PAY BACK MY DEBT?!?

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massattack
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PAY BACK MY DEBT?!?

Postby massattack » Tue Apr 12, 2011 4:32 pm

Hey everyone,

This is my second post EVER.

I will, most likely, rack up about 60k total debt from a T30 school.

Based off of what you all know about Mid/Small law firm salaries, do you think I could pay off a 60k debt relatively easily?

Any advice would be beyond appreciated
:D

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Flips88
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Re: PAY BACK MY DEBT?!?

Postby Flips88 » Tue Apr 12, 2011 4:32 pm

Yes

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massattack
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Re: PAY BACK MY DEBT?!?

Postby massattack » Tue Apr 12, 2011 4:35 pm

Flips88 wrote:Yes


+1

informative and well thought out!!
You get right to the point Flips.

so you think 60k will be easily manageable.

(The school I'm referring to is Emory btw).

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Flips88
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Re: PAY BACK MY DEBT?!?

Postby Flips88 » Tue Apr 12, 2011 4:40 pm

massattack wrote:
Flips88 wrote:Yes


+1

informative and well thought out!!
You get right to the point Flips.

so you think 60k will be easily manageable.

(The school I'm referring to is Emory btw).

You should be able to pay it off in 10 years with a salary somewhere in the $50-75K range just fine. The lower end might require some belt tightening. Go to: http://www.finaid.org/calculators/loanpayments.phtml

Your monthly payments should be about $700 per month for 10 years depending on the interest rate, might be lower since all yours should be covered within Stafford loans it seems.

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Stanford4Me
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Re: PAY BACK MY DEBT?!?

Postby Stanford4Me » Tue Apr 12, 2011 4:41 pm

I wouldn't be too afraid of 60k debt from Emory. I would go into detail about why but I'm too lazy and I'll wait for someone else to give details.
Last edited by Stanford4Me on Tue Apr 12, 2011 4:59 pm, edited 1 time in total.

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massattack
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Re: PAY BACK MY DEBT?!?

Postby massattack » Tue Apr 12, 2011 4:59 pm

Stanford4Me wrote:I wouldn't be too afraid of 60k debt from Emory. I would go into detail about why but I'm to lazy and I'll wait for someone else to give details.


haha. fair enough Stanford. i would really appreciate some advice if nobody else offers it though. :)

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Redsgomarchingon
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Re: PAY BACK MY DEBT?!?

Postby Redsgomarchingon » Tue Apr 12, 2011 5:01 pm

massattack wrote:Hey everyone,

This is my second post EVER.

I will, most likely, rack up about 60k total debt from a T30 school.

Based off of what you all know about Mid/Small law firm salaries, do you think I could pay off a 60k debt relatively easily?

Any advice would be beyond appreciated
:D


60K is nothing. You'll be paying about $8300 a year for a ten year plan, about $4700 a year with a 30 year plan. Manageable with a 50K/yr job

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Stanford4Me
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Re: PAY BACK MY DEBT?!?

Postby Stanford4Me » Tue Apr 12, 2011 5:02 pm

I think the real issue would be your employment prospects from Emory. Are you from Atlanta or looking to work in the area?

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bk1
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Re: PAY BACK MY DEBT?!?

Postby bk1 » Tue Apr 12, 2011 5:03 pm

Is it really complicated to figure out for yourself how long it would take you to pay back 60k plus interest on a 30-60k/year salary?

Since I'm all about promoting laziness: http://www.finaid.org/calculators/loanpayments.phtml

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Redsgomarchingon
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Re: PAY BACK MY DEBT?!?

Postby Redsgomarchingon » Tue Apr 12, 2011 5:05 pm

bk1 wrote:Is it really complicated to figure out for yourself how long it would take you to pay back 60k plus interest on a 30-60k/year salary?

Since I'm all about promoting laziness: http://www.finaid.org/calculators/loanpayments.phtml


it's called delegating. He's obviously a prospective future partner

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massattack
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Re: PAY BACK MY DEBT?!?

Postby massattack » Tue Apr 12, 2011 5:06 pm

Redsgomarchingon wrote:
bk1 wrote:Is it really complicated to figure out for yourself how long it would take you to pay back 60k plus interest on a 30-60k/year salary?

Since I'm all about promoting laziness: http://www.finaid.org/calculators/loanpayments.phtml


it's called delegating. He's obviously a prospective future partner


yeah and an AMERICAN. outsourcing. good ole USA. lol.

(BTW...yes ATL is a beautiful, I would love to live there).

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massattack
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Re: PAY BACK MY DEBT?!?

Postby massattack » Tue Apr 12, 2011 5:48 pm

bk1 wrote:Is it really complicated to figure out for yourself how long it would take you to pay back 60k plus interest on a 30-60k/year salary?

Since I'm all about promoting laziness: http://www.finaid.org/calculators/loanpayments.phtml


thanks bk...laziness is definitely the bane of my existence lol

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bk1
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Re: PAY BACK MY DEBT?!?

Postby bk1 » Tue Apr 12, 2011 5:49 pm

massattack wrote:thanks bk...laziness is definitely the bane of my existence lol


Mine too.

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massattack
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Re: PAY BACK MY DEBT?!?

Postby massattack » Tue Apr 12, 2011 5:54 pm

bk1 wrote:
massattack wrote:thanks bk...laziness is definitely the bane of my existence lol


Mine too.


BTW...your profile picture is hilarious...FYI

I'm trying to do one, but TLS keeps telling me it's too big :(

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bk1
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Re: PAY BACK MY DEBT?!?

Postby bk1 » Tue Apr 12, 2011 6:23 pm

massattack wrote:I'm trying to do one, but TLS keeps telling me it's too big :(


It should say the size limit that it has to be (I think 169x169 pixels?). Just scale it down in photoshop/paint/etc.

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massattack
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Re: PAY BACK MY DEBT?!?

Postby massattack » Tue Apr 12, 2011 7:11 pm

bk1 wrote:
massattack wrote:I'm trying to do one, but TLS keeps telling me it's too big :(


It should say the size limit that it has to be (I think 169x169 pixels?). Just scale it down in photoshop/paint/etc.


Got it! Thnx

Sup Kid
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Re: PAY BACK MY DEBT?!?

Postby Sup Kid » Tue Apr 12, 2011 11:42 pm

Redsgomarchingon wrote:about $4700 a year with a 30 year plan

Do people actually spread their payments out over 30 years?? You're basically doubling your total loan amount, plus some, if you do it that way. If you can't afford paying it off in 10 years in the private sector, get into public service and use IBR. I see no good reason for paying school loans into your mid-late 50s...

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massattack
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Re: PAY BACK MY DEBT?!?

Postby massattack » Tue Apr 12, 2011 11:46 pm

Stanford4Me wrote:I think the real issue would be your employment prospects from Emory. Are you from Atlanta or looking to work in the area?


I'm not from ATL, but I would like to live there (or Florida, where I am from).

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FeelTheHeat
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Re: PAY BACK MY DEBT?!?

Postby FeelTheHeat » Tue Apr 12, 2011 11:50 pm

I think Emory should be a good choice from you, especially given that (I'm assuming) you already have connections in Florida to come back to.

And no, 60k is nothing. I'm paying 75k over 55k to go to UF and not losing any sleep over it at all.

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Veyron
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Re: PAY BACK MY DEBT?!?

Postby Veyron » Tue Apr 12, 2011 11:57 pm

massattack wrote:Hey everyone,

This is my second post EVER.

I will, most likely, rack up about 60k total debt from a T30 school.

Based off of what you all know about Mid/Small law firm salaries, do you think I could pay off a 60k debt relatively easily?

Any advice would be beyond appreciated
:D


If you can get a legal job out of a T30 (no sure thing - just look at how the students are rioting over at Emory) then with midlaw sure, with small law, who knows, variation between firm pay is too wide.
Last edited by Veyron on Tue Apr 12, 2011 11:58 pm, edited 1 time in total.

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massattack
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Re: PAY BACK MY DEBT?!?

Postby massattack » Tue Apr 12, 2011 11:58 pm

FeelTheHeat wrote:I think Emory should be a good choice from you, especially given that (I'm assuming) you already have connections in Florida to come back to.

And no, 60k is nothing. I'm paying 75k over 55k to go to UF and not losing any sleep over it at all.


Yeah I do have connections insofar as employers like hiring people from a certain area (for example, if you have an office in Boca Raton and you have a decision between a UM grad and Emory grad...and the Emory grad is FROM Boca...who do you think will be hired?) I have other connections in Fort [deleted] (with Morgan & Morgan and also with the State Attorneys Office).

On the other topic we were discussing:

You know, I've thought about it.....
You're 100% right about the UF/FSU thing.
US News says that FSU's employment rating is higher at grad...BUT....there is no way you can convince me that FSU is viewed as a superior school in Florida. UF is literally THAT....the University of Florida.

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massattack
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Re: PAY BACK MY DEBT?!?

Postby massattack » Wed Apr 13, 2011 12:02 am

Veyron wrote:
massattack wrote:Hey everyone,

This is my second post EVER.

I will, most likely, rack up about 60k total debt from a T30 school.

Based off of what you all know about Mid/Small law firm salaries, do you think I could pay off a 60k debt relatively easily?

Any advice would be beyond appreciated
:D


If you can get a legal job out of a T30 (no sure thing - just look at how the students are rioting over at Emory) then with midlaw sure, with small law, who knows, variation between firm pay is too wide.


Yeah. You are totally right. I'm not too worried...I have a gut feeling the legal landscape in ATL will be much more breathable when I graduate (then again...it is a gut feeling).

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Redsgomarchingon
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Re: PAY BACK MY DEBT?!?

Postby Redsgomarchingon » Wed Apr 13, 2011 1:38 am

Sup Kid wrote:
Redsgomarchingon wrote:about $4700 a year with a 30 year plan

Do people actually spread their payments out over 30 years?? You're basically doubling your total loan amount, plus some, if you do it that way. If you can't afford paying it off in 10 years in the private sector, get into public service and use IBR. I see no good reason for paying school loans into your mid-late 50s...


I wasn't suggesting he should do a 30 year repayment plan, but public sector jobs that qualify for certain school's LRAPs can actually be pretty competitive. People shouldn't assume they'll get one, and they may have no choice but to pay their loans off in 30 years.

Sup Kid
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Re: PAY BACK MY DEBT?!?

Postby Sup Kid » Wed Apr 13, 2011 2:22 am

Redsgomarchingon wrote:
Sup Kid wrote:
Redsgomarchingon wrote:about $4700 a year with a 30 year plan

Do people actually spread their payments out over 30 years?? You're basically doubling your total loan amount, plus some, if you do it that way. If you can't afford paying it off in 10 years in the private sector, get into public service and use IBR. I see no good reason for paying school loans into your mid-late 50s...


I wasn't suggesting he should do a 30 year repayment plan, but public sector jobs that qualify for certain school's LRAPs can actually be pretty competitive. People shouldn't assume they'll get one, and they may have no choice but to pay their loans off in 30 years.

Just so everyone is clear, IBR is different than LRAP. Here's the info about IBR if you're interested: http://studentaid.ed.gov/PORTALSWebApp/ ... BRPlan.jsp, but in short it is applicable to all federal student loans (Stafford, GradPlus) if you make under a certain amount. Debt is forgiven after 10 years if you are in public service, or 25 years if you are not.

lock1
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Re: PAY BACK MY DEBT?!?

Postby lock1 » Wed Apr 13, 2011 7:06 am

if you are thinking you can pay 60k so it is not possible dude..

either you have to increase paying amount or think of another solution..




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