sparty99 wrote:All this talk about people who want to take on $100-200k debt is foolish and naive. I am certain none of you have had to pay off a large debt before, because if you have, you'd think TWICE about going $200k in debt.
Wow this is really uncredited... I mean really bad. So you're "certain" you say? I'm "certain" this isn't the first time you've been wrong when using the term "certain." Anyways, credit isn't a bad thing if you leverage it well.... and have you bothered to figure out what the payment on a 100k student loan over 20-30 years is? Look it up... if you think that's crippling debt, I don't think you're ready for adult land yet. Yes, no debt is better than debt, but it's absolutely stupid to make generalizations as though your shallow view applies crucially to everyone.
I'm already an adult. I paid off a $25,000 Toyota. It took 5 years. Let me tell you, not having to pay that $500 monthly car payment is a RELIEVE. WHo cares what your monthly payments are. Debt is debt. Spending 20-30 years to pay off something sounds like hell. Now, I'm all for law school, I'm thinking about it too. My undergrad was paid for by parents and summer contributions from myself. After paying apartment payments, car payments, 401(k) investing, six month emergency fund, cell phone, lunch, etc, - i'm telling you, life is tough. I've been laid off and have survived (also had to move in with my parents). If I didn't have savings or had a $100k debt, my life would of been hell. It was already horrible having to apply to Banana Republic knowing that I had a college degree. You don't think about this stuff coming out of undergrad. You just think, "hey, I can make the payments" or I'll be making $xxx amount, I can afford this.
I also worked in a higher power industry where I thought, "If I didn't go to Harvard, I couldn't get a job there." But I did. My coworkers went to Harvard, Yale, Stanford. I went to a major public university. Do employers care where you got your degree? Yes, the snobbish ones...But my public university degree has landed interviews at Goldman Sachs, McKinsey, Bain, etc...Will a Yale graduate be a better attorney or more marketable than a Wash U, Texas, or UCLA grad? DOUBTFUL. Once you get in the door, no one cares about your degree. They care about how you work with clients, how you bring in more money for the firm, and that you don't F-up. This is your life, but I just hope you would really consider going $200k for a law degree. You can go part-time, get scholarships, work 3 years and save, etc.