90-100k Debt

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
Anonymous User
Posts: 273590
Joined: Tue Aug 11, 2009 9:32 am

90-100k Debt

Postby Anonymous User » Mon Mar 28, 2011 4:14 pm

How possible will it be to pay off 100-90k debt from a a public law school in a state where it is the only law school? The salary I'm looking at will be anywhere from 45-65k to start off.

User avatar
Wholigan
Posts: 763
Joined: Sat Jan 29, 2011 4:51 pm

Re: 90-100k Debt

Postby Wholigan » Mon Mar 28, 2011 4:18 pm

$90-$100k can be paid off much more quickly if your law school is private and one of many in a given state

User avatar
beachbum
Posts: 2766
Joined: Tue Jun 29, 2010 9:35 pm

Re: 90-100k Debt

Postby beachbum » Mon Mar 28, 2011 4:20 pm

Wholigan wrote:$90-$100k can be paid off much more quickly if your law school is private and one of many in a given state


I lol'ed

User avatar
bk1
Posts: 18425
Joined: Sun Mar 14, 2010 7:06 pm

Re: 90-100k Debt

Postby bk1 » Mon Mar 28, 2011 4:25 pm

http://www.finaid.org/calculators/loanpayments.phtml

I definitely think it is feasible to be debt free in 10 years with 100k debt and a salary of 45k (even assuming no salary increases). With 100k debt, 6.8% interest, and a 10 year repayment plan you are looking at around $14000 in debt payments a year.

With 45k, your take home is around 38k. 14k in loan repayments leaves you with 24k to live off of which is very doable even in areas with high CoL (which you probably aren't in considering there is only one law school in the state).

User avatar
homestyle28
Posts: 2314
Joined: Thu Jun 04, 2009 12:48 pm

Re: 90-100k Debt

Postby homestyle28 » Mon Mar 28, 2011 4:26 pm

Anonymous User wrote:How possible will it be to pay off 100-90k debt from a a public law school in a state where it is the only law school? The salary I'm looking at will be anywhere from 45-65k to start off.


just run an amortization table and plug in some numbers. Obviously it's easier at 65k than 45k.

Anonymous User
Posts: 273590
Joined: Tue Aug 11, 2009 9:32 am

Re: 90-100k Debt

Postby Anonymous User » Mon Mar 28, 2011 4:29 pm

Thanks, for some reason I just had a random panic attack today about it.

User avatar
bk1
Posts: 18425
Joined: Sun Mar 14, 2010 7:06 pm

Re: 90-100k Debt

Postby bk1 » Mon Mar 28, 2011 4:37 pm

Forgot to add that I did that haphazardly and just used 6.8% across the board. Remember that GradPLUS loans are 7.9%, unsubsidized Stafford is 6.8%, and subsidized Stafford is currently 3.4% but I think it is going to be 6.8% next year.

User avatar
leobowski
Posts: 511
Joined: Mon Mar 09, 2009 2:11 am

Re: 90-100k Debt

Postby leobowski » Mon Mar 28, 2011 5:36 pm

bk1 wrote:Forgot to add that I did that haphazardly and just used 6.8% across the board. Remember that GradPLUS loans are 7.9%, unsubsidized Stafford is 6.8%, and subsidized Stafford is currently 3.4% but I think it is going to be 6.8% next year.


I think subsidized Stafford are 6.8% for grad students.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.