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.
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chromylchloride
Posts: 23
Joined: Wed Aug 13, 2008 7:34 pm

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

Postby chromylchloride » Thu Mar 25, 2010 8:19 pm

I feel for you man, a lot of the TLS posters are indeed messed up.

fewds320
Posts: 26
Joined: Tue Mar 23, 2010 8:42 pm

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

Postby fewds320 » Thu Mar 25, 2010 8:42 pm

The T2 is Lewis & Clark.

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General Tso
Posts: 2289
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Re: How much debt is *too* much debt?

Postby General Tso » Thu Mar 25, 2010 9:30 pm

fewds320 wrote:The T2 is Lewis & Clark.


so are you going to do public interest? if yes, then do it. if no, then don't.

fewds320
Posts: 26
Joined: Tue Mar 23, 2010 8:42 pm

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

Postby fewds320 » Fri Mar 26, 2010 3:21 am

Yeah, I plan on doing the public interest route.

achang
Posts: 12
Joined: Thu Mar 11, 2010 1:00 pm

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

Postby achang » Fri Mar 26, 2010 5:34 pm

Ok Honestly, there's way too much flaming going on.
Here are my two cents:

I also have close to that much debt UG - some of you may ask HOW THE FUCK did you accrue so much debt in UG?
Well for different reasons:

My parents do work but cannot afford my education goal - I've always wanted to go to a big school, to an institution that was big and recognizable and I knew I would accrued a lot of debt but those were my personal dreams. Some of you may have had an easier way, perhaps a college fund (no such thing in my world) - Or you went to an institution in your state that was actually GOOD (not in mine) and CONGRATULATION you did it, but some people aren't that lucky and really have to work hard"ER"
so I worked my ass off, got a A.S. in Comp Sci and went to a good 4 year school and had the time of my life. (graduating in may this year).
Some of you forget there are a lot of things that go on with people's life.... I've had my father gone through Brain Surgery.... I've had to move away, break up with my GF's of over 4 years (though we remain really close friends), etc etc etc

I'm also stuck in your situation, I have about 100k and I apped to law schools.
I was accepted into tier 1's and I'm also scared to take so much money but I feel I have what it takes to succeed and do well in life.

HOWEVER, If I had to go to t4, I'd highly think really careful about it

PM ME if anything - Our stories are very similar

renee1693
Posts: 14
Joined: Thu Dec 10, 2009 12:50 pm

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

Postby renee1693 » Fri Mar 26, 2010 7:27 pm

I sympathize as I am in a nearly similar situation with my UG debt and deciding between how much more debt to go in for law school... but I wonder, how did you not get a large amount of scholarships or grants or anything with that kind of situation going into undergrad? Or at least during undergrad?

...but anyway, it really does suck to find yourself in that amount of debt. However, there are ways you can handle it right now without going to law school, if you wanted to wait. You can go into forbearance or defer your payments, or you could go into the Peace Corps (which would be cool/help job prospects.)

Although I really don't see as big of a problem with going to Lewis & Clark as everyone else...Is it not worth going into debt unless its a T14 school?

Also, push for need-based money

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General Tso
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Joined: Sun Dec 07, 2008 6:51 pm

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

Postby General Tso » Fri Mar 26, 2010 8:29 pm

achang wrote:Ok Honestly, there's way too much flaming going on.
Here are my two cents:

I also have close to that much debt UG - some of you may ask HOW THE FUCK did you accrue so much debt in UG?
Well for different reasons:

My parents do work but cannot afford my education goal - I've always wanted to go to a big school, to an institution that was big and recognizable and I knew I would accrued a lot of debt but those were my personal dreams. Some of you may have had an easier way, perhaps a college fund (no such thing in my world) - Or you went to an institution in your state that was actually GOOD (not in mine) and CONGRATULATION you did it, but some people aren't that lucky and really have to work hard"ER"
so I worked my ass off, got a A.S. in Comp Sci and went to a good 4 year school and had the time of my life. (graduating in may this year).
Some of you forget there are a lot of things that go on with people's life.... I've had my father gone through Brain Surgery.... I've had to move away, break up with my GF's of over 4 years (though we remain really close friends), etc etc etc

I'm also stuck in your situation, I have about 100k and I apped to law schools.
I was accepted into tier 1's and I'm also scared to take so much money but I feel I have what it takes to succeed and do well in life.

HOWEVER, If I had to go to t4, I'd highly think really careful about it

PM ME if anything - Our stories are very similar


you forgot about those of us that took a 3rd route -- go to a no-name UG on scholarship.

and OP would have gotten fewer flames and better responses early on if he had worded his posts in a more believable fashion.

Agent Bartowski
Posts: 53
Joined: Thu Nov 26, 2009 2:10 am

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

Postby Agent Bartowski » Wed Mar 31, 2010 7:09 pm

So, for what its worth...

With that much UG debt, Id say just go for the T2 at full price. Dont bother whittling down the UG debt, just use normal IBR on a 25 year plan, make your minimum payments then kick the rest to the gov after the term of your IBR is up. Its an obligation of 10-15 perent of your income, so best case you get a sweet job and pay it off in 10 years... worst case your a virtual pauper until you are 48 like other law students.




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