How does existing undergraduate debt affect me?

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Samara
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Re: How does existing undergraduate debt affect me?

Postby Samara » Tue Jun 26, 2012 2:17 pm

cinephile wrote:No, it's really not. This person doesn't have an LSAT score yet, so she(?) doesn't know where she's going. Most people don't do well enough on the LSAT to get into Columbia or Chicago, let alone to get a full ride. Let's say you got a full-ride to your flagship state school, a solid TI. In most cases, that wouldn't be worth the $125k of debt. If there are more details like an LSAT score, obviously that changes things, but without that, assuming that she is merely an above average but not exceptional scorer, then it wouldn't be worth it.

But it's equally silly to imply that it's not worth it, without an LSAT score on the table. You implied that in any situation, the addition of $50k of undergraduate debt makes law school not worth it. I would argue that there are plenty of situations in which it would be just fine. Rather than wax poetic about all the ways in which it wouldn't work out, why not outline some ways in which it would?

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jkpolk
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Re: How does existing undergraduate debt affect me?

Postby jkpolk » Tue Jun 26, 2012 2:30 pm

cinephile wrote:No, it's really not. This person doesn't have an LSAT score yet, so she(?) doesn't know where she's going. Most people don't do well enough on the LSAT to get into Columbia or Chicago, let alone to get a full ride. Let's say you got a full-ride to your flagship state school, a solid TI. In most cases, that wouldn't be worth the $125k of debt. If there are more details like an LSAT score, obviously that changes things, but without that, assuming that she is merely an above average but not exceptional scorer, then it wouldn't be worth it.


You just feel threatened by bethany's superior attractiveness

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laxbrah420
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Re: How does existing undergraduate debt affect me?

Postby laxbrah420 » Tue Jun 26, 2012 2:35 pm

polkij333 wrote:
cinephile wrote:No, it's really not. This person doesn't have an LSAT score yet, so she(?) doesn't know where she's going. Most people don't do well enough on the LSAT to get into Columbia or Chicago, let alone to get a full ride. Let's say you got a full-ride to your flagship state school, a solid TI. In most cases, that wouldn't be worth the $125k of debt. If there are more details like an LSAT score, obviously that changes things, but without that, assuming that she is merely an above average but not exceptional scorer, then it wouldn't be worth it.


You just feel threatened by bethany's superior attractiveness

It's hard to make recommendations for her without an LSAT score and a self-pic

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bethanyadawson
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Re: How does existing undergraduate debt affect me?

Postby bethanyadawson » Tue Jun 26, 2012 10:34 pm

laxbrah420 wrote:
polkij333 wrote:
cinephile wrote:No, it's really not. This person doesn't have an LSAT score yet, so she(?) doesn't know where she's going. Most people don't do well enough on the LSAT to get into Columbia or Chicago, let alone to get a full ride. Let's say you got a full-ride to your flagship state school, a solid TI. In most cases, that wouldn't be worth the $125k of debt. If there are more details like an LSAT score, obviously that changes things, but without that, assuming that she is merely an above average but not exceptional scorer, then it wouldn't be worth it.


You just feel threatened by bethany's superior attractiveness

It's hard to make recommendations for her without an LSAT score and a self-pic



Haha! Why, you boys are so catty! (and, besides, I hear self-pics are banned on this site... I mean, I originally got bashed for having my real name as my username).

I appreciate all feedback, for the record-- positive or negative!

jstr00az
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Re: How does existing undergraduate debt affect me?

Postby jstr00az » Tue Jun 26, 2012 11:26 pm

bethanyadawson wrote:Well, I have a pretty well paying job currently that I'm saving money at. And, no worries about being a downer, but yes, I believe it would ultimately be worth it for me.

Thanks for the feedback.



Do NOT go to law school if you have a well paying job.

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bethanyadawson
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Re: How does existing undergraduate debt affect me?

Postby bethanyadawson » Wed Jun 27, 2012 9:35 am

jstr00az wrote:
bethanyadawson wrote:Well, I have a pretty well paying job currently that I'm saving money at. And, no worries about being a downer, but yes, I believe it would ultimately be worth it for me.

Thanks for the feedback.



Do NOT go to law school if you have a well paying job.



Eh, I mean, it's not that well paying... just enough to save money. And it's certainly not my ultimate career of choice.

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echamberlin8
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Re: How does existing undergraduate debt affect me?

Postby echamberlin8 » Wed Jun 27, 2012 9:38 am

What I'm wondering is how having a large UG debt will affect the process of taking out loans to pay for law school. I understand that people here are saying that she won't have trouble gaining admissions into law schools while being in significant UG debt, but she still has to go through the process of paying for law school.

Also, because I know she went to undergrad at a school she is interested in going to law school at, does it matter that she has outstanding debt that is owed to this school? Do you guys think this specific school will be any less likely to offer her financial aid if she owes them money for undergrad?

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bethanyadawson
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Re: How does existing undergraduate debt affect me?

Postby bethanyadawson » Wed Jun 27, 2012 9:44 am

echamberlin8 wrote:What I'm wondering is how having a large UG debt will affect the process of taking out loans to pay for law school. I understand that people here are saying that she won't have trouble gaining admissions into law schools while being in significant UG debt, but she still has to go through the process of paying for law school.

Also, because I know she went to undergrad at a school she is interested in going to law school at, does it matter that she has outstanding debt that is owed to this school? Do you guys think this specific school will be any less likely to offer her financial aid if she owes them money for undergrad?



Well, to be fair, NYU isn't really my first choice, but that is a solid question. I'm not sure how that will affect my financial aid package. Though, the loans were not taken out from NYU... they were federal loans and then private loans borrowed from Citibank. Not sure if that changes things.

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Samara
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Re: How does existing undergraduate debt affect me?

Postby Samara » Wed Jun 27, 2012 9:48 am

echamberlin8 wrote:What I'm wondering is how having a large UG debt will affect the process of taking out loans to pay for law school. I understand that people here are saying that she won't have trouble gaining admissions into law schools while being in significant UG debt, but she still has to go through the process of paying for law school.

Also, because I know she went to undergrad at a school she is interested in going to law school at, does it matter that she has outstanding debt that is owed to this school? Do you guys think this specific school will be any less likely to offer her financial aid if she owes them money for undergrad?

As long as you are not in default, it doesn't matter. Again, the bar is pretty low for approval and if you run into an issue, it's generally easy to fix.

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Colonel Angus
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Re: How does existing undergraduate debt affect me?

Postby Colonel Angus » Wed Jun 27, 2012 9:50 am

Do you guys think it is worth it to pay interest only on federal loans during ls to keep it from accrueing? I'm in a similar situation as op, except for that badass gpa.

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echamberlin8
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Re: How does existing undergraduate debt affect me?

Postby echamberlin8 » Wed Jun 27, 2012 10:04 am

Samara wrote:
echamberlin8 wrote:What I'm wondering is how having a large UG debt will affect the process of taking out loans to pay for law school. I understand that people here are saying that she won't have trouble gaining admissions into law schools while being in significant UG debt, but she still has to go through the process of paying for law school.

Also, because I know she went to undergrad at a school she is interested in going to law school at, does it matter that she has outstanding debt that is owed to this school? Do you guys think this specific school will be any less likely to offer her financial aid if she owes them money for undergrad?

As long as you are not in default, it doesn't matter. Again, the bar is pretty low for approval and if you run into an issue, it's generally easy to fix.


Good to know. Thanks for the quick response.

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manofjustice
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Re: How does existing undergraduate debt affect me?

Postby manofjustice » Wed Jun 27, 2012 10:48 am

bethanyadawson wrote:Haha, oh right, because having outstanding debt is just darling! :wink:


No no, I agree. She sounds cute. Out yourself!

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vanwinkle
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Re: How does existing undergraduate debt affect me?

Postby vanwinkle » Wed Jun 27, 2012 11:13 am

bethanyadawson wrote:
jstr00az wrote:
bethanyadawson wrote:Well, I have a pretty well paying job currently that I'm saving money at. And, no worries about being a downer, but yes, I believe it would ultimately be worth it for me.

Thanks for the feedback.

Do NOT go to law school if you have a well paying job.

Eh, I mean, it's not that well paying... just enough to save money. And it's certainly not my ultimate career of choice.

And if (and that's a big if) you can get accepted to T6, your odds of legal career success can be high enough to be worth it anyway. Someone who has a job already can apply and find out what options they have before they have to quit their job; they can always just stay where they are and not go to law school if they don't get the acceptances they want.

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99.9luft
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Re: How does existing undergraduate debt affect me?

Postby 99.9luft » Sat Jun 30, 2012 7:25 pm

Question for everyone: I am in similar shoes as the OP and unsure between these 3 options. Please help!

(1) Save ~20k in order not to have to take out loans when i get to LS (with 7%+ interest, from what i gather)

(2) Pay off ~20k in UG debt (6.25% interest) before getting to LS

(3) Both options, partially, i.e. save some, pay off some.

thanks!




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