Taking out loans

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Anonymous User
Posts: 273568
Joined: Tue Aug 11, 2009 9:32 am

Taking out loans

Postby Anonymous User » Mon Dec 24, 2012 1:30 am

So heres my situation... T30 school in major city. Im a 2L, top 20% secondary journal but struck out, and as of yet I have nothing lined up for the summer. I don't have any loans, but I am unfortunately living at home, which requires a 75-90 minute commute each way and it sucks big time. Moving out for the summer/3L year would cost about 20k total. I'm hoping to get something paid for this summer (obvs) which would lessen the 20k in loans.

How risky would taking 10-20k in loans out be?
What realistically are my job prospects?
Also, this is largely unrelated to my post, but is a biglaw/midlaw/clerkship still attainable?

Thanks in advance for the feedback

A12345
Posts: 229
Joined: Fri Dec 24, 2010 3:53 am

Re: Taking out loans

Postby A12345 » Mon Dec 24, 2012 1:50 am

Anonymous User wrote:So heres my situation... T30 school in major city. Im a 2L, top 20% secondary journal but struck out, and as of yet I have nothing lined up for the summer. I don't have any loans, but I am unfortunately living at home, which requires a 75-90 minute commute each way and it sucks big time. Moving out for the summer/3L year would cost about 20k total. I'm hoping to get something paid for this summer (obvs) which would lessen the 20k in loans.

How risky would taking 10-20k in loans out be?
What realistically are my job prospects?
Also, this is largely unrelated to my post, but is a biglaw/midlaw/clerkship still attainable?

Thanks in advance for the feedback



10 to 20k in loans is pretty inconsequential, especially if you drag it out over the full repayment term (which wouldn't be smart but that's for another day). Even at 10 years the 10k in loans only comes out to 115 a month. If you can't afford to pay 1400 in loans a year you are screwed anyways.

Anonymous User
Posts: 273568
Joined: Tue Aug 11, 2009 9:32 am

Re: Taking out loans

Postby Anonymous User » Mon Dec 24, 2012 1:50 am

Anonymous User wrote:So heres my situation... T30 school in major city. Im a 2L, top 20% secondary journal but struck out, and as of yet I have nothing lined up for the summer. I don't have any loans, but I am unfortunately living at home, which requires a 75-90 minute commute each way and it sucks big time. Moving out for the summer/3L year would cost about 20k total. I'm hoping to get something paid for this summer (obvs) which would lessen the 20k in loans.

How risky would taking 10-20k in loans out be?
What realistically are my job prospects?
Also, this is largely unrelated to my post, but is a biglaw/midlaw/clerkship still attainable?

Thanks in advance for the feedback


20 k is not risky. You have scholarship for tuition or family?
In any case, I had around that much from college, and it turned out to be payment of around $120 per month. If you have a job at 40k+, that is nothing.

zomginternets
Posts: 547
Joined: Mon Jan 17, 2011 1:59 pm

Re: Taking out loans

Postby zomginternets » Mon Dec 24, 2012 7:30 am

Anonymous User wrote:Also, this is largely unrelated to my post, but is a biglaw/midlaw/clerkship still attainable?

Thanks in advance for the feedback


Biglaw is almost certainly out at this point. Midlaw is definitely still possible--around now is when a lot of midlaw starts looking for students, so keep sending out those resumes throughout spring. Going on your stats alone, your chances at a (federal) clerkship are REALLY small, although you might have some interesting work/life experience that might catch a judge's eye (side-note: I think things like that are really underrated by TLS in giving clerkship estimates).

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dingbat
Posts: 4976
Joined: Wed Jan 11, 2012 9:12 pm

Re: Taking out loans

Postby dingbat » Mon Dec 24, 2012 9:33 am

It's not a lot of money, but I'd still advise against it. You don't have a job lined up yet, and it is money you will need to pay back. Wouldn't it be better to maybe buy a car with it (lower interest rate!) or maybe be able to afford a better place to live when you do finally get a job? You were fine living at home for the first 2 years, why not tough it out a bit longer?




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