Don't take on > $100,000 of total education debt*

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shifty_eyed
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Don't take on > $100,000 of total education debt*

Postby shifty_eyed » Wed Jul 25, 2012 3:07 pm

*Unless said school has a fabulous LRAP

Even if your school's median salary stretches into six figures, don't take on more than $100,000 of total educational debt (again, include all degrees), unless you attend a law school with a fabulous loan repayment plan. Fabulous plans provide repayment assistance for private jobs as well as government or public service ones; they act as income insurance for graduates. Unless you have that type of insurance, six-figure debt is too much to carry at the beginning of a career. The debt will hobble your life choices more than law school will expand them.

http://insidethelawschoolscam.blogspot.com/2012/07/some-rules-for-risky-times.html

Do you agree?

As a splitter, I will probably have to take on >$100k in debt at my state school (UT), if accepted. Doesn't the average student at a T14 take on at least this much? Do all T14 schools have "fabulous LRAPs"?

I know we are all agreed that a TTT at sticker is a bad idea, but even a T20 school with a scholarship will often leave you with >$100k in debt.

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20130312
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Re: Don't take on > $100,000 of total education debt*

Postby 20130312 » Wed Jul 25, 2012 3:16 pm

Wow, I think Campos just made more restrictions on going to law school than TLS does.

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dingbat
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Re: Don't take on > $100,000 of total education debt*

Postby dingbat » Wed Jul 25, 2012 3:17 pm

Mr Campos is being lazy and painting in broad strokes
I've run the numbers for a T14 that showed it was worth going to at sticker (over $200k debt)

CanadianWolf
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Re: Don't take on > $100,000 of total education debt*

Postby CanadianWolf » Wed Jul 25, 2012 3:22 pm

Interesting article. One recommendation that seems unrealistic is the advice to shadow a lawyer for a day. Seems that few lawyers or law firms would agree to this unless a court day. Best way to shadow lawyers is to work as a paralegal, in my opinion.

Overall, the article is accurate in suggesting that the cost of law school is out-of-line with job prospects & salaries. The hidden meaning of this article can be summed up in one word "retake". Retake until you earn a substantial scholarship or don't go.
Last edited by CanadianWolf on Wed Jul 25, 2012 3:23 pm, edited 1 time in total.

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justonemoregame
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Re: Don't take on > $100,000 of total education debt*

Postby justonemoregame » Wed Jul 25, 2012 3:23 pm

I would hope by "fabulous LRAP" he refers to some option of having all of your loan payment covered by the school. I don't know that all T-14s offer such an option, but I think Vandy only offers a max of half of your loan payment w/ qualifying employment.

Do any non T-14s offer an option for full-payment?

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Mr. Frodo
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Re: Don't take on > $100,000 of total education debt*

Postby Mr. Frodo » Wed Jul 25, 2012 3:27 pm

dingbat wrote:Mr Campos is being lazy and painting in broad strokes
I've run the numbers for a T14 that showed it was worth going to at sticker (over $200k debt)


Dingbat, would you say T14 sticker is worth it in addition to 50k of undergrad debt? Just curious as to your opinion/analysis on combining law school and UG debt.

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BearState
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Re: Don't take on > $100,000 of total education debt*

Postby BearState » Wed Jul 25, 2012 3:30 pm

Repeat thread, but Campos didn't write this article, a guest blogger, Deborah Jones Merrit, did.

mr.hands
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Re: Don't take on > $100,000 of total education debt*

Postby mr.hands » Wed Jul 25, 2012 3:38 pm

Does the 100k limit include accrued interest during law school? If so, it'd be nearly impossible, even w/ a half scholly at T14

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justonemoregame
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Re: Don't take on > $100,000 of total education debt*

Postby justonemoregame » Wed Jul 25, 2012 3:43 pm

For Texas, I think it depends on how much over 100K you go. If you have that much debt at graduation and a 50K salary, you clear 26K after taxes and loan payments (14K per year), which I imagine is doable, even more so in a dual-income home.

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dingbat
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Re: Don't take on > $100,000 of total education debt*

Postby dingbat » Wed Jul 25, 2012 4:45 pm

Mr. Frodo wrote:
dingbat wrote:Mr Campos is being lazy and painting in broad strokes
I've run the numbers for a T14 that showed it was worth going to at sticker (over $200k debt)


Dingbat, would you say T14 sticker is worth it in addition to 50k of undergrad debt? Just curious as to your opinion/analysis on combining law school and UG debt.

I'd need to know more details, not least of which is the interest rate on your current loans, the school and it's employment stats. To get an idea of the kind of information (and level of detail) check out my posting in the following forum
http://top-law-schools.com/forums/viewtopic.php?f=7&t=162867&start=3925

As an aside, I've been thinking about building a model to answer this very question and making it available to everyone. Want to be my guinea pig /lab partner?

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Mr. Frodo
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Re: Don't take on > $100,000 of total education debt*

Postby Mr. Frodo » Wed Jul 25, 2012 4:54 pm

dingbat wrote:
Mr. Frodo wrote:
dingbat wrote:Mr Campos is being lazy and painting in broad strokes
I've run the numbers for a T14 that showed it was worth going to at sticker (over $200k debt)


Dingbat, would you say T14 sticker is worth it in addition to 50k of undergrad debt? Just curious as to your opinion/analysis on combining law school and UG debt.

I'd need to know more details, not least of which is the interest rate on your current loans, the school and it's employment stats. To get an idea of the kind of information (and level of detail) check out my posting in the following forum
http://top-law-schools.com/forums/viewtopic.php?f=7&t=162867&start=3925

As an aside, I've been thinking about building a model to answer this very question and making it available to everyone. Want to be my guinea pig /lab partner?



Yes. I'd be willing to be your test subject/copilot. We're talking excel right?

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dingbat
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Re: Don't take on > $100,000 of total education debt*

Postby dingbat » Wed Jul 25, 2012 5:05 pm

I sent you a PM.
Keep in mind that I have a full time job and might be slow in building this




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