What Is The Maximum Amount One Can Take Out In Loans?

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qualster
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What Is The Maximum Amount One Can Take Out In Loans?

Postby qualster » Fri Mar 19, 2010 2:11 am

I have 19 K in undergrad loans still. How much can I get for law school? I heard max of 180 somewhere. How do people finance sticker?

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Na_Swatch
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby Na_Swatch » Fri Mar 19, 2010 2:12 am

qualster wrote:I have 19 K in undergrad loans still. How much can I get for law school? I heard max of 180 somewhere. How do people finance sticker?


You can take loans up to the full price of tuition + COL. Your UG debt doesn't factor into the equation.

qualster
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby qualster » Fri Mar 19, 2010 2:14 am

Na_Swatch wrote:
qualster wrote:I have 19 K in undergrad loans still. How much can I get for law school? I heard max of 180 somewhere. How do people finance sticker?


You can take loans up to the full price of tuition + COL. Your UG debt doesn't factor into the equation.

Hmm. Interesting.

CyLaw
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby CyLaw » Fri Mar 19, 2010 2:20 am

Na_Swatch wrote:
qualster wrote:I have 19 K in undergrad loans still. How much can I get for law school? I heard max of 180 somewhere. How do people finance sticker?


You can take loans up to the full price of tuition + COL. Your UG debt doesn't factor into the equation.


Some loans do have aggregate maximums, such as the Stafford loans, others don't such as GradPlus.

You normally combine multiple loans to finance the whole thing.

qualster
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby qualster » Fri Mar 19, 2010 2:31 am

CyLaw wrote:
Na_Swatch wrote:
qualster wrote:I have 19 K in undergrad loans still. How much can I get for law school? I heard max of 180 somewhere. How do people finance sticker?


You can take loans up to the full price of tuition + COL. Your UG debt doesn't factor into the equation.


Some loans do have aggregate maximums, such as the Stafford loans, others don't such as GradPlus.

You normally combine multiple loans to finance the whole thing.


Is T14 the only range of schools worth sticker? Where is the line drawn? Are certain schools in the T30 worth it?

erniesto
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby erniesto » Fri Mar 19, 2010 2:45 am

This is not the correct question.

The correct question is "What is the maximum amount one should take out in loans?"

Unless you're going to T-14 chances are that your starting salary is going to be 45k-65k. Keep that in mind.

BoomBoom1986
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby BoomBoom1986 » Fri Mar 19, 2010 5:01 pm

erniesto wrote:This is not the correct question.

The correct question is "What is the maximum amount one should take out in loans?"

Unless you're going to T-14 chances are that your starting salary is going to be 45k-65k. Keep that in mind.


So the average Texas, Vandy, UCLA, Minnesota grad, et cetera, is making 45-65k per year?

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holydonkey
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby holydonkey » Fri Mar 19, 2010 5:02 pm

BoomBoom1986 wrote:
erniesto wrote:This is not the correct question.

The correct question is "What is the maximum amount one should take out in loans?"

Unless you're going to T-14 chances are that your starting salary is going to be 45k-65k. Keep that in mind.


So the average Texas, Vandy, UCLA, Minnesota grad, et cetera, is making 45-65k per year?

How did Minnesota get thrown in with UCLA, Vandy and Texas?

270910
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby 270910 » Fri Mar 19, 2010 5:12 pm

holydonkey wrote:
BoomBoom1986 wrote:
erniesto wrote:This is not the correct question.

The correct question is "What is the maximum amount one should take out in loans?"

Unless you're going to T-14 chances are that your starting salary is going to be 45k-65k. Keep that in mind.


So the average Texas, Vandy, UCLA, Minnesota grad, et cetera, is making 45-65k per year?

How did Minnesota get thrown in with UCLA, Vandy and Texas?


Yes. And because Minnesota is close in rankings to UCLA, Vandy, and Texas?

BoomBoom1986
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby BoomBoom1986 » Fri Mar 19, 2010 6:07 pm

Yes. And because Minnesota is close in rankings to UCLA, Vandy, and Texas?[/quote]

Really? Link? And yes, T20.

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j.wellington
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby j.wellington » Fri Mar 19, 2010 6:16 pm

Stafford: $20,500 a year (of which $8,500 can be subsidized)

GradPLUS: Whatever else you need

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holydonkey
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby holydonkey » Fri Mar 19, 2010 6:54 pm

Minnesota is nowhere near Vandy, Texas, and UCLA in placement. If we're talking about the average salaries of grads:

NLJ250 placement:

Vandy #11 - 47.1% of class
Texas #16 - 36.6% of class
UCLA #17 - 35.9% of class
...
Minnesota #35 - 19.4% of class

erniesto
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby erniesto » Fri Mar 19, 2010 10:11 pm

Ok Mea Culpa. Though my logic stands perfectly well. We all should know there are a few exceptions outside the T-14. Vandy being the big one.

I wouldn't take ~33% chances for NLJ250 (assuming you go to UCLA for big law at not PI) at UC prices. But that's me. Not to mention you likely got into a better ranked school if you got into UCLA.

Texas is a bargain in state, but again, don't expect to get big law.

BoomBoom1986
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby BoomBoom1986 » Fri Mar 19, 2010 11:28 pm

I never even mentioned BigLaw. I asked for a link showing that the schools outside of the "T14", even the T15-T20, make $45,000-65,00 per year. Now where is your support?

erniesto
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Re: What Is The Maximum Amount One Can Take Out In Loans?

Postby erniesto » Fri Mar 19, 2010 11:55 pm

BoomBoom1986 wrote:I never even mentioned BigLaw. I asked for a link showing that the schools outside of the "T14", even the T15-T20, make $45,000-65,00 per year. Now where is your support?


You're exaggerating my claim.

Unless you're going to T-14 chances are that your starting salary is going to be 45k-65k. Keep that in mind.


Outside the T-30 I would bet a lot of money that if accurate salary reporting data existed (it doesn't) that my claim is more often correct than incorrect. Even inside the T-30 I would make some wagers that the majority of those schools Bottom 60-50% are averaging median salary. Because guess what? They're median.

http://www.elsblog.org/the_empirical_le ... on-of.html

Guess what the median salary is.


Also rampant quasi-delusional UMN trolling going on here.




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