Reasonable debt load for T1

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enron123
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Re: Reasonable debt load for T1

Postby enron123 » Tue Jun 28, 2011 11:54 am

emciosn wrote:to someone who knows more about finances than me:

I go to a T20 in the Midwest. I'm looking to go back to my home state to practice where my main competition would be coming from a LS ranked ~30 and a T3. So, lets say I have a good shot at landing a position at a firm that pays like $85-90K. I want to pay off my loans in 10 yrs, I'll have at most 120k debt. After taxes and loan payments about how much money will be left for everything else (per year)? Thanks.


Why not just say you go to WUSTL?

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emciosn
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Re: Reasonable debt load for T1

Postby emciosn » Tue Jun 28, 2011 11:57 am

You got me.

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ndirish2010
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Re: Reasonable debt load for T1

Postby ndirish2010 » Tue Jun 28, 2011 12:00 pm

If you don't want to out yourself as WUSTL you can't say T20...T25 works much better then it could be NDLS, UIUC, Minnesota...

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emciosn
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Re: Reasonable debt load for T1

Postby emciosn » Tue Jun 28, 2011 12:02 pm

I could have just said my school, I guess I don't really care if people know where I go. Anyone have an answer to the question?

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cinephile
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Re: Reasonable debt load for T1

Postby cinephile » Tue Jun 28, 2011 12:06 pm

emciosn wrote:to someone who knows more about finances than me:

I go to a T20 in the Midwest. I'm looking to go back to my home state to practice where my main competition would be coming from a LS ranked ~30 and a T3. So, lets say I have a good shot at landing a position at a firm that pays like $85-90K. I want to pay off my loans in 10 yrs, I'll have at most 120k debt. After taxes and loan payments about how much money will be left for everything else (per year)? Thanks.


http://www.law.harvard.edu/apps/sfs/cal ... home-calc/

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IAFG
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Re: Reasonable debt load for T1

Postby IAFG » Tue Jun 28, 2011 12:06 pm

Are you married? Do you have dependents? A mortgage? Are any of your loans private? Are any of them from UG and therefore at a different interest rate? Will you be paying state income tax? City income tax?

Don't answer. I am not actually going to run the numbers for you. I am just saying, not nearly enough information. Honestly wtf were you thinking taking on all that debt with no idea what your financial reality would be when you finished.

Also, I am not at all sure you really have a decent shot at that $85-90k job back home.

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emciosn
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Re: Reasonable debt load for T1

Postby emciosn » Tue Jun 28, 2011 12:12 pm

cinephile wrote:
emciosn wrote:to someone who knows more about finances than me:

I go to a T20 in the Midwest. I'm looking to go back to my home state to practice where my main competition would be coming from a LS ranked ~30 and a T3. So, lets say I have a good shot at landing a position at a firm that pays like $85-90K. I want to pay off my loans in 10 yrs, I'll have at most 120k debt. After taxes and loan payments about how much money will be left for everything else (per year)? Thanks.


http://www.law.harvard.edu/apps/sfs/cal ... home-calc/


thanks

scammedhard
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Re: Reasonable debt load for T1

Postby scammedhard » Tue Jun 28, 2011 12:16 pm

emciosn wrote:I could have just said my school, I guess I don't really care if people know where I go. Anyone have an answer to the question?

I come up with the following:

80000 (salary) - 16570 (debt payments for 120000 for 10 years at 6.8%) - 13750 (Fed income tax for single, no dependents) - 6120 (FICA taxes at 7.65% of 80000) - 4000 (state income tax at about 6%) = 39560 take home per year.

But I am not considering that the interest on the student loan debt is often tax deductible. In any case, that should not make much of a difference.

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jcdc
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Re: Reasonable debt load for T1

Postby jcdc » Tue Jun 28, 2011 2:36 pm

scammedhard wrote:
emciosn wrote:I could have just said my school, I guess I don't really care if people know where I go. Anyone have an answer to the question?

I come up with the following:

80000 (salary) - 16570 (debt payments for 120000 for 10 years at 6.8%) - 13750 (Fed income tax for single, no dependents) - 6120 (FICA taxes at 7.65% of 80000) - 4000 (state income tax at about 6%) = 39560 take home per year.

But I am not considering that the interest on the student loan debt is often tax deductible. In any case, that should not make much of a difference.


Not if your income is > $75k




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