Is this wise? Forum

[danitt]

I'm an prospective JD student but I'm also an international student so I don't have the same financial access as others. I managed to have no debt from undergrad and a little bit of savings (I say little because what's substantial in my home country is killed by the conversion rate here), but nothing to write home about so I definitely won't be able to finance my education that way.

My question is, if worst comes to worst and I have to pay sticker for a T-20 school, considering that this will be my first student loan debt, would you advise pursuing a loan to cover my expenses? Or would that be a fool's mission?

[howlery]

I think most law students in the U.S. take out loans to cover tuition and/or living expenses. How much you should take out really depends on what school you attend, and you should really try to keep your debt to a minimum.

Also not sure if you qualify for need-based aid at all schools, someone correct me.

[FiliusNullius]

what school would you NOT qualify for it?

-Most don't live in Daddy's basement. (some do) but they tend to still be breastfed too........

[Addy]

My question is, if worst comes to worst and I have to pay sticker for a T-20 school, considering that this will be my first student loan debt, would you advise pursuing a loan to cover my expenses? Or would that be a fool's mission?

I attend a T-14 school [MVP] and have a full first year merit scholarship and a 50% second year scholarship. I bought into their yarn that I would likely receive a SA that should make up the difference. Sounded good. Not so sure now. Paid SA positions [especially the $3K a week ones] have recently become sporadic. Not only that, if my exam ranking is not top 25%, my job prospects could very well be bleak.

With all that in mind, my answer to your question is. . . if what you require is a substantial loan, I would leave the signature pen in your pocket. Secondly, do not consider anything out of the T-14, unless the tuition it is fully paid for. Once up a time T-14 meant BigLaw, today it just means that you have a chance for a job.

[danitt]

what school would you NOT qualify for it?

Well I also was not sure if international students qualify for need based aid which is why I asked.

[Tanicius]

The problem for international students is that they don't get federal loans. Any loans they take would have to be private loans, which is risky IMO considering how volatile the economy is right now. You just never know when your interest rates, lower than federal loans at the moment, could skyrocket and screw you over. Additionally, private loans are not eligible for IBR, so no 10-year forgiveness if you go into public service, and no 20-year forgiveness if you go into private practice. Unless you eventually become eligible for federal loans down the road and consolidate you private debt into federal debt, you could potentially take these loans to the grave. Full-sticker at a T-20 nowadays is around $200,000.