Paying down debt while in law school...

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
firecracker10
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Paying down debt while in law school...

Postby firecracker10 » Thu Aug 25, 2011 1:44 am

I have around $15K in credit card debt and I probably won't be able to pay it off before I start law school in Fall 2012. I can't wait and postponed law school either...I am a non-trad student in my 30's. I need to figure out some way to pay it off while I'm in school. I know that a lot of student take out extra student loan money to pay off their debts with...I won't have that luxury, because I will need the extra funds for my living expenses (I won't be working while in school full-time). I have good credit...do you think that I will be able to take out a private educational loan from a credit card company and use that to pay it off instead? Any ideas that you have are welcome!

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descartesb4thehorse
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Re: Paying down debt while in law school...

Postby descartesb4thehorse » Thu Aug 25, 2011 2:11 am

So, you can't have 15k worth of debt with realistic plans about how to get out of it, yet you're about to go 150k more in debt? Law school isn't for everyone, friend.

firecracker10
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Re: Paying down debt while in law school...

Postby firecracker10 » Thu Aug 25, 2011 11:30 am

I will (more than likely) attend a top school and then I will worry about the rest of my debt after graduation.

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descartesb4thehorse
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Re: Paying down debt while in law school...

Postby descartesb4thehorse » Thu Aug 25, 2011 1:42 pm

I'm going to Michigan sticker. Don't think that I take or give the advice lightly, but going to law school at sticker price is not for everyone. I don't just mean people who can't get into any place better than a TTT. Best case scenario: you graduate in 3 years with a job making 160k in a high-COL market. You get maybe, what, 100-110k of that after taxes. You have to pay for rent, clothes, food, etc., all of which keeping up the appearance of someone doing well financially. (As in, you will have to buy a new wardrobe.) Realistically, that doesn't leave you more than 50k to sink back into loans. Since most people can't realistically expect to make partner track, that means your window for paying back the loans is very small, riddled with unexpected hurdles and a LOT of money management, way more than back when you didn't have any money.

Not only are you adding to your debt pile by starting out with 15k in credit card debt, but you're showing a history of being unable to manage your money. I'm not saying banks won't lend to you and I'm also not saying that you won't go to a terrific school and have good job prospects, but even if all of these things happen, you may be seriously screwing yourself. And you should consider that and if finding a job and paying back the 15k and starting out with some savings is doable. I had a tiny amount of credit card debt (2500) when I started applying to law schools last December. After doing a lot of research, even though I got into a great school in March, I knew I didn't want to go with no savings and debt to worry about. In five months, I've completely eliminated the debt and stashed a way a good chunk of change that, by the time I start school next summer, will hopefully be enough for 1L rent.

I'm not trying to gloat. I'm just concerned that it's going to be a major shock to you that your "oh I'll cross that bridge when I get to it" attitude is going to come back to bite you majorly when you have the high-paying job and your debt is keeping you from enjoying it.

firecracker10
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Re: Paying down debt while in law school...

Postby firecracker10 » Thu Aug 25, 2011 7:21 pm

I'd love to know how old you are...I'm 32 and you are really just adding insult to injury here and talking down to me at this point. I ended up $15K in credit card debt not because I couldn't manage my finances, but because I fell on some extremely hard times personally--things that I would rather not talk about on this forum.

I will mostly likely go to a top school and I'm not too worried about all the stuff that you stated in your paragraph, because I am not a toddler and I understand all that stuff...otherwise I would not be going to law school at this point in my life. I am also NOT shooting for a T-2, T-3 or T-4 school. I am shooting for the top schools.

I am also engaged to be married to someone who does very well financially and I won't be struggling to pay everything back after graduation...because our combined incomes will be over $500K.

Right now, I am just looking for a way fix my credit card problem until I finish law school...then I will worry about paying it back then...and out of MY salary.

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iShotFirst
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Re: Paying down debt while in law school...

Postby iShotFirst » Thu Aug 25, 2011 7:28 pm

You can take out a private loan easily. For example, my friend is expecting a baby, he just took out more loans for school and put some of that money away to pay for the baby when it comes. They WANT to loan you money.

firecracker10
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Re: Paying down debt while in law school...

Postby firecracker10 » Thu Aug 25, 2011 10:35 pm

Thank you for that info...it's appreciated.

UMiamiCane
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Re: Paying down debt while in law school...

Postby UMiamiCane » Fri Aug 26, 2011 5:48 pm

Though your personal finances are none of my business, if your fiance is doing so well financially, you may want to consider not taking out loans (at the very least not taking anything beyond tuition). Why get into more debt if you can cash flow school?

firecracker10
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Re: Paying down debt while in law school...

Postby firecracker10 » Fri Aug 26, 2011 5:53 pm

We aren't married and it's not my fiance's bill--it's mine. I don't think that it's fair to dump that on my fiance. Once we get married (down the road), then our finances will be joint...until then they are not. That's just how I feel and I don't want to be one of those people who take advantage of someone b/c they are doing well financially.

UMiamiCane
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Re: Paying down debt while in law school...

Postby UMiamiCane » Fri Aug 26, 2011 5:59 pm

It's not taking advantage. When you are married your finances are one (in my case our finances were one long before we were married), and so your salary will be shared. Law school is an investment into your future career and therefore future salary. My husband and I both hate debt and we are paying for law school with his salary. He would much rather pay for it than have all of those loans looming over us, especially at the start of your marriage. What if you don't get that high paying job? Whatever, it's obviously your and your fiance's decision, but debt is dangerous, and imo stupid if it's not necessary.

firecracker10
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Re: Paying down debt while in law school...

Postby firecracker10 » Fri Aug 26, 2011 10:18 pm

Debt is pretty much something we will all have to live with...unless we are super rich and don't have to take out loans for anything.

I will take out the loans and I will worry about the paying it off after I graduate. I'm 32 and I'm aware of what I'm getting myself into. As for getting that good job to pay it off, I know that I will because I believe in myself and I know I am capable of doing so...and I WILL get myself into the right school in order to get that top salary after graduation.

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Anastasia Dee Dualla
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Re: Paying down debt while in law school...

Postby Anastasia Dee Dualla » Fri Aug 26, 2011 10:32 pm

so really you just wanted no advice at all? :| You just wanted to repeat what you already thought before creating this thread?

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descartesb4thehorse
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Re: Paying down debt while in law school...

Postby descartesb4thehorse » Fri Aug 26, 2011 10:42 pm

Anastasia Dee Dualla wrote:so really you just wanted no advice at all? :| You just wanted to repeat what you already thought before creating this thread?


Accurate. Can't fight with these types. They're living in their dream world and people who try to use logic and talk to them like adults are all haters who hate to see other people succeed.

Bro, FTR:

thread
thread

Even people with the 160k jobs have to commit to serious money management. I think you should confront that before enrolling.

Also, ITT: FireCracker assumes great job because of can-do attitude.

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RMstratosphere
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Re: Paying down debt while in law school...

Postby RMstratosphere » Fri Aug 26, 2011 11:02 pm

firecracker10 wrote:Debt is pretty much something we will all have to live with...unless we are super rich and don't have to take out loans for anything.

I will take out the loans and I will worry about the paying it off after I graduate. I'm 32 and I'm aware of what I'm getting myself into. As for getting that good job to pay it off, I know that I will because I believe in myself and I know I am capable of doing so...and I WILL get myself into the right school in order to get that top salary after graduation.


Epic flame, bro.

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Flips88
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Re: Paying down debt while in law school...

Postby Flips88 » Fri Aug 26, 2011 11:14 pm

So you're telling me you and your fiancee will be in the top 1% of income earners in the United States and you can't figure out how to pay your credit card debt...

firecracker10
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Re: Paying down debt while in law school...

Postby firecracker10 » Sat Aug 27, 2011 10:30 am

Sorry, not a flame.

RMstratosphere wrote:
firecracker10 wrote:Debt is pretty much something we will all have to live with...unless we are super rich and don't have to take out loans for anything.

I will take out the loans and I will worry about the paying it off after I graduate. I'm 32 and I'm aware of what I'm getting myself into. As for getting that good job to pay it off, I know that I will because I believe in myself and I know I am capable of doing so...and I WILL get myself into the right school in order to get that top salary after graduation.


Epic flame, bro.

firecracker10
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Re: Paying down debt while in law school...

Postby firecracker10 » Sat Aug 27, 2011 10:31 am

Thanks again to everyone who sent me PM's with great advice.

UMiamiCane
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Re: Paying down debt while in law school...

Postby UMiamiCane » Sat Aug 27, 2011 12:03 pm

firecracker10 wrote:Debt is pretty much something we will all have to live with...unless we are super rich and don't have to take out loans for anything.




False.
I'm sorry that at 32 you think like this.

naomibatac
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Re: Paying down debt while in law school...

Postby naomibatac » Thu Sep 08, 2011 2:27 am

Hi! what I can suggest is to sign up for a credit card debt settlement contract or debt consolidation loan provided by debt settlement or debt consolidation companies. Usually, the arrangement is for a monthly amortization, but since you want to pay the loan after you graduate; make that kind of arrangement with them. You are definitely entitled to your own opinion and the choice is yours. I will be happy if I was able to help. Cheers. :D

anmar213
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Re: Paying down debt while in law school...

Postby anmar213 » Fri Sep 09, 2011 3:24 am

Yeah um, we don't all have to live with debt. I'm 31 with zero debt and about 30k in the bank and stock market right now. You've got a big chip on your shoulder and you should really pay attention to what people are telling you instead of being so defensive.

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Diiizzzzoooo
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Re: Paying down debt while in law school...

Postby Diiizzzzoooo » Sun Dec 18, 2011 10:37 pm

What's funny is that initially I thought that descartes was being a dick, and could have approached answering your question with a little more finesse. Then as I continued reading what followed, it became apparent that you are everything these people have said about you. The slam dunk was the remark about you just wanting to hear your own thoughts repeated back to you. If you are truly 32 years old, I have a hard time believing you will be attending any "top schools". Your character alone is enough to dismiss that. Usually the guys on TLS are jerkoffs who make no sense. On this one, they are spot on.

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JamMasterJ
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Re: Paying down debt while in law school...

Postby JamMasterJ » Sun Dec 18, 2011 10:43 pm

Diiizzzzoooo wrote:What's funny is that initially I thought that descartes was being a dick, and could have approached answering your question with a little more finesse. Then as I continued reading what followed, it became apparent that you are everything these people have said about you. The slam dunk was the remark about you just wanting to hear your own thoughts repeated back to you. If you are truly 32 years old, I have a hard time believing you will be attending any "top schools". Your character alone is enough to dismiss that. Usually the guys on TLS are jerkoffs who make no sense. On this one, they are spot on.

nice necro, bro

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descartesb4thehorse
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Re: Paying down debt while in law school...

Postby descartesb4thehorse » Sun Dec 18, 2011 10:46 pm

JamMasterJ wrote:
Diiizzzzoooo wrote:What's funny is that initially I thought that descartes was being a dick, and could have approached answering your question with a little more finesse. Then as I continued reading what followed, it became apparent that you are everything these people have said about you. The slam dunk was the remark about you just wanting to hear your own thoughts repeated back to you. If you are truly 32 years old, I have a hard time believing you will be attending any "top schools". Your character alone is enough to dismiss that. Usually the guys on TLS are jerkoffs who make no sense. On this one, they are spot on.

nice necro, bro


Eh, anything that says "initially descartes was a dick but then I realized that she's absolutely, bloody right and we should all pay attention to her all the time" is fine by me.

Man but my posts are dated and contain factually incorrect information about my finances. Oh well.

03121202698008
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Re: Paying down debt while in law school...

Postby 03121202698008 » Sun Dec 18, 2011 11:15 pm

Depends on your interest rate. If lower than private loans, take out just enough to make minimum payments. If higher, take out a loan and pay it off.




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