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TIKITEMBO
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Postby TIKITEMBO » Tue May 24, 2011 5:49 pm

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Wholigan
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Re: Ability to Pay Back Loans

Postby Wholigan » Tue May 24, 2011 7:39 pm

What do you mean by a "good school?" The most you can reasonably expect to clear your 2L summer is about $20k. I don't know where you're going to pay off 3 years of sticker with $20k. You shouldn't count on a 1L paying summer job unless you are a URM or going to an elite school (and maybe not even then.) Even if you do get one both summers $40k isn't going to do more than put a dent in your loans. The problem with paying sticker isn't for people getting SA positions - those people are probably going to be able to get a job that can service the debt anyway. The problem is when a student misses out on a SA position, and therefore almost certainly isn't going to get a job that can service debt well into the six figures.

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TIKITEMBO
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Re: Ability to Pay Back Loans

Postby TIKITEMBO » Tue May 24, 2011 8:29 pm

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09042014
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Re: Ability to Pay Back Loans

Postby 09042014 » Tue May 24, 2011 8:34 pm

TIKITEMBO wrote:By good school I guess I mean one that is highly ranked (T14) or well respected in the top tier. Interesting point about missing out on SA positions. I'm honestly coming into this not knowing much about how summer associate positions work (are they only for the biggest firms, what's the average pay, can you get money for the do-gooder stuff even if it's less).

Why do you think you could only make 20,000 a summer? I've seen some places offering 3,100 a week and at 12 weeks that would be $74,400 over two summers. Not too shabby. I should say I think receiving some scholarship is possible to help cover the cost, but I'm trying to see how much I would have left over after summer associate money. I've seen a range of weeks (generally 6-12) and salaries $1,500 to $3,100 a week and I'd like to get some ideas of what's really happened to people who've been through law school.


Very few people get a 1L SA. 9% at my T14. A good chunk of those at URMs, and I assume a lot of rest had connections.

3,100 at 12 is max. A lot of firms went to 10 or 8 weeks. Then you are forgetting about taxes. There goes 20% right there. And then cost of living while working in Manhattan over the summer.

20K saved is fairly liberal guess. I bet a lot of people save less than that.

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Wholigan
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Re: Ability to Pay Back Loans

Postby Wholigan » Tue May 24, 2011 8:46 pm

TIKITEMBO wrote:It seems like it's harder to get a summer associate position as a 1L, but I'd start a small paper mill in my apartment to send out applications if they'd pay me that much money.


It's not for lack of effort that most 1Ls don't get SA positions. If you did a search, you'd see students at T14s posting about sending out hundreds of applications and still not getting a firm job. Some of the T14 have grants for students taking summer public interest positions, but the amount will probably be around what you need to cover summer expenses, not enough to pay back loans.

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TIKITEMBO
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Re: Ability to Pay Back Loans

Postby TIKITEMBO » Tue May 24, 2011 8:53 pm

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Last edited by TIKITEMBO on Sat Feb 18, 2012 12:31 pm, edited 1 time in total.

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TIKITEMBO
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Re: Ability to Pay Back Loans

Postby TIKITEMBO » Tue May 24, 2011 8:55 pm

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Moxie
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Re: Ability to Pay Back Loans

Postby Moxie » Tue May 24, 2011 8:59 pm

Also, potential 1L SA earnings can affect need-based financial aid.

Most SA programs run 10 weeks, although many run 12 weeks. 10 x $3100 = $31000 - 25-30% in taxes - rent - cost of living, and I'd be very impressed to see someone save $20k over a 10 week SA program.

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TIKITEMBO
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Re: Ability to Pay Back Loans

Postby TIKITEMBO » Tue May 24, 2011 9:16 pm

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Last edited by TIKITEMBO on Sat Feb 18, 2012 12:32 pm, edited 1 time in total.

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TIKITEMBO
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Re: Ability to Pay Back Loans

Postby TIKITEMBO » Tue May 24, 2011 9:17 pm

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TIKITEMBO
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Re: Ability to Pay Back Loans

Postby TIKITEMBO » Tue May 24, 2011 9:24 pm

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Last edited by TIKITEMBO on Sat Feb 18, 2012 12:33 pm, edited 1 time in total.

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Moxie
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Re: Ability to Pay Back Loans

Postby Moxie » Tue May 24, 2011 9:27 pm

TIKITEMBO wrote:Well, since it seems difficult to get a SA for 1L's, are there other opportunities over the 1L summer than can help to ease the pain. Opportunities where you have an advantage if you go to a good school/have good grades/aren't URM? I'm thinking a lot of 1L's must still work in something that still pays at least somewhat good money...all these earning potentials will definitely affect what school I can/will chose.


Depends on if you define $8-10 an hour as good money.

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TIKITEMBO
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Re: Ability to Pay Back Loans

Postby TIKITEMBO » Tue May 24, 2011 9:41 pm

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dr123
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Re: Ability to Pay Back Loans

Postby dr123 » Tue May 24, 2011 9:42 pm

Go to school part time and work full time.




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