bizzybone1313 wrote:What about savings? I don't know about you, but I have about $60K in savings (living in those $500 a month apartments before law school). What about the SA during 2L summer? A lot of Michigan students get those. That's another $20K. The point was too many people live beyond their means.
Oh where to start. Even sharing a house, you'll be lucky to pay around $700-800 a month in rent to live downtown. I come in a little lower than that but need a car so it evens out. And, leases run 12 months and getting a summer subletter is tough. Then throw in utilities, etc. (I pay $200/month in gas/electric just to heat 1,200 sq ft because rates are ridiculous here.) Our cost of attendance is like $70K a year and if anything its on the low side and doesn't count the summer at all. My 1L summer, I made nothing but still had to pay rent those months, etc.
Now take your summer 2L SA (if you get one), thats $30K minus taxes and subletting a place in NY/DC wherever. So your looking at most $5-9K left over. (I paid $1,600/month for a studio in DC, plus higher cost of living while there, plus had to carry my rent in Ann Arbor.) Many people end up with less than this once they factor in needing to buy more suits, etc.
If you have $60K in savings, and a $60K scholarship (which is way higher than most people have) then you could come in under $100K in loans. But most people don't have $60K in savings. Nor is that counting barbri or living from May until whenever you start (Oct at the earliest). And that's best case...if you get a 2L SA and have a job when you graduate.
And if you have $60K in savings, or made that kind of money pre-law school, you won't qualify for need-based aid. Also, your I'm a poor immigrant story loses any force it had.