How much debt is *too* much debt?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
fiftyonefifty
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Re: How much debt is *too* much debt?

Postby fiftyonefifty » Thu Mar 25, 2010 12:26 am

you do not want my childhood.

fewds320
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Re: How much debt is *too* much debt?

Postby fewds320 » Thu Mar 25, 2010 10:08 am

I appreciate the advice, but I can imagine being employed in any field right now with $110k in undergraduate debt would be difficult. The internets always has such an overly bleak outlook on everything. Probably because happy, complaint-free people don't usually frequent message boards.

Z3RO
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Re: How much debt is *too* much debt?

Postby Z3RO » Thu Mar 25, 2010 10:16 am

fewds320 wrote:I appreciate the advice, but I can imagine being employed in any field right now with $110k in undergraduate debt would be difficult. The internets always has such an overly bleak outlook on everything. Probably because happy, complaint-free people don't usually frequent message boards.

Being unemployed with that much debt is even worse. Don't double it only to find yourself in this same spot 4 years from now.

Get to work working.

fewds320
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Re: How much debt is *too* much debt?

Postby fewds320 » Thu Mar 25, 2010 10:51 am

Wait, why am I facing unemployment in four years?

fewds320
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Re: How much debt is *too* much debt?

Postby fewds320 » Thu Mar 25, 2010 10:56 am

quickquestionthanks wrote:I say you should fake your death and move to Mexico. Come back in 10 years and go by Cornelius Higginbottom. Lie your way to the top.


I'm seriously considering this. Not Mexico, but.. I wonder how common it is to feel student loan debt abroad.


There's like, one thread below this one discussing how impossible it would be to live on the streets with all the programs and deferments available for federal loans. You guys do know that this $150k more for law school would be entirely federal? Furthermore, student loans *can* be (rarely) discharged in bankruptcy, I believe if you can prove that you've made "good faith" attempts to repay the debt, but simply can't. And while I don't know the student loan burden of those few brave souls who successfully had their debts discharged under bankruptcy, I would imagine their debt was equally large.

Between IBR, or trying to get the loans discharged doing PI work (the sort I'd planned on doing anyway.) it doesn't seem as impossible as some of you are trying to make it sound.

Apple Tree
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Re: How much debt is *too* much debt?

Postby Apple Tree » Thu Mar 25, 2010 12:01 pm

I don't think you should go into law. I mean, are you just like 100% passionate about it? If you just want to find a job that pays decent, I would asvise you to get into accounting. The job market is not what it's used to be, but if you go to a school in a big city, you can still find jobs fairly easy, especially if you do tax. You can go to a state school with much lower tuition than law schools, graduate in 1-2 years (depending on how many business classes you had in ug), get a job, pass CPA, and pay back your loan.

fewds320
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Re: How much debt is *too* much debt?

Postby fewds320 » Thu Mar 25, 2010 12:16 pm

Apple Tree wrote:I don't think you should go into law. I mean, are you just like 100% passionate about it? If you just want to find a job that pays decent, I would asvise you to get into accounting. The job market is not what it's used to be, but if you go to a school in a big city, you can still find jobs fairly easy, especially if you do tax. You can go to a state school with much lower tuition than law schools, graduate in 1-2 years (depending on how many business classes you had in ug), get a job, pass CPA, and pay back your loan.



The only times I've ever had to justify my reasons to attend law school have been on this forum.

This isn't career services. It's an internet message community about law schools. Let's try to remember that.

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General Tso
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Re: How much debt is *too* much debt?

Postby General Tso » Thu Mar 25, 2010 12:42 pm

fewds320 wrote:
Apple Tree wrote:I don't think you should go into law. I mean, are you just like 100% passionate about it? If you just want to find a job that pays decent, I would asvise you to get into accounting. The job market is not what it's used to be, but if you go to a school in a big city, you can still find jobs fairly easy, especially if you do tax. You can go to a state school with much lower tuition than law schools, graduate in 1-2 years (depending on how many business classes you had in ug), get a job, pass CPA, and pay back your loan.



The only times I've ever had to justify my reasons to attend law school have been on this forum.

This isn't career services. It's an internet message community about law schools. Let's try to remember that.


Just try to remember 4 years from now that we told you so.

Unless you have great grades or connections, you will most likely to be forced into the public sector, where you will work for 40k while depending on IBR and LRAP. If that sounds like it is worth the sacrifice of all that debt + 3 years of your life, then by all means.

This is not about crushing your dreams or hurting your feelings. You cannot believe the difficulty of getting a good legal job until you try for yourself.

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quickquestionthanks
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Re: How much debt is *too* much debt?

Postby quickquestionthanks » Thu Mar 25, 2010 12:44 pm

fewds320 wrote:
Apple Tree wrote:I don't think you should go into law.

The only times I've ever had to justify my reasons to attend law school have been on this forum.

This isn't career services. It's an internet message community about law schools. Let's try to remember that.


Yeah you shouldn't give out that advice to someone you don't know. Unless you know they scored in the 140s several times on their LSAT.

My recommendation to fake your death should be qualified. Do it AFTER you've attended law school. Might as well go big.

matt6850
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Re: How much debt is *too* much debt?

Postby matt6850 » Thu Mar 25, 2010 12:55 pm

You should join the military. I had 70k in debt after undergrad and the army paid all of it in 3 yrs. Look up army LRP.... Added bonus, you get to kill people too.

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General Tso
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Re: How much debt is *too* much debt?

Postby General Tso » Thu Mar 25, 2010 1:47 pm

matt6850 wrote:You should join the military. I had 70k in debt after undergrad and the army paid all of it in 3 yrs. Look up army LRP.... Added bonus, you get to kill people too.


You've pretty much summed up everything wrong with the American military in one sentence.

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quickquestionthanks
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Re: How much debt is *too* much debt?

Postby quickquestionthanks » Thu Mar 25, 2010 2:06 pm

swheat wrote:
matt6850 wrote:You should join the military. I had 70k in debt after undergrad and the army paid all of it in 3 yrs. Look up army LRP.... Added bonus, you get to kill people too.


You've pretty much summed up everything wrong with the American military in one sentence.


Your Avatar sums up everything wrong with the American military in one photo!

Z3RO
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Re: How much debt is *too* much debt?

Postby Z3RO » Thu Mar 25, 2010 2:44 pm

fewds320 wrote:Wait, why am I facing unemployment in four years?


Well,

fewds320 wrote:I'm now looking at attending a T2 private law school


Lots of people graduate from those schools with job prospects not all that much rosier than when they went in. That's all I'm saying.

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General Tso
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Re: How much debt is *too* much debt?

Postby General Tso » Thu Mar 25, 2010 4:20 pm

quickquestionthanks wrote:
swheat wrote:
matt6850 wrote:You should join the military. I had 70k in debt after undergrad and the army paid all of it in 3 yrs. Look up army LRP.... Added bonus, you get to kill people too.


You've pretty much summed up everything wrong with the American military in one sentence.


Your Avatar sums up everything wrong with the American military in one photo!


yuk yuk

While it is a bit of a conspiracy theory, I suspect part of the reason Congress had not regulated financial aid or healthcare (up until 3 or 4 days ago) was because to make these things affordable to young people would be to remove a large incentive to join our military.

"get to kill people" as if it is nothing but a fun "perk" just smacks of Abu Ghraib and My Lai

fewds320
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Re: How much debt is *too* much debt?

Postby fewds320 » Thu Mar 25, 2010 5:14 pm

You guys are a riot. I've never been able to ask a question here without having all my life's motivations for attending law school called into question. Do any of you feel as though you have some responsibility to the internet community (since this is, after all, the first hit one gets for anything regarding law school forums) to not be so terribly one-sided and ill representations of the community you're supposed to represent?

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BigA
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Re: How much debt is *too* much debt?

Postby BigA » Thu Mar 25, 2010 6:02 pm

fewds320 wrote:
quickquestionthanks wrote:I say you should fake your death and move to Mexico. Come back in 10 years and go by Cornelius Higginbottom. Lie your way to the top.


I'm seriously considering this. Not Mexico, but.. I wonder how common it is to feel student loan debt abroad.


I knew people in Korea (teaching English) who were gonna stay there permanently for these reasons. It sounded a little extreme to me. I don't really know too many details of how that would be possible. I'm assuming they did their homework.

fewds320
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Re: How much debt is *too* much debt?

Postby fewds320 » Thu Mar 25, 2010 6:07 pm

I don't know enough of the ins and outs of how the world works in my own country, let alone abroad. But I've always had a general fascination with living abroad. I think it's the history major in me appreciating how old and interesting some other places are compared to how recent our own is. Also, having the added benefit of no family or close friends means there isn't too much I'd be leaving behind except a mountain of debt.

I mean, I imagine the student loan companies can't force you to return. But I don't know how the destroyed credit/financial implications would affect someone living in another country. Do they care about FICO scores in the rest of the world?
Last edited by fewds320 on Thu Mar 25, 2010 6:09 pm, edited 1 time in total.

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quickquestionthanks
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Re: How much debt is *too* much debt?

Postby quickquestionthanks » Thu Mar 25, 2010 6:07 pm

swheat wrote:yuk yuk

While it is a bit of a conspiracy theory, I suspect part of the reason Congress had not regulated financial aid or healthcare (up until 3 or 4 days ago) was because to make these things affordable to young people would be to remove a large incentive to join our military.

"get to kill people" as if it is nothing but a fun "perk" just smacks of Abu Ghraib and My Lai



It is a bit of a conspiracy, but I think the reason Obama hasn't withdrawn from Iraq or Afghanistan is they don't want 500,000 unemployable urban warfare experts returning home to this economy and political climate.

fewds320
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Re: How much debt is *too* much debt?

Postby fewds320 » Thu Mar 25, 2010 6:11 pm

quickquestionthanks wrote:
swheat wrote:yuk yuk

While it is a bit of a conspiracy theory, I suspect part of the reason Congress had not regulated financial aid or healthcare (up until 3 or 4 days ago) was because to make these things affordable to young people would be to remove a large incentive to join our military.

"get to kill people" as if it is nothing but a fun "perk" just smacks of Abu Ghraib and My Lai



It is a bit of a conspiracy, but I think the reason Obama hasn't withdrawn from Iraq or Afghanistan is they don't want 500,000 unemployable urban warfare experts returning home to this economy and political climate.



I like the cut of your jib.

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General Tso
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Re: How much debt is *too* much debt?

Postby General Tso » Thu Mar 25, 2010 6:17 pm

quickquestionthanks wrote:
swheat wrote:yuk yuk

While it is a bit of a conspiracy theory, I suspect part of the reason Congress had not regulated financial aid or healthcare (up until 3 or 4 days ago) was because to make these things affordable to young people would be to remove a large incentive to join our military.

"get to kill people" as if it is nothing but a fun "perk" just smacks of Abu Ghraib and My Lai



It is a bit of a conspiracy, but I think the reason Obama hasn't withdrawn from Iraq or Afghanistan is they don't want 500,000 unemployable urban warfare experts returning home to this economy and political climate.


hah -- good conspiracy! I like that one.

In my opinion we shouldnt have ever had such a huge military to begin with. It is a waste of money -- we need a small highly trained military that is cheap and can address today's threats (3rd world flare ups of violence and terrorism)

fewds320
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Re: How much debt is *too* much debt?

Postby fewds320 » Thu Mar 25, 2010 6:23 pm

I can get on board with that. If only because I believe that spending less on the military might result in more spending on education, and then maybe I'd have less horrible, dream-crushing debt.


I do have a deep respect for the military, and strongly considered joining. I don't want to cut my hair or shave though.

xyzzzzzzzz
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Re: How much debt is *too* much debt?

Postby xyzzzzzzzz » Thu Mar 25, 2010 6:38 pm

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Last edited by xyzzzzzzzz on Thu Jul 08, 2010 11:35 pm, edited 1 time in total.

fewds320
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Re: How much debt is *too* much debt?

Postby fewds320 » Thu Mar 25, 2010 6:50 pm

Why can't I just go to the T2 I want to go to again? No one's taking into consideration anything except money. Which is sweet, but doesn't really make you happy.

minuit
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Re: How much debt is *too* much debt?

Postby minuit » Thu Mar 25, 2010 7:10 pm

if you are willing and or able to do PI work for 10 years, and your debt is federal loans, then it doesn't really matter how much debt you accumulate, as it will all go bye bye after 10 years if you use IBR.

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General Tso
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Re: How much debt is *too* much debt?

Postby General Tso » Thu Mar 25, 2010 8:04 pm

fewds320 wrote:Why can't I just go to the T2 I want to go to again? No one's taking into consideration anything except money. Which is sweet, but doesn't really make you happy.


What T2 is it specifically?




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