Can I afford to borrow $210K

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alexanderkaim
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Joined: Sat Apr 17, 2010 8:47 pm

Can I afford to borrow $210K

Postby alexanderkaim » Sun Apr 18, 2010 7:50 pm

I'm trying to decide if I can afford to go to school in New York City where all the schools COAs are around $70000/year. Unless I get lucky with some financial aid negotiation, I'll have to pay sticker.
I've read that the rule of thumb is not to borrow more than you plan to make in your first year out of school. I don't know what I'll make when I graduate. Hopefully I'll have a job. I do know my school's published median starting income is 160K.
So considering that 160K < 210K and that 210K will be accruing thousands of dollars in interest while I'm in school, can I afford to borrow that much?

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UFMatt
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Re: Can I afford to borrow $210K

Postby UFMatt » Sun Apr 18, 2010 7:53 pm

You'd be paying ~$2400/month over 10 years or ~$1700/month over 15 years. That's ignoring interest you'd be paying on unsubsidized loans during law school.

Renzo
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Joined: Tue Dec 02, 2008 3:23 am

Re: Can I afford to borrow $210K

Postby Renzo » Sun Apr 18, 2010 7:56 pm

If you're headed to NYU or CLS, and you don't mind working insanse hours under stressful conditions, then yes, you can. If any one of those doesn't sound like you, don't do it.

alexanderkaim
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Joined: Sat Apr 17, 2010 8:47 pm

Re: Can I afford to borrow $210K

Postby alexanderkaim » Sun Apr 18, 2010 8:05 pm

insane hours and stressful conditions don't phase me. I guess my problem is I got rejected by NYU and accepted at Fordham.
NYU has 99% employment and Fordham has 85% employment, but if I just assume I will have a job (which is apparently slightly less likely at Fordham) then is it a terrible idea?

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OperaSoprano
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Re: Can I afford to borrow $210K

Postby OperaSoprano » Sun Apr 18, 2010 8:08 pm

Income Based Repayment FTW. I am borrowing at least that amount, and this is how I will manage my debt, with aid from the Fordham LRAP if my job qualifies.

alexanderkaim
Posts: 26
Joined: Sat Apr 17, 2010 8:47 pm

Re: Can I afford to borrow $210K

Postby alexanderkaim » Sun Apr 18, 2010 8:09 pm

what is LRAP? is that a dumb question?

goansongo
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Joined: Thu Apr 03, 2008 6:19 am

Re: Can I afford to borrow $210K

Postby goansongo » Sun Apr 18, 2010 8:13 pm

alexanderkaim wrote:what is LRAP? is that a dumb question?

Loan Repayment Assistance Program

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TTH
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Re: Can I afford to borrow $210K

Postby TTH » Mon Apr 19, 2010 2:19 pm

Only NYU/CLS are worth it. Even then, you could probably go to MVP with money. 210K is scary debt.




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