Undergrad debt affecting your LS decision?

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webbylu87
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Undergrad debt affecting your LS decision?

Postby webbylu87 » Thu Mar 25, 2010 1:00 pm

I know there is a similar thread about how much undergrad debt people have. This thread is geared towards discussing how that existing debt will impact any LS decisions. If there is already a thread out there like this, please let me know. I tried a search but couldn't find anything.

I'm just wondering how much people are anticipating having in debt for both undergrad and LS. I had about $18k after undergrad (which will soon be $13k) which isn't too bad in comparison to others. I'm just looking to get some opinions on these questions:


- Is your lack of undergrad debt a factor in deciding whether or not you can take on a higher priced LS? How much so? Is it not a factor at all?

- How much debt do you anticipate having in total with LS included?

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nick637
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Re: Undergrad debt affecting your LS decision?

Postby nick637 » Thu Mar 25, 2010 1:02 pm

I will have 12.5k in UG Debt with roughly 70k in law school debt. In state tuition FTW

And my debt is absolutely a factor with where I am choosing to attend. No school out of T20 is worth sticker IMO
Last edited by nick637 on Thu Mar 25, 2010 1:04 pm, edited 1 time in total.

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webbylu87
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Re: Undergrad debt affecting your LS decision?

Postby webbylu87 » Thu Mar 25, 2010 1:04 pm

nick637 wrote:I will have 12.5k in UG Debt with roughly 70k in law school debt. In state tuition FTW


When you made your decision did you feel like you could take on a little more debt due to the fact that you had so little from UG? Or did you simply go for the cheapest option for LS?

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nick637
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Re: Undergrad debt affecting your LS decision?

Postby nick637 » Thu Mar 25, 2010 1:06 pm

webbylu87 wrote:
nick637 wrote:I will have 12.5k in UG Debt with roughly 70k in law school debt. In state tuition FTW


When you made your decision did you feel like you could take on a little more debt due to the fact that you had so little from UG? Or did you simply go for the cheapest option for LS?


I went for the cheapest option. But my numbers will not get me into any of the T20, so it was easy for me to follow the money so to speak

fiftyonefifty
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Re: Undergrad debt affecting your LS decision?

Postby fiftyonefifty » Thu Mar 25, 2010 1:07 pm

Yes, I will be paying close to sticker at a t30. No undergrad or graduate debt so it's worth it for me.

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webbylu87
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Re: Undergrad debt affecting your LS decision?

Postby webbylu87 » Thu Mar 25, 2010 1:11 pm

fiftyonefifty wrote:Yes, I will be paying close to sticker at a t30. No undergrad or graduate debt so it's worth it for me.


Fair enough. I'm trying to decide between my state school and another state school which is ranked higher and would put me at roughly $30k more in debt. With that said, it has better access to bigger legal markets than my state school would. Tough decision. Just trying to get some perspective.

rapstar
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Re: Undergrad debt affecting your LS decision?

Postby rapstar » Thu Mar 25, 2010 1:14 pm

webbylu87 wrote:
fiftyonefifty wrote:Yes, I will be paying close to sticker at a t30. No undergrad or graduate debt so it's worth it for me.


Fair enough. I'm trying to decide between my state school and another state school which is ranked higher and would put me at roughly $30k more in debt. With that said, it has better access to bigger legal markets than my state school would. Tough decision. Just trying to get some perspective.


what schools specifically?

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webbylu87
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Re: Undergrad debt affecting your LS decision?

Postby webbylu87 » Thu Mar 25, 2010 1:38 pm

rapstar wrote:
webbylu87 wrote:
fiftyonefifty wrote:Yes, I will be paying close to sticker at a t30. No undergrad or graduate debt so it's worth it for me.


Fair enough. I'm trying to decide between my state school and another state school which is ranked higher and would put me at roughly $30k more in debt. With that said, it has better access to bigger legal markets than my state school would. Tough decision. Just trying to get some perspective.


what schools specifically?


sent PM. anyone else feel free to PM for details.

any other thoughts on the debt situation?

fewds320
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Re: Undergrad debt affecting your LS decision?

Postby fewds320 » Thu Mar 25, 2010 5:17 pm

I have a crushing $100k or so undergraduate debt. If I let that factor into my decision to do anything, let alone to attend law school, my follow up decision would be suicide.

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dutchstriker
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Re: Undergrad debt affecting your LS decision?

Postby dutchstriker » Thu Mar 25, 2010 5:21 pm

I have around $25k in undergrad debt, and it is going to affect my law school decision but probably not in the way you might think.

I'm more likely to pass on two full-tuition scholarships to attend HLS because HLS' LIPP will cover my undergrad debt as well.

makingwaves
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Re: Undergrad debt affecting your LS decision?

Postby makingwaves » Sat Mar 27, 2010 10:43 am

I went in-state (parents had planned/saved for me to go out-of-state since I was born) for UG... probably will cost by the time i'm done $35,000 for my UG degree. I also had some academic scholarships, probably covered ten or fifteen percent. I will actually have a small amount of money left over in my 529 when I graduate that my parents are allowing me to put toward law school. Money will affect my decision but it won't be the deciding factor.

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MF248
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Re: Undergrad debt affecting your LS decision?

Postby MF248 » Sat Mar 27, 2010 10:50 am

I have less thank 10k in UG debt, and it's definitely making me feel comfortable taking on a larger chunk of debt for LS. Also, I based my UG decision entirely on scholarship/cost and going into the LS search I told myself that money would not be the single determining factor again.

keemos
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Re: Undergrad debt affecting your LS decision?

Postby keemos » Sat Mar 27, 2010 10:53 am

I actually have 60K in undergrad debt. It is definitely playing a role...

yo!
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Re: Undergrad debt affecting your LS decision?

Postby yo! » Sat Mar 27, 2010 11:02 am

I have zero UG debt and I will still probably take a full ride at a T2 over my acceptances in the lower T1. I really don't like debt! However, things may have different if I had a T20 acceptance.

istorm88
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Re: Undergrad debt affecting your LS decision?

Postby istorm88 » Sat Mar 27, 2010 11:09 am

I have 30k in Undergrad debt and it is a significant influence on my LS decision. The idea of safely paying off the 30k in 10 yrs (paid off by age 31) sounds more reliable than taking on 6-figures of law school debt and hoping I find qualifying Public Service work to get my loans forgiven in 10 years (finished by age 35 assuming everything goes perfect, which we all know things rarely do).

sibley
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Re: Undergrad debt affecting your LS decision?

Postby sibley » Sat Mar 27, 2010 11:11 am

istorm88 wrote:I have 30k in Undergrad debt and it is a significant influence on my LS decision. The idea of safely paying off the 30k in 10 yrs (paid off by age 31) sounds more reliable than taking on 6-figures of law school debt and hoping I find qualifying Public Service work to get my loans forgiven in 10 years (finished by age 35 assuming everything goes perfect, which we all know things rarely do).


+1

But I'm concerned that by picking a lower t1 school I'll severely limit my mobility options (job and location)... so I'm hoping that, eg, GW gives me a nice grant.

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Ragged
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Re: Undergrad debt affecting your LS decision?

Postby Ragged » Sat Mar 27, 2010 11:17 am

Cheap public UG, lots of scholarships, generous parents = no debt for me.

angioletto
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Re: Undergrad debt affecting your LS decision?

Postby angioletto » Sat Mar 27, 2010 3:14 pm

I would hope that anyone with UG debt, no matter how much, would take that into consideration when determining how much law school debt they are willing to take on. If I had zero debt it would have been much, much easier for me to choose a school knowing it had higher tuition. Because I did have a good amount of UG debt I really had to take a lot of time to weigh out my options. With my UG debt and without a scholarship I would not have been able to attend my top choice school. Luckily they did offer me a scholarship so in the end it did not matter as much, although it still bugs me having this cloud of UG debt hanging over my head.

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GordonGekko
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Re: Undergrad debt affecting your LS decision?

Postby GordonGekko » Sun Mar 28, 2010 12:16 am

Totes MaGotes, it played a big factor for me. I'm still sweating nearly $30k in undergrad loans. As a result, I took a big scholarship at Wake Forest over acceptances at schools ranked in the top 20 (not T14, however) and scholarships at schools in the top 30.

mugrad06
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Re: Undergrad debt affecting your LS decision?

Postby mugrad06 » Mon Mar 29, 2010 11:30 am

I have about 19,000 in ungrad/grad loans and it's been a factor. I'd have to pay sticker at a low T4 school (their tutition is 28,000 but when you factor COL and everything their total COA is like 50,000 for the first yr) The main issue is if I wan't to take on the massive debt or not. The attorneys I work for just don't see how I would be able to, esp afterwards being able to pay it back.

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dutchstriker
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Re: Undergrad debt affecting your LS decision?

Postby dutchstriker » Mon Mar 29, 2010 12:42 pm

mugrad06 wrote:I have about 19,000 in ungrad/grad loans and it's been a factor. I'd have to pay sticker at a low T4 school (their tutition is 28,000 but when you factor COL and everything their total COA is like 50,000 for the first yr) The main issue is if I wan't to take on the massive debt or not. The attorneys I work for just don't see how I would be able to, esp afterwards being able to pay it back.

Yeah. Don't do it.




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