well-hello-there wrote:I am astounded by the large numbers of financially illiterate posters here. Did you all major in pre-law?
You assume this guy is for sure going to graduate, get big-law, manage to keep that gig without getting screwed by a recession or the firm going under, etc. for at least 10-15 years. That's not a small request. What if he ends up hating big-law? What if he's... get this... HUMAN and not the manager of your imaginary theoretical company? So he has to LIVE with that debt on his shoulders... not on some balance sheet that he checks in the monthly board meetings. And that's debt he has to carry on as he tries to get married, raise a family, buy a house, etc. Would you be disinclined to marry somebody at age 30 who still has that ridiculous debt to pay off while he's most likely to be making a relatively low salary compared to big-law after he shuffles off to mid-law once he doesn't get partner (which is VERY realistic)? Many people would be. Then you have the depression of that debt. Then you have the monthly payments early on which will eclipse that of any of your peers so that when they are going out or going on trips you're going to have to decline. The list is endless.
Just take the Duke offer OP. It would probably be a decent option regardless of your current debt. When you consider the extra debt it's the safest, most realistic option.