UnTouChablE wrote:ToTransferOrNot wrote:
The difference is that the vast majority of those other risks don't involve $160k+ of non-dischargeable debt. Sure, starting any business enterprise, etc., is extremely risky. And yes, you may end up bankrupt because of it. But at least, in the worst case, you can wipe the slate clean, and start back at 0. Not so here. It's a much different circumstance.
And I'm not saying "biglaw or bust." I'm saying you need to do an accurate cost-benefit analysis, and that accounts for job prospects vs. level of debt you're taking on. That isn't "biglaw or bust" for lots of people. But, for people in a situation where they may be unable to find any job - including an IBR-eligible job - they need to think long and hard. For many people - many of whom I know - law school ends up being an absolutely ruinous financial decision.
You can never wipe the slate clean when it comes to bankruptcy. Giving up seven years of worth of credit, you can't even co-sign for your kid to go to college, is as steep a price as 160k of debt over a life time, arguably.
The only way law school ends up being a 'ruinous financial decision' is if you paid more than 'you think' the degree is worth. If being a practicing lawyer is not worth your tuition, don't go to that school. If you are paying for a chance at biglaw/ at a job then make sure the tuition is worth that lottery ticket. Not being able to find a job is a reality no matter what you chose to do. 'Long and hard thinking' does not change the fact that if you want to be a lawyer this is as good a time as any to be one.
1) a lot of people want to be a lawyer without having a realistic idea of what that means
2) there are things i would like to be, but i am not going to invest thousands of dollars into trying to be that unless i am reasonably sure doing so will put me in a position to pay back my debt
3) i hate myself for turning everything into numbered lists and have law school to thank for this shit