Anonymous User wrote:Wow, $250 /month is incredibly cheap. How much did that come out to with utilities and everything else? How many roommates was that with? How far away is annadale from DC exactly? … Also, dumb question, but how do you go about finding roommates in a new location, such as annadale? (I really don’t know anyone out there and it’s not exactly like law school where you just find other law students from the school’s resources, but I clearly am going to need roommates out there).
The clerkship in downtown DC. I’d rather not say which court.
Thanks for your help
So full disclosure, I was staying with my cousin and their roomates. But that's the point. To get a really low price, you have to know somebody. I was offered a room at $500/month out of Georgetown by a friend but I didn't take it because I was going to be leaving in a month anyways. As far as finding roomates amongst strangers, Craigslist works well, but you have to be in the city. You just find somebody, call them up and then go visit the place and meet your possible roomies. DO NOT. NEVER EVER EVER
take a room without seeing it or meeting with the other members of the house. I'd also say to be careful before you say you're OK living in a super sketchy place. I knew a couple of people who got robbed - that's why I asked. 10 blocks from Union Station is a pleasant walking distance. 2 blocks from some of the parts in NE DC is terrifying.
You actually meet people from craigslist and then potentially live with them? Seems a bit unsafe. My last experience with craigslist was incredibly shady/bad and I was merely selling an iphone. Couldn’t imagine living with anybody as sketchy as the people who called me from craigslist. Pretty much when I was selling this phone this big ghetto looking Mexican dude meet me at 4AM at an empty gas station. He parked in the shaddiest corner where there were no lights or anything. When pulled out my phone I showed him it and I had my hand on the button of my switch blade with it just barely concealed in my pocket pretty much seconds away from shanking the guy if he was about to start pulling some shaddy ass shit. Maybe this was just a bad experience? … Sefinitely could not live with anyone as shady as that.
And wow that’s ghetto re: the robberies.
LurkerNoMore wrote:If you are clerking in DC, i assume you are going to BigLaw after?
If that's the case, look long term on your debt. You don't need to start paying your loans until January. Your clerkship will be 1/3-1/2 over by then, no?
If you have a big law job, then look into stretching out your loans to get you through your clerkship. As long as it it won't jack up your interest rates, there is really no downside to putting yourself on a longer repayment plan if you have self-discipline. Pay less for the 6-9 mos before your BigLaw job starts, and then switch back to the original 10 year repayment amount plus a couple hundred extra to cover the few mos that you couldn't swing that.
If you don't have BigLaw lined up, then, yeah, something's going to have to give. You are either going to need to accept that your loans won't be gone in 10 years, or are going to have to make some serious sacrifices elsewhere, including giving up your hobby.
Don’t have biglaw lined up (unfortunately). With how the economy is right now, it’s definitely not something I think is guaranteed after the clerkship. Also don’t really want biglaw (I only ever wanted it as a method to repay student loans and then wanted to get out of it).
Patriot1208 wrote:You want to keep multiple cars in DC? You are insane.
I thought about it. Realistically, I would probably just bring my daily driver down and leave my camaro sitting at my parent’s house (I would need a garage to store it in if I were to bring it down, and I can’t afford that).
Wholigan wrote:1) You are nuts if you are going to try to stay on a 10 year payment plan and live on what's left if you have a firm job lined up after your clerkship. Just go on a longer plan and pay as much as you can afford once you get your firm job and you can still get it paid off in less than 10 years.
2) You can deduct $2500 of your student loan interest and probably take some tuition deductions for tax year 2011 as well. In addition, your gross income isn't going to be too high since you will only be earning for 4 months or so of 2011. So you should get your tax witholding made as low as you possibly can, which may bump your take home pay by a couple thousand total.
3) Even given point #2, you are probably going to have to either give up your car hobby, go on a long-term payment plan, or live in one of your beloved cars.
I agree with point #1, but I do not have a firm job lined up after the clerkship.
Thanks for point #2. I didn’t know I would still be able to deduct interest with a $62k salary (I thought the cap for interest deductions was around $50K?).
lastch2 wrote:15k in a big city is definitely doable, but it can suck a lot. however, 15k with the attitude of 1)a party life-style and 2) a rigid, inflexible attitude is impossible. flexibility is key to living on the cheap...so when it comes time to pay rent and you don't have the money because it's been spent on drinks and transportation (yes, public transportation costs money and multiplied everyday adds up) then doing things like defering loans and selling cars are a must. it can't just be you announcing to DC that you're going to keep everything you want the way you want it and expect a life like that. also, any reason why IBR isn't an option??
IBR is not an option because I’m not sure if I want to do PI for 10 years and I don’t want to get locked into having my total debt increase each years since my payments wouldn’t even be covering my interest. Furthermore, LRAP at my school is a better plan than IBR, so even if I go PI, I would be better off just utilizing LRAP (but it doesn’t cover the clerkship year). (But if I start IBR PI and switch tracks after the first year, I don’t think the school is going to cover that additional increase in total debt since my payments wouldn’t cover the interest the first year and that debt would be put into the principal).
And I’m definitely not okay with the idea of repaying my student loans in my 50s with the 25 year plan. I just want to be debt free as soon as possible. It’s a burden that I would rather not have. Who even knows, I may not even like being a lawyer. The idea of repaying my loans for what seems like the rest of my life right now just doesn’t sound like a good plan to me right now.
AreJay711 wrote:I didn't read the whole thread but you cannot live as a lawyer in DC with 15K. Move that shit to 30 year repayment and put any extra money you have toward the loan.
See my last quote.
bk1 wrote:$60k/year in DC is fine enough for a fresh grad. The problem is that you took out $200,000 in loans and are trying to pay it back in 10 years. This is pretty much the reason why you take a large scholarship over more debt because at most places you have a very small chance of making over $60k.
The problem is that I am in the class of 2011, and the numbers presented from class of 2007 (which were all that were available when I started law school), highly suggested that the most likely outcome was making $160k /year (I think something like 50% of the entire class made it into firms over 500 attorneys), and that the worst case scenario was going to a 50+ attorney law firm (and even those firms in major cities pay between $80-120K /year). There was seriously less than 3% of the class of 2007 that went into firms under 50 attorneys, and presumably at that point it was self selection. Just how bad the legal economy got was seriously unpredictable. I recall reading a WSJ article that said this is the worse slump for recent grad legal hiring in the past 50 years. I mean predicting what was going to happen is like not buying a Honda today because you are afraid that your Honda engine is going to blow up tomorrow (one of the most reliable motors), and that Honda is going to go out of business a few days later. It’s just unforeseeable.
bk1 wrote:You knew how your school's LRAP worked before you started school, it's not like they hid this info from you. It's not their fault that you chose a school with an LRAP that doesn't cover your current job (whatever job that may be).
I thought most school’s LRAP didn’t cover clerkships? I did know this, but I had also thought I would have had a job lined up after graduation where it wouldn’t be an issue (see my last response to you). I didn’t even know what clerking was when I came to law school. Definitely didn’t know that I wanted to do one (to be honest, if things were better I would have just gotten a job at a firm in Chicago or LA and did that a couple year to wipe out my loans and then I would have gone to clerk to use it to help me transition my career into something less lame).
General question for people who said ditch both cars- how do you guys go about grocery shopping? That seems to be the one thing I can see myself needing a car for (seems like it would be burdensome to try and get a lot of groceries from the grocery store to your apartment, unless you have somebody who’s going to go shopping with you who has a car, which I’m not sure yet that I will.
Thanks for all the replies guys.