Law school, a ticket to economic security?

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AreJay711
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Re: Law school, a ticket to economic security?

Postby AreJay711 » Wed Jan 04, 2012 4:17 pm

redbullvodka wrote:
romothesavior wrote:
luthersloan wrote:The 30K figure posted above was post loan payments. If you lived with two roommates in Brooklyn you could live on that, who would want too, but you could do it.

Nobody goes to law school so they can live like a college student at 30, duder.


This is precisely what doctors do all the time. Graduate 25-27ish, residency until probably at least 31, and that's when the six figs starts to roll in.

No one should go to law school because they expect to live large at 30.


Well, when I said that I was thinking of around where I'm from taking the 1 1/2 hour commute into DC or working in southern maryland. 30k a year post loan is pretty decent around here (providing that it will eventually go up) but I realize it is the exception rather than the rule. Most places don't have access to a major employment market and have affordable places to live.

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romothesavior
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Re: Law school, a ticket to economic security?

Postby romothesavior » Wed Jan 04, 2012 4:42 pm

redbullvodka wrote:
romothesavior wrote:
luthersloan wrote:The 30K figure posted above was post loan payments. If you lived with two roommates in Brooklyn you could live on that, who would want too, but you could do it.

Nobody goes to law school so they can live like a college student at 30, duder.


This is precisely what doctors do all the time. Graduate 25-27ish, residency until probably at least 31, and that's when the six figs starts to roll in.

No one should go to law school (or med school) because they expect to live large at 30.

Very poor analogy. Residencies in medicine are the norm, and most people who make it through that stage start to realize a large return on investment after that. There is nothing comparable to residencies in the law. It's not like doc review or 35k shitlaw is expected to produce big returns on investment after you've "paid your dues" or something. Sure, some who are in that position will end up doing alright, but there is a pretty good chance that if you are doing low-end legal work at 30, you are screwed long-term.

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Borhas
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Re: Law school, a ticket to economic security?

Postby Borhas » Wed Jan 04, 2012 7:01 pm

romothesavior wrote:
redbullvodka wrote:
romothesavior wrote:
luthersloan wrote:The 30K figure posted above was post loan payments. If you lived with two roommates in Brooklyn you could live on that, who would want too, but you could do it.

Nobody goes to law school so they can live like a college student at 30, duder.


This is precisely what doctors do all the time. Graduate 25-27ish, residency until probably at least 31, and that's when the six figs starts to roll in.

No one should go to law school (or med school) because they expect to live large at 30.

Very poor analogy. Residencies in medicine are the norm, and most people who make it through that stage start to realize a large return on investment after that. There is nothing comparable to residencies in the law. It's not like doc review or 35k shitlaw is expected to produce big returns on investment after you've "paid your dues" or something. Sure, some who are in that position will end up doing alright, but there is a pretty good chance that if you are doing low-end legal work at 30, you are screwed long-term.


In law they are called fellowships/clerkships. Granted, it's still a poor analogy because that sort of thing only applies to small % of prospective employees (especially fellowships).

pasteurizedmilk
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Re: Law school, a ticket to economic security?

Postby pasteurizedmilk » Fri Jan 06, 2012 7:20 am

bdubs wrote:
pasteurizedmilk wrote:
According to the National Association of Law Placement, new law graduates earn, on average, $68,500. That means many would be unable to purchase a home and repay their loans, according to Chen's analysis. Lenders generally frown on educational debt that represents more than 8 percent to 12 percent of the borrower's monthly gross income, he wrote.


I think this is exaggerated, and if it isn't then the article should be about college in general, not law school in particular. Everybody under 30 owes more than 10% of their monthly gross income in student loans.


That is clearly not true. Many people graduate from undergrad with minimal debt. Far, far fewer graduate from law school with the same.

"Minimal debt" will still be more than 8 to 12 percent of most borrower's monthly gross income.

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IAFG
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Re: Law school, a ticket to economic security?

Postby IAFG » Sun Jan 08, 2012 7:24 pm

pasteurizedmilk wrote:
bdubs wrote:
pasteurizedmilk wrote:
According to the National Association of Law Placement, new law graduates earn, on average, $68,500. That means many would be unable to purchase a home and repay their loans, according to Chen's analysis. Lenders generally frown on educational debt that represents more than 8 percent to 12 percent of the borrower's monthly gross income, he wrote.


I think this is exaggerated, and if it isn't then the article should be about college in general, not law school in particular. Everybody under 30 owes more than 10% of their monthly gross income in student loans.


That is clearly not true. Many people graduate from undergrad with minimal debt. Far, far fewer graduate from law school with the same.

"Minimal debt" will still be more than 8 to 12 percent of most borrower's monthly gross income.

I graduated UG without any educational loans and I know a bazillion other people who did, what a strange view.

Still, I have to guess they mean that the payment and not the sum is 8-12%

c3pO4
Posts: 835
Joined: Wed Oct 19, 2011 1:34 pm

Re: Law school, a ticket to economic security?

Postby c3pO4 » Sun Jan 08, 2012 7:34 pm

pasteurizedmilk wrote:
bdubs wrote:
pasteurizedmilk wrote:
According to the National Association of Law Placement, new law graduates earn, on average, $68,500. That means many would be unable to purchase a home and repay their loans, according to Chen's analysis. Lenders generally frown on educational debt that represents more than 8 percent to 12 percent of the borrower's monthly gross income, he wrote.


I think this is exaggerated, and if it isn't then the article should be about college in general, not law school in particular. Everybody under 30 owes more than 10% of their monthly gross income in student loans.


That is clearly not true. Many people graduate from undergrad with minimal debt. Far, far fewer graduate from law school with the same.

"Minimal debt" will still be more than 8 to 12 percent of most borrower's monthly gross income.



Getting a full ride to college is mUCH easier than law school.

09042014
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Re: Law school, a ticket to economic security?

Postby 09042014 » Sun Jan 08, 2012 7:53 pm

Using a linear "cost of living goes up with income" is stupid. Because there is a base standard of living. It doesn't really matter what it is, but it's not really a function of income. Anything above that is discretionary. 50K in NYC is probably damn close to the very basic base standard of living. You'll barely be able to pay any loans back. Even if 160K with full loans isn't comfortable. 50K with modest loans still sucks.




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