How much debt is too much? Forum

[Chucky21]

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

[Gail]

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.

[padawanphil]

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.

[minnbills]

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]

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

[splitbrain]

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

[bk1]

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

[Jhuen_the_bird]

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

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 :/

[Tiago Splitter]

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]

Message to the past:
Dear undergrad self,

Study, you jackass.

Signed,
Future Self

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.

[StarLightSpectre]

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!