money saved, a trust fund, or other investment/asset that is bearing interest I wouldn't be as worried.
Attending FSU.Go Noles!!!

LawyersGunnersnMoney

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Re: Law School debt a big deal if no debt from undergrad?
« Reply #5 on: March 16, 2006, 07:12:36 PM »
$$ - south carolina $ - tennessee and kentucky       full price - wake forest

im in a similar situation (though no $ yet from tennessee).  most lawyers say if you want to practice in nc than wake is definitely worth the money.  if not, the others are the clear choice