Big_Law_Brit_Slave wrote:Hi all,
I'm not a US lawyer, nor attending a US law school. I am a UK qualified lawyer working in biglaw.
I recently stumbled across this thread and found it both shocking and fascinating. I can't believe some of the debt levels you guys have to take to get qualified. Its a fking scandal.
In the UK, the system is entirely different. We only have to start repaying our loans if we are earning over $30,000. Whatever we make over $30,000 we pay 9% back. For example, a graduate earning $45,000 p/a would pay back c.$200 per month. If you stop working, you don't have to pay your loans. Also, the interest rates on our loans are linked to the Bank of England's base rate (i.e. 0.5%).
You guys need to advocate change. Your government is literally enslaving you.
Best of luck to all of you.
UK biglaw slave.
True statements re debt slaves. BUT Student loans are more flexible than this thread can make it seem. We could make the same statements re not having to repay loans until making over a threshold amount because of income based repayment options that take 10% over a certain level of income. We also get deferments/forbearance due to job losses or other temporary income hiccups. Most schools also have repayment assistant for those working in public interest such that they end up not paying much on loans.
The real crime though is the cost of tuition (interest rates seem pretty high too, but honestly they would be even higher without the govt subsidies). 200K for a law degree is absurd. Of course, unlimited federal loan money bears a large part of the blame for this.