Law School Discussion

tuition and living expenses entirely out of loans??

Re: tuition and living expenses entirely out of loans??
« Reply #10 on: March 31, 2006, 11:33:28 AM »
I'm 100% loans, minus any crumbs that might fall from family members.  Looking at about $53k/yr... will offset a bit of the third year expense by working as a summer associate, so I can hopefully keep the loans down to about $135k.

Assuming a BIGLAW salary for five years, I can hopefully stick to this (via finaid.org):

Loan Balance:  $135,000.00 
Loan Interest Rate:  6.00%
Loan Term:  5 years
Minimum Payment:  $50.00 

 
Monthly Loan Payment: $2,609.93 
Number of Payments:  60

 
Cumulative Payments:  $156,595.67 
Total Interest Paid:  $21,595.67 


Re: tuition and living expenses entirely out of loans??
« Reply #11 on: March 31, 2006, 11:38:45 AM »
Yes, I am pretty much settled on going to law schools even though I am going to acquire massive amount of debt (over $100,000). I am absolutely looking forward to studying and practicing law.

The only think I donít like with this whole concept of debt, after I graduate with such a debt it will have an impact on my carrier choices. I will have to settle for a better paying job just to keep up with my loan payments and might have to forgo a job I would actually prefer. That is what bugs me about the whole system! In a certain sense it wires us to think $$$ from the very beginning.

HippieLawChick

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Re: tuition and living expenses entirely out of loans??
« Reply #12 on: March 31, 2006, 12:06:39 PM »
i will be doing it all in loans, hopefuly federal, but tuition (15000) and an apartment (1150 is the cheapest i have found that is not a 200 sq ft studio - utilities included) plus i made the mistake of financing a car 2 years ago (250 a month-last payment is 6 months after i will graduate law school - which means i will pay a loan off with a loan - hows that for screwed and insurance and gas) then there is food, any related expenses such as visiting my family for christmas or other such occasions, books, always have to have health insurance for 500 a year through the school, their misc. fees and charges and i am looking at 45000 a year, may not be alot compared to the guy at 60,000, but 135,000 is a lot to me

Sell the car and use the money to pay off the car loan. 

oldhat

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Re: tuition and living expenses entirely out of loans??
« Reply #13 on: March 31, 2006, 01:57:59 PM »
Assuming a BIGLAW salary for five years, I can hopefully stick to this (via finaid.org):

Monthly Loan Payment: $2,609.93 
Number of Payments:  60

That's a pretty big assumption.

You'd better be sure as sh*t you want to do this, chief.

Re: tuition and living expenses entirely out of loans??
« Reply #14 on: March 31, 2006, 02:04:58 PM »
Assuming a BIGLAW salary for five years, I can hopefully stick to this (via finaid.org):

Monthly Loan Payment: $2,609.93 
Number of Payments:  60

That's a pretty big assumption.

You'd better be sure as sh*t you want to do this, chief.

I'm going top 10, and I know enough (and work hard enough) to do pretty well. I'm also industrious and interview well... I think it's a fair assumption that I can land a well-paying firm job.

I think you net at least $5k/month in biglaw, no?  I live on less than $2400 now, so no big deal.

Plus, I'll still get to have fun with the bonuses!


Re: tuition and living expenses entirely out of loans??
« Reply #15 on: March 31, 2006, 02:18:54 PM »
it's good to hear others are in this boat too.  i'm also stuck with loans only to cover everything, and no merit scholarship.

Re: tuition and living expenses entirely out of loans??
« Reply #16 on: April 01, 2006, 10:16:23 AM »
it's fairly well founded if you're coming from a top school.  you'd have to majorly screw up in law school not to land one of those jobs.

 there are a lot of in house counsel jobs out there that pay decently (six figures), and that's the sort of thing I've seen most people do.

This is exactly my plan... you know me so well  ;)

HippieLawChick

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Re: tuition and living expenses entirely out of loans??
« Reply #17 on: April 01, 2006, 10:39:56 AM »
Yep, another one not eligible for any fin aid here. Looking at 60K/year.

Before I started reading LSD I was under the impression that this was not entirely unusual. Several lawyers I know financed their total law school costs with loans. I'm rather surprised at how many people here have reported receiving substantial grants - and a bit envious. If only I'd known to apply back when I was making zilch...

I am a little peeved too that my ability to go out and get a lucrative job before LS is going to hurt my ability to get $$$ for school.  However, next year that won't be the case so I can deal with it I guess.

MusicMan

Re: tuition and living expenses entirely out of loans??
« Reply #18 on: April 01, 2006, 10:49:52 AM »
I'm 10k in debt now and will probably pay 40k per year.  All with loans.
130k?  It's either biglaw job or south america.

Steve.jd

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Re: tuition and living expenses entirely out of loans??
« Reply #19 on: April 01, 2006, 12:13:40 PM »
I'm 10k in debt now and will probably pay 40k per year.  All with loans.
130k?  It's either biglaw job or south america.

LRAP?