How much debt is too much?

(Rankings, Profiles, Tuition, Student Life, . . . )

Where is your debt limit?

<$25,000
8
4%
$25,000
4
2%
$50,000
10
5%
$75,000
16
8%
$100,000
40
20%
$125,000
22
11%
$150,000
43
21%
$200,000
32
16%
$250,000
13
6%
>$250,000
15
7%
 
Total votes: 203

User avatar
Chucky21
Posts: 294
Joined: Mon Feb 06, 2012 12:36 pm

Re: How much debt is too much?

Postby Chucky21 » Tue Mar 13, 2012 11:37 am

Tuition: ~$52,000 per annum
Room and Board: ~$10-18,000 per annum
Miscellaneous expenses: ~$2-3,000 per annum
Becoming a lawyer: Priceless

User avatar
Gail
Posts: 977
Joined: Thu Nov 10, 2011 11:11 am

Re: How much debt is too much?

Postby Gail » Tue Mar 13, 2012 12:05 pm

minnbills wrote:TCR is a number at or below an expected first year salary- unless you're going to an elite school.

70,000 is probably my limit. I'm hoping to keep debt around 60-65,000 though inc. debt from UG.


Unless you're living with parents or have money in the bank. This isn't realistic with debt from UG + accruing debt from ls.

And again, 40k in debt if you're making 40k. For people at Harvard paying sticker, your first year salary is not going to be anywhere near it. But if you make 160k for 3 years, you'll be ok.

User avatar
padawanphil
Posts: 351
Joined: Tue Nov 15, 2011 3:42 pm

Re: How much debt is too much?

Postby padawanphil » Tue Mar 13, 2012 3:02 pm

Gail wrote:
padawanphil wrote:
lobolawyer wrote:No more than your (realistically expected) first year salary.


That's the case for people in undergrad. Not so much in grad school.

If you incur 200k in debt and make 160k a year, you will live very comfortably and still be able to pay off your debt in less than ten years (many people who are t14 or die are banking on that). Your living standards, if you're a reasonable human being, won't explode just because you're making a lot of money right after college.

And many people incur too much debt chasing a pipe dream.

User avatar
minnbills
Posts: 3153
Joined: Thu Sep 02, 2010 2:04 pm

Re: How much debt is too much?

Postby minnbills » Tue Mar 13, 2012 3:48 pm

Gail wrote:
minnbills wrote:TCR is a number at or below an expected first year salary- unless you're going to an elite school.

70,000 is probably my limit. I'm hoping to keep debt around 60-65,000 though inc. debt from UG.


Unless you're living with parents or have money in the bank. This isn't realistic with debt from UG + accruing debt from ls.


What's not realistic?

Jhuen_the_bird
Posts: 34
Joined: Tue Mar 06, 2012 2:20 pm

Re: How much debt is too much?

Postby Jhuen_the_bird » Tue Mar 13, 2012 5:10 pm

Oh ... oh my. I can't believe $150,000 is the majority response. That is A LOT of debt, guys.

User avatar
splitbrain
Posts: 656
Joined: Tue Nov 29, 2011 11:38 pm

Re: How much debt is too much?

Postby splitbrain » Tue Mar 13, 2012 5:13 pm

Jhuen_the_bird wrote:Oh ... oh my. I can't believe $150,000 is the majority response. That is A LOT of debt, guys.

Image

User avatar
bk1
Posts: 18409
Joined: Sun Mar 14, 2010 7:06 pm

Re: How much debt is too much?

Postby bk1 » Tue Mar 13, 2012 5:22 pm

Over 50% of the actual median salary for a school.

Jhuen_the_bird
Posts: 34
Joined: Tue Mar 06, 2012 2:20 pm

Re: How much debt is too much?

Postby Jhuen_the_bird » Tue Mar 13, 2012 5:23 pm

splitbrain wrote:
Jhuen_the_bird wrote:Oh ... oh my. I can't believe $150,000 is the majority response. That is A LOT of debt, guys.

Image



Well if it's obvious, then why is everyone gung-ho about taking out that much debt? I mean, the cat's out of the bag when it comes to staggering student loan debts and folks who can't pay them back. I'm just shocked that the next wave of law students is still willing to take out 6 figures :/

User avatar
Tiago Splitter
Posts: 15471
Joined: Tue Jun 28, 2011 1:20 am

Re: How much debt is too much?

Postby Tiago Splitter » Tue Mar 13, 2012 5:30 pm

Jhuen_the_bird wrote:Well if it's obvious, then why is everyone gung-ho about taking out that much debt? I mean, the cat's out of the bag when it comes to staggering student loan debts and folks who can't pay them back. I'm just shocked that the next wave of law students is still willing to take out 6 figures :/


Because most people on here are attending top law schools. You'd be an idiot NOT to take on 100K debt for a T-14 JD rather than go to bat with your useless undergrad degree. The expected difference in lifetime earnings makes that an easy choice.

Calchexas
Posts: 79
Joined: Fri Oct 22, 2010 2:31 am

Re: How much debt is too much?

Postby Calchexas » Thu Mar 15, 2012 5:51 pm

Chucky21 wrote:Message to the past:
Dear undergrad self,

Study, you jackass.

Signed,
Future Self


Image

On topic, though...

My answer was $100k, although my "real" answer is $94,000 as of this year. Even though my choices mostly have good job prospects, six figures is still a kiss of death unlike any other.

User avatar
StarLightSpectre
Posts: 339
Joined: Mon Nov 14, 2011 4:32 pm

Re: How much debt is too much?

Postby StarLightSpectre » Thu Mar 15, 2012 6:02 pm

RodneyBoonfield wrote:
Tadatsune wrote:Message to the past:
Dear undergrad self,

Study, you jackass.

Signed,
Future Self


Amen. My kids will not be making the same mistake.



I say this to myself at least once a week. Curse my immigrant parents who didn't know anything about the system!




Return to “Choosing a Law School”

Who is online

Users browsing this forum: No registered users and 2 guests