law school debt is always managable right?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
redgreenpaper
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law school debt is always managable right?

Postby redgreenpaper » Mon Dec 06, 2010 7:10 pm

that's what many people tell me. even if you're in $100k debt, you'll still be able to pay it off in the future right? even if it takes like 5 years, it will eventually go away?

also, how much are the debts usually after law school?

09042014
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Re: law school debt is always managable right?

Postby 09042014 » Mon Dec 06, 2010 7:12 pm

Yea brah you never need to save for later in life ever.

Z3RO
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Re: law school debt is always managable right?

Postby Z3RO » Mon Dec 06, 2010 7:13 pm

Seriously though, this is either a troll or about to become a troll battle. I smell JD Underground.

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2Serious4Numbers
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Re: law school debt is always managable right?

Postby 2Serious4Numbers » Mon Dec 06, 2010 7:16 pm

"even if it takes like 5 years"

classic.

JOThompson
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Re: law school debt is always managable right?

Postby JOThompson » Mon Dec 06, 2010 7:18 pm

I was inclined to believe the question was genuine until I got to the five year part. :)

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Kilpatrick
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Re: law school debt is always managable right?

Postby Kilpatrick » Mon Dec 06, 2010 7:21 pm

You make the best threads

kehoema2
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Re: law school debt is always managable right?

Postby kehoema2 » Mon Dec 06, 2010 7:23 pm

The 5 year part is great. Sorry to bump this shit, but it cracked me up. Thanks OP.

thegor1987
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Re: law school debt is always managable right?

Postby thegor1987 » Mon Dec 06, 2010 7:24 pm

is question this serious? No, 100K is not that much to pay off, thus it is manageable

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albusdumbledore
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Re: law school debt is always managable right?

Postby albusdumbledore » Mon Dec 06, 2010 7:24 pm

Everybody dies someday, so in that sense, yes, all law school debt is manageable.

redgreenpaper
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Re: law school debt is always managable right?

Postby redgreenpaper » Mon Dec 06, 2010 7:27 pm

shit i feel dumb. but im seriously a noob. can someone just answer the question or give me some help/advice as if the question was genuine?

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2Serious4Numbers
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Re: law school debt is always managable right?

Postby 2Serious4Numbers » Mon Dec 06, 2010 7:32 pm

Flame on...

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St.Remy
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Re: law school debt is always managable right?

Postby St.Remy » Mon Dec 06, 2010 7:36 pm

redgreenpaper wrote:shit i feel dumb. but im seriously a noob. can someone just answer the question or give me some help/advice as if the question was genuine?


Law School debt is in fact not always manageable. I for instance had to fake my death twice before the debt went away.

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FunkyJD
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Re: law school debt is always managable right?

Postby FunkyJD » Mon Dec 06, 2010 7:38 pm

Take my debt, too. Handle it like a pro.

thegor1987
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Re: law school debt is always managable right?

Postby thegor1987 » Mon Dec 06, 2010 7:39 pm

redgreenpaper wrote:shit i feel dumb. but im seriously a noob. can someone just answer the question or give me some help/advice as if the question was genuine?


It depends on employment prospects for the school you attend and how wealthy your family is.

redgreenpaper
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Re: law school debt is always managable right?

Postby redgreenpaper » Mon Dec 06, 2010 7:42 pm

honestly, are there no people on this forum that like to help. im actually curious, not trying to troll.

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Grizz
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Re: law school debt is always managable right?

Postby Grizz » Mon Dec 06, 2010 7:52 pm

If you get a shitlaw jerb, enjoy 25 year loan forgiveness when your kid needs to go to college and you want to move out of your tenement apartment.

09042014
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Re: law school debt is always managable right?

Postby 09042014 » Mon Dec 06, 2010 7:57 pm

rad law wrote:If you get a shitlaw jerb, enjoy 25 year loan forgiveness when your kid needs to go to college and you want to move out of your tenement apartment.


And 250K in taxable income on your 1040.

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beachbum
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Re: law school debt is always managable right?

Postby beachbum » Mon Dec 06, 2010 8:04 pm

Z3RO wrote:I smell JD Underground.

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iphone7
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Re: law school debt is always managable right?

Postby iphone7 » Mon Dec 06, 2010 8:09 pm

If you get a Biglaw job you will be able to pay the debt off without too much trouble. Unless you get some loan repayment assistance $100k of debt in public interest job or academia could be somewhat difficult. So it depends on what you want to do with the degree.

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nealric
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Re: law school debt is always managable right?

Postby nealric » Mon Dec 06, 2010 8:13 pm

And 250K in taxable income on your 1040.


Care to explain? Kind of an odd number to pull out of a hat.

09042014
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Re: law school debt is always managable right?

Postby 09042014 » Mon Dec 06, 2010 8:24 pm

nealric wrote:
And 250K in taxable income on your 1040.


Care to explain? Kind of an odd number to pull out of a hat.


Cost of law school + interest being piled on because you aren't paying it off because of IBR.

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DCDuck
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Re: law school debt is always managable right?

Postby DCDuck » Mon Dec 06, 2010 8:25 pm

Law school debt can be crushing. Paying off $100,000 in five years is very ambitious. That would be paying $20,000 a year, if there is no interest. Interest rates are high these days, grad plus I think is around 8-9%. Say you make $60,000 before taxes. . . that's too much for loan forgiveness. . . Can you see the picture? (Making big law bucks is hard and statistically speaking, unlikely)
If you are having a hard time understanding how much $100,000 is, I suggest you take a couple of years off before law school and try to support yourself. It has lots of benefits beyond making me depressed whenever I see my loan statements arrive in the mail, but it will help put financial aid into perspective.
All that being said, I personally think that law school is worth it, but I would extend your payback timeline by a bunch.

redgreenpaper
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Re: law school debt is always managable right?

Postby redgreenpaper » Tue Dec 07, 2010 7:03 pm

DCDuck wrote:Law school debt can be crushing. Paying off $100,000 in five years is very ambitious. That would be paying $20,000 a year, if there is no interest. Interest rates are high these days, grad plus I think is around 8-9%. Say you make $60,000 before taxes. . . that's too much for loan forgiveness. . . Can you see the picture? (Making big law bucks is hard and statistically speaking, unlikely)
If you are having a hard time understanding how much $100,000 is, I suggest you take a couple of years off before law school and try to support yourself. It has lots of benefits beyond making me depressed whenever I see my loan statements arrive in the mail, but it will help put financial aid into perspective.
All that being said, I personally think that law school is worth it, but I would extend your payback timeline by a bunch.


good answer and helped. thanks man.

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General Tso
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Re: law school debt is always managable right?

Postby General Tso » Wed Dec 08, 2010 2:29 am

thegor1987 wrote:is question this serious? No, 100K is not that much to pay off, thus it is manageable


yeah man, you can totally pay off 130k debt in 2 years on a 65k salary :lol:

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AreJay711
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Re: law school debt is always managable right?

Postby AreJay711 » Wed Dec 08, 2010 2:51 am

Don't worry about it. Your in H.S. right? Go to college, drink beer, and get laid while getting the best GPA you can in at least a semi-marketable degree and you will be fine. Hopefully, you will think it over 100 times before you need to cross that bridge and look to see if there is anything else you might rather do. I didn't finally decide to go to law school until last year around this time and had spent my whole time gearing up to apply for PhD programs.




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