pereira6 wrote:Aberzombie1892 wrote:
Be aware that LRAP's and IBR are interesting and all of that...no one really wants to be making half of the market salary into their thirties and possibly forties (people want to save money, buy property, get married, have children, etc.).
IBR grads can't do those things with a 60k salary + ~500-600 a month payment?
Again, not buying NYC condos, but a family and a mortgage is still readily attainable, no?
Please tell me if I'm wrong!
For LRAP, IBR and lots of that stuff, it takes into account your spouses income. If you happen to marry a successful spouse, you are out of the game. Secondly, with the amount of debt people were throwing around, 150k - 200k, you are going to be making monthly payments much larger than 500-600. Thirdly, everyone is talking about pretax dollars. With a 60k salary, you are looking at closer to $35-$40k after tax. Now, can you live - sure, but you can live as a gas station attendant or grocery clerk as well and probably do just about as well financially. I am guessing that most people who go to law school and take out $200k in loans aspire for something more, something like a house, family, retirement account, savings for kids college, etc. Now you may say that you will be happy being a lawyer, but why would most people think that? Being a lawyer is rated as one of the unhappiest professions and people routinely leave law to go into other careers. I'm not saying that one shouldn't go to law school, but it is a HUGE decision if you are going to take out loans that large for education. It is a gamble and there is no way around it.