FULL RIDE USD vs NO MONEY BOALT

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IrwinM.Fletcher
Posts: 1195
Joined: Mon Jun 27, 2011 2:55 pm

Re: FULL RIDE USD vs NO MONEY BOALT

Postby IrwinM.Fletcher » Sat Dec 24, 2011 4:31 am

I assume you're going to put your existing $250k of loans into deferment while attending law school regardless of where you go, right? This means that the existing loans will compound to $300k+ by the time your graduate- so really the dilemma is whether you should end up roughly $400k in hole from USD or $550k in the red from Berkeley. Good god.

One issue that I have not seen brought up yet is whether the career path you desire will require you to sit for the bar. If it does, there is a non-trivial chance that your total debt will present an obstacle for you. California has no shortage of attorneys who give advice on bar passage (mostly C&F issues)- I would recommend touching base with one of them before diving into this.

Nothing personal against OP- but this looks like a perfect case study for why there should be a cap on federal loans that an individual can take out. The impression I get from her posts is that she'll be doing IBR (no way could you ever hope to pay $500k in debt on academia salary, especially in a high COL place like CA). I don't think this is quite what the government has in mind with the concept of IBR- subsidizing someone who should practically have her own line item on the federal budget so that she can do exactly what she wants while giving a middle finger to taxpayers in the process.

/rant.

ETA: Would you be selling your San Diego property if you go to school elsewhere? This is potentially important because your DIR (debt to income ratio) is going to make it just about impossible for you to ever get approved for a home loan after this. Something to keep in mind.

Kimberly
Posts: 120
Joined: Sat Jul 23, 2011 10:45 pm

Re: FULL RIDE USD vs NO MONEY BOALT

Postby Kimberly » Sat Dec 24, 2011 11:42 am

IrwinM.Fletcher wrote:I assume you're going to put your existing $250k of loans into deferment while attending law school regardless of where you go, right? This means that the existing loans will compound to $300k+ by the time your graduate- so really the dilemma is whether you should end up roughly $400k in hole from USD or $550k in the red from Berkeley. Good god.

One issue that I have not seen brought up yet is whether the career path you desire will require you to sit for the bar. If it does, there is a non-trivial chance that your total debt will present an obstacle for you. California has no shortage of attorneys who give advice on bar passage (mostly C&F issues)- I would recommend touching base with one of them before diving into this.

Nothing personal against OP- but this looks like a perfect case study for why there should be a cap on federal loans that an individual can take out. The impression I get from her posts is that she'll be doing IBR (no way could you ever hope to pay $500k in debt on academia salary, especially in a high COL place like CA). I don't think this is quite what the government has in mind with the concept of IBR- subsidizing someone who should practically have her own line item on the federal budget so that she can do exactly what she wants while giving a middle finger to taxpayers in the process.

/rant.

ETA: Would you be selling your San Diego property if you go to school elsewhere? This is potentially important because your DIR (debt to income ratio) is going to make it just about impossible for you to ever get approved for a home loan after this. Something to keep in mind.


All good points. First, to be fair, I have paid off a chunk of my debt by now. Further, I could sell my property and pay another good chunk if I have to. And finally, of all of your assumptions above were true, I would agree with your conclusions. But, there are certain details that I don't feel comfortable divulging that widen my options substantially. My take home from this thread does confirm my prior thoughts, which are: i can't attend LS at full price and my likelihood of getting conventional legal academics is therefore almost nil. I appreciate the confirmation. I have options and I will strategically weigh them.




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