msblaw89 wrote:Is making 160k, but with the cost of living in NYC really going to put a dent in any kind of loans?
Market Salary+Bonus After Tax (Before Tax):
Estimating a high cost of living (70k)., you will be able to pay back:
After 3 years you're still going to be over 150k in debt which presents a serious issue if you leave biglaw at that point. Year 4 is really important because that is about when your debt can be pushed under 100k. You can be debt free by the end of your 6th year. The problem is that a lot of people exit biglaw around year 3 and only 20% make it to year 5. This means that the odds just aren't in favor of you being able to grind it out that long.