BiglawAssociate wrote:transferror wrote:UpandDown97 wrote:BiglawAssociate wrote:
LOL at taking on this much debt for PI. Doesn't OP know PI has tons of trust fund kids and people with full schollies? They aint "suffering" like OP will be.
I wish 0Ls who don't manage their own fucking money would STFU about debt loads for PI.
Taking on 200k+ debt for PI is stupid as shit IMO. Just watch that debt grow to like 600k in that 10 year period and hope that you actually keep your PI job for 10 years...and that the government/your school doesn't fuck you over by changing the programs on you. LOLOLOL.
Can someone explain to me how the latter part could be true? Even if they change the program, wouldn't that not affect me as the PI student? Is there not a contract that guarentees my payment program? aren't I immune from any changes and I'd be grandfathered in if anything?
Big Law is not the only path in law. Perhaps be a bit more respectful.
There has been buzz and bipartisan proposed legislation to cap PSLF, so ppl are worried that the program will be dramatically altered in a negative way or wiped out altogether at some point. It's all speculation and there's no way to know what will happen or if ppl will be grandfathered in.
owever, some schools have an LRAP that's not tied to the IBR/PSLF programs (mostly the top schools), and it's highly unlikely IMO that the schools would screw the students over even if Congress screws up the PSLF program. The downside is just so astronomical that some ppl freak out and advise against large debt for PI, even at top schools with independent LRAPs
Yep to the above. I want to add that law schools are basically all for profit. We don't know whether they will change their programs because they can't afford not to (given the ridiculous amounts they are paying for faculty, etc.). Some of the law schools have shitty endowments (like Berkeley) and now that law schools have to hand out massive scholarships to get okay applicants to matriculate, who knows what financial situation they will be in in the next 10 years.
As for the post about me being "respectful" - it's not about that. It's about not being a complete moron with money. But you know what? I don't really give a shit. If you want blow 200k on a degree (which will probably increase to at least 6-700k within 10 years of not paying down interest under LRAP) where you will get paid 50k a year in NYC (if you can even land such a job in the first place) and be barely able to survive, then go ahead.
Governments, business, and individuals (many of them lawyers) default on financial obligations all the time. To suggest that this could happen to an elite law school is, if unlikely, far from ludicrous. Remember that laws schools and their parent universities have their endowments invested in other assets. While their portfolios are undoubtedly diversified, a sufficient drop in asset prices (a stock market crash, for instance) coupled with an increasing financial strain from scholarships and LRAP could render the school insolvent. This sort of uncertainty in the future is just one of many reasons why TLS usually places such an emphasis on minimizing debt.
Debt, while seemingly innocuous to the naive 0L, is no laughing matter.