Hutz_and_Goodman wrote:Put 60k per year toward your debt (gets you to 300k in 5 years) and live on:
~35k your first year
~45k your second year
~60k your third year
~85k your fourth year
~105k your fifth year
With a decent amount of self-control, it shouldn't be that bad. You even get more money to live on if you worked at a firm during your 2L summer and used some of that money to offset your loans.
*Disclaimer: All numbers above are post-tax, and assumes that you work BigLaw, in a major city, and can hold your job for 5 years.
For people reading this, keep in mind that there is more than 50% attrition by year 3 and more than 80% by year 5. It's not a guarantee you will get to this point. Also, living on 35k in NYC means working big law hours while living with three roommates, and never going out/eating at a restaurant/drinking at a bar/going on vacation.
+1. The notion that anyone making $160k /year is going to live off $35k or even $45k /year in NYC is absurd. Literally almost no one does this. You just aren't going to be willing to live a college student lifestyle when working NYC biglaw hours. Realistically, you're going to pay $40k /year towards your loans max, and will have a ton of debt still left after 3-5 years when you're no longer in biglaw (assuming realistic best case scenario where you make it 3-5 years in biglaw).