2011Law wrote:This may be a bad question, but I'm wondering how long it would take to pay back $150,000 in loans. With biglaw or midlaw job.
I'm just wondering about the rough estimates.
It depends on
1. How much you make
2. What your federal income taxes are
3. What your state income taxes are
4. What expenses will you have during the repayment period? (children/mortgage/rent/car loan/bar exam related loans/etc.)
5. What percentage of your leftover income you want to use toward the debt
6. Are your loans federal or private? (this is important for consolidation/interest rates; also, this would affect if you could pay more than your suggested monthly payment without penalty/etc.)
7. Any other undergraduate loans? (they may be consolidated or they might not)
As a result, two people with the same salary and same debt could take dramatically different amounts of time to repay their loans.
WORST CASE SCENARIO ASSUMING NO DEFAULT: 25 years (and not by choice)
BEST CASE SCENARIO ASSUMING YOU DON'T WIN THE LOTTERY/WACHTEL/EQUIVALENT: 4-8 years