Paying Full Price for T14

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jaes76
Posts: 2
Joined: Thu Jun 09, 2011 9:40 am

Paying Full Price for T14

Postby jaes76 » Thu Jun 09, 2011 9:58 am

Background:
-undergrad at top school (ivy league)
-3.5 gpa
-based on practice, predicting a 170 LSAT

Although those numbers are low, I'm pretty sure I could get into a particular T14 school (at the back of the pack) if I applied Early Decision given a few connections I have. My parents aren't paying for law school, however, so I'll end up with a ton of debt. Aiming for Biglaw.

Is it really a death-sentence to graduate with a $250k in debt, or is it manageable?

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NYC Law
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Joined: Thu May 26, 2011 3:33 pm

Re: Paying Full Price for T14

Postby NYC Law » Thu Jun 09, 2011 10:02 am

1. Take the LSAT
2. Get in to a T14
3. Ask this again
4. ?????????
5. PROFIT

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TTH
Posts: 10378
Joined: Mon May 04, 2009 1:14 am

Re: Paying Full Price for T14

Postby TTH » Thu Jun 09, 2011 10:02 am

jaes76 wrote:Background:
-undergrad at top school (ivy league)
-3.5 gpa
-based on practice, predicting a 170 LSAT

Although those numbers are low, I'm pretty sure I could get into a particular T14 school (at the back of the pack) if I applied Early Decision given a few connections I have. My parents aren't paying for law school, however, so I'll end up with a ton of debt. Aiming for Biglaw.

Is it really a death-sentence to graduate with a $250k in debt, or is it manageable?


Well, you can get through a T14 without that much debt if you avoid the schools in big cities and Boalt. Also, if you miss the firm boat, maybe you can go gov/PI and get some delicious, delicious LRAP. Come back when you have an LSAT score.

dakatz
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Joined: Sat Mar 29, 2008 4:19 pm

Re: Paying Full Price for T14

Postby dakatz » Thu Jun 09, 2011 10:03 am

Not a "death sentence" per se, but it could possibly be pretty damn close. Do you have any idea what a quarter of a million dollars is? When you say "biglaw", I'm hoping that means that it is your sole and greatest aspiration to work in a big law firm. If it is just a present interest or curiosity, then no, I wouldn't go into a quarter million dollars of debt just to keep options open. My theory is, if you are spending that much, you better have a damn good reason (at least thats how my parents taught it to me, i.e. think of what you need and then consider the cost. It shouldn't be backwards, i.e. look at the cost and then try and justify it)

CanadianWolf
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Joined: Wed Mar 24, 2010 4:54 pm

Re: Paying Full Price for T14

Postby CanadianWolf » Thu Jun 09, 2011 10:04 am

Hopefully your parents connections can help your chances of admission, but don't rely on them.

ArtVandalay
Posts: 75
Joined: Thu Jun 02, 2011 11:19 am

Re: Paying Full Price for T14

Postby ArtVandalay » Thu Jun 09, 2011 10:08 am

NYC Law wrote:1. Take the LSAT
2. Get in to a T14
3. Ask this again
4. ?????????
5. PROFIT


Investors???.....Possibly YOU

protein
Posts: 228
Joined: Thu Mar 10, 2011 3:44 am

Re: Paying Full Price for T14

Postby protein » Thu Jun 09, 2011 2:43 pm

3.5 isn't low at all for law school

Drill the LSAT and you could be looking at a lot more than the lowest 13's

scammedhard
Posts: 642
Joined: Mon Apr 18, 2011 1:17 pm

Re: Paying Full Price for T14

Postby scammedhard » Thu Jun 09, 2011 3:14 pm

jaes76 wrote:Is it really a death-sentence to graduate with a $250k in debt, or is it manageable?

There are only three ways by which one can manage to pay such a debt:

1. Big law = Big salary. Please realize that, despite what the schools say, only a fraction of T14 grads actually make it into Big law.

2. LRAP. Here, one has to be very careful and chose wisely because most LRAPs are not as good as they sound. Make sure you read and understand their terms and conditions.

3. A Gov job. Lots of them have loan forgiveness programs after a number of years (at least 10). Please realize that one is liable for the taxes of the forgiven loan. So, if you owe 200K and loan is forgiven, you have to pay income taxes on that 200K.
Last edited by scammedhard on Thu Jun 09, 2011 3:22 pm, edited 2 times in total.

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NYC Law
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Joined: Thu May 26, 2011 3:33 pm

Re: Paying Full Price for T14

Postby NYC Law » Thu Jun 09, 2011 3:15 pm

scammedhard wrote:
jaes76 wrote:Is it really a death-sentence to graduate with a $250k in debt, or is it manageable?

There are only two ways by which one can manage to pay such a debt:

1. Big law = Big salary.

2. LRAP. Here, you have to be very careful and chose wisely because most LRAPs are not as good as they sound. Make sure you read and understand their terms and conditions before you make a decision.


3. PSLF + IBR

4. Private Sector Loan Forgiveness + IBR (with acknowledged tax bomb)

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Deuce
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Joined: Fri Jun 25, 2010 11:12 am

Re: Paying Full Price for T14

Postby Deuce » Thu Jun 09, 2011 3:16 pm

jaes76 wrote: given a few connections I have


Still loling

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Flips88
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Re: Paying Full Price for T14

Postby Flips88 » Thu Jun 09, 2011 3:18 pm

Everyone would like to predict they'll score in the top 3% of LSAT takers, but 97% of them end up sorely disappointed. Get a score and then your chances can be discussed.

gens1tb
Posts: 315
Joined: Sun Nov 28, 2010 1:36 pm

Re: Paying Full Price for T14

Postby gens1tb » Thu Jun 09, 2011 8:07 pm

You pay taxes on the forgiven loan amount at the end of 25 years if you're private sector and not public; important and possibly very expensive distinction




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