Student loan payments: Actual numbers

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midwestbiglaw
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Joined: Fri Jun 06, 2014 8:53 pm

Re: Student loan payments: Actual numbers

Postby midwestbiglaw » Fri Jun 06, 2014 8:58 pm

Hello, new to site, but I find this thread pretty awesome.

Some hope out there for some people:

Went to midwest, mid-law school. Lucked into mid-west, biglaw at IP job fair.

$125,000/year + 3% base if hours met. Rent + electricity about $570/month. Total expenses (being frugal) about $1600/month.

Take home about $6500/month. Graduated about $65,000 in loans. Should be paid in ~ 1 year this August.

Don't fret too much!

conn09
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Joined: Wed Jun 18, 2008 11:19 pm

Re: Student loan payments: Actual numbers

Postby conn09 » Fri Jun 06, 2014 9:23 pm

midwestbiglaw wrote:Hello, new to site, but I find this thread pretty awesome.

Some hope out there for some people:

Went to midwest, mid-law school. Lucked into mid-west, biglaw at IP job fair.

$125,000/year + 3% base if hours met. Rent + electricity about $570/month. Total expenses (being frugal) about $1600/month.

Take home about $6500/month. Graduated about $65,000 in loans. Should be paid in ~ 1 year this August.

Don't fret too much!



What in the actual fuck? I'm super jealous.

midwestbiglaw
Posts: 3
Joined: Fri Jun 06, 2014 8:53 pm

Re: Student loan payments: Actual numbers

Postby midwestbiglaw » Fri Jun 06, 2014 9:32 pm

Sucks being cheap though around firm peeps blowing it on boats etc.

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Sat Jun 07, 2014 12:51 am

midwestbiglaw wrote:Hello, new to site, but I find this thread pretty awesome.

Some hope out there for some people:

Went to midwest, mid-law school. Lucked into mid-west, biglaw at IP job fair.

$125,000/year + 3% base if hours met. Rent + electricity about $570/month. Total expenses (being frugal) about $1600/month.

Take home about $6500/month. Graduated about $65,000 in loans. Should be paid in ~ 1 year this August.

Don't fret too much!


what midwest IP firm gives 3% base?? I'm from Ohio and would love t\o go back if I had a good offer there, 3% sounds SICK, Calfee .. ? Not sure who the heck else even is an IP firm there big enough to pay that kind of $ (unless a general practice firm in the IP group? jones day, baker..?)

midwestbiglaw
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Joined: Fri Jun 06, 2014 8:53 pm

Re: Student loan payments: Actual numbers

Postby midwestbiglaw » Sat Jun 07, 2014 3:40 pm

In IP group of general practice firm, in Amlaw 50-75.

wreek
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Re: Student loan payments: Actual numbers

Postby wreek » Mon Jul 21, 2014 9:28 pm

Wow, the numbers is hellish for someone my age to remember...

I had about $50,000 in debt. Took me about 6 years to pay it off. I was lucky enough to buy my house for taxes so no mortgage, even if taxes and insurance were (and still are) steep. Starting pay was around $40,000. By the time I left, my salary increased, mostly due to promotions. My state has a ridiculously high turnover and my sticking around three times as long as the average was to my benefit. Still, today, I make twice as much being self-employed.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Mon Jul 21, 2014 9:34 pm

midwestbiglaw wrote:Hello, new to site, but I find this thread pretty awesome.

Some hope out there for some people:

Went to midwest, mid-law school. Lucked into mid-west, biglaw at IP job fair.

$125,000/year + 3% base if hours met. Rent + electricity about $570/month. Total expenses (being frugal) about $1600/month.

Take home about $6500/month. Graduated about $65,000 in loans. Should be paid in ~ 1 year this August.

Don't fret too much!

:lol: This is definitely representative of the COL and debt situation of the average law school grad. Don't fret guys!!!

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JCougar
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Re: Student loan payments: Actual numbers

Postby JCougar » Tue Jul 22, 2014 3:15 am

Debt: $135K Law school principal, 30K interest accrued so far during school and for a year of grace/$0 payments. 0 undergrad, $60K from previous grad degree. Grand total of $225K

Interest: like 7.5% on JD debt, 3.5% on consolidated older grad debt

Payments: $0 on PAYE or whatever. I don't qualify for the newest version since I have previous debt that is too old.

Income: $0. Clerked at FedGov agency while studying for the bar, they (not just people from office, but people from DC as well) said they wanted to hire me but couldn't b/c of sequester, but wanted to as soon as budget was passed. Government was then shut down screwing things up further. Finally got appropriations earlier this year but still waiting for position to open in a particular office. In the meantime, I worked in shitlaw for a few weeks for a one-partner firm that lost a huge case that didn't involve me and then had to let me go b/c no longer had the money to pay me, then got a school-funded "job" in the meantime, but stipend has now run out. Live in the ghetto, on Medicaid, interest accruing at well over $1000/month. Mooching off my parents for now for rent. FedGov agency told me to look for job postings "later this summer" but nothing has shown up yet. If that option falls through, I'm pretty much done with law and either going into consulting or starting a non-profit or something and just using PSLF.

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yomisterd
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Re: Student loan payments: Actual numbers

Postby yomisterd » Tue Jul 22, 2014 3:37 am

JCougar wrote:Debt: $135K Law school principal, 30K interest accrued so far during school and for a year of grace/$0 payments. 0 undergrad, $60K from previous grad degree. Grand total of $225K

Interest: like 7.5% on JD debt, 3.5% on consolidated older grad debt

Payments: $0 on PAYE or whatever. I don't qualify for the newest version since I have previous debt that is too old.

Income: $0. Clerked at FedGov agency while studying for the bar, they (not just people from office, but people from DC as well) said they wanted to hire me but couldn't b/c of sequester, but wanted to as soon as budget was passed. Government was then shut down screwing things up further. Finally got appropriations earlier this year but still waiting for position to open in a particular office. In the meantime, I worked in shitlaw for a few weeks for a one-partner firm that lost a huge case that didn't involve me and then had to let me go b/c no longer had the money to pay me, then got a school-funded "job" in the meantime, but stipend has now run out. Live in the ghetto, on Medicaid, interest accruing at well over $1000/month. Mooching off my parents for now for rent. FedGov agency told me to look for job postings "later this summer" but nothing has shown up yet. If that option falls through, I'm pretty much done with law and either going into consulting or starting a non-profit or something and just using PSLF.


Damn Cougs. Here's hoping your ship comes in.

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courtneylove
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Re: Student loan payments: Actual numbers

Postby courtneylove » Sun Jul 27, 2014 12:59 am

Debt: little over $100k, had partial scholarship and paid $60k of my own savings into tuition like a moron

Salary: $50k, about $2700/mo after taxes

Payments: $75 per month on IBR. My rent is almost $1700/ month because I live in an expensive city.

Fml.

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withoutapaddle
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Re: Student loan payments: Actual numbers

Postby withoutapaddle » Sun Jul 27, 2014 6:40 pm

Debt: little over $100k, had partial scholarship and paid $60k of my own savings into tuition like a moron

Salary: $50k, about $2700/mo after taxes

Payments: $75 per month on IBR. My rent is almost $1700/ month because I live in an expensive city.

Fml.


How do you pay all your other bills?

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courtneylove
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Re: Student loan payments: Actual numbers

Postby courtneylove » Mon Jul 28, 2014 1:55 pm

withoutapaddle wrote:
How do you pay all your other bills?


After rent and monthly parking I just have to pay gas, electricity, food. I have about $700 left from my paycheck for those. Mom pays my cell phone bill and car insurance. I'd like to find a cheaper place to live but I have a pretty good deal for my area. I don't know how people pay for all this stuff after law school, especially people with families...without my parent's help and IBR I'd never be able to support myself.

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withoutapaddle
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Re: Student loan payments: Actual numbers

Postby withoutapaddle » Mon Jul 28, 2014 3:57 pm

Law school should have never been required to be a lawyer.

Abraham Lincoln didn't have a law degree, and he had an awesome career

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IrwinM.Fletcher
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Re: Student loan payments: Actual numbers

Postby IrwinM.Fletcher » Mon Jul 28, 2014 4:20 pm

Just finished a refi with Sofi.

~$97k debt (about $60k law school, $30k undergrad, and $7k punch in the face because they took away unsubsidized during law school).

Was paying about $1200/month (had a couple mini-loans with terms shorter than ten years) with an average rate of 6.8%. Took it down to just over $950/month with a 10 year variable rate loan starting at 3.5%. There is a hard rate ceiling of 8.95%.

Hoping to pay it off within 2-3 years.

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beach_terror
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Re: Student loan payments: Actual numbers

Postby beach_terror » Tue Jul 29, 2014 8:27 am

My SoFi refinance package is being reviewed now. Hoping to move my entire loan balance over (150k) soon.

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beach_terror
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Re: Student loan payments: Actual numbers

Postby beach_terror » Tue Jul 29, 2014 10:29 am

Did anyone try negotiating with SoFi for a better rate or to allow payment via credit card? I want to try to do both of these things once I get the rate offers finalized.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Tue Aug 19, 2014 4:13 pm

beach_terror wrote:Did anyone try negotiating with SoFi for a better rate or to allow payment via credit card? I want to try to do both of these things once I get the rate offers finalized.

zweit posted aabout commonbond in another thread and it seems promising as well. They require you have passed the bar though.

https://commonbond.co

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beach_terror
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Re: Student loan payments: Actual numbers

Postby beach_terror » Tue Aug 19, 2014 4:20 pm

JenDarby wrote:
beach_terror wrote:Did anyone try negotiating with SoFi for a better rate or to allow payment via credit card? I want to try to do both of these things once I get the rate offers finalized.

zweit posted aabout commonbond in another thread and it seems promising as well. They require you have passed the bar though.

https://commonbond.co

TYFT. Going to use this to try to negotiate the lowest variable rate possible.

tennactitans
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Re: Student loan payments: Actual numbers

Postby tennactitans » Sun Aug 24, 2014 4:14 pm

Bronx Bum wrote:Debt: $190k

Income: $68k

Plan: Don't even know, just deferred another year.

Life: Ruined

Height: 5'9


Favorite post on TLS so far.

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Mon Aug 25, 2014 11:24 am

Anonymous User wrote:Debt: ~148k (DNCG with 42k scholarship) including capitalized interest
Split: $82k in 2 GradPlus loans at 7.9%, $66k in 2 Stafford loans at 6.55%
Plan: 10 year repayment
Minimum Payment: $1,758/month
Payment that I actually make: $2,500/month (extra goes to the Grad Plus)
Salary: $160k

Principal at end of year 1: $130,835.18


This is me, from page 1.

Updates: I've toned down my payment to ~$2,200/month. I found I could really use $300 more cash in my pocket each month and the change wasn't impacting much payment-wise anyway.

Salary is still on biglaw scale. Debating whether to put bonus away for savings or to just throw it at loans.

Principal at end of year 2: $116,038

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Mon Aug 25, 2014 12:38 pm

Anonymous User wrote:
Anonymous User wrote:Debt: ~148k (DNCG with 42k scholarship) including capitalized interest
Split: $82k in 2 GradPlus loans at 7.9%, $66k in 2 Stafford loans at 6.55%
Plan: 10 year repayment
Minimum Payment: $1,758/month
Payment that I actually make: $2,500/month (extra goes to the Grad Plus)
Salary: $160k

Principal at end of year 1: $130,835.18


This is me, from page 1.

Updates: I've toned down my payment to ~$2,200/month. I found I could really use $300 more cash in my pocket each month and the change wasn't impacting much payment-wise anyway.

Salary is still on biglaw scale. Debating whether to put bonus away for savings or to just throw it at loans.

Principal at end of year 2: $116,038


If you're on SoFi, your interest rate on the debt will mean that if you pay it off on a normal 10 year schedule vs. HOLY SHIT EVERY PENNY 2 DA LOANS, you'll be maybe saving $10,000 over those 10 years, if that. I'd rather spend $10,000 over 10 years to have the increased liquidity by paying minimum payments on a 10 year schedule, but that's just me.

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beach_terror
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Re: Student loan payments: Actual numbers

Postby beach_terror » Mon Aug 25, 2014 12:41 pm

Random question re: Sofi. I got approved at LIBOR + 4.375. That doesn't seem to be particularly good. I make good money and have good credit. Do I try to negotiate it? Are they receptive to that type of stuff?

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Mon Aug 25, 2014 12:46 pm

zweitbester wrote:
Anonymous User wrote:
Anonymous User wrote:Debt: ~148k (DNCG with 42k scholarship) including capitalized interest
Split: $82k in 2 GradPlus loans at 7.9%, $66k in 2 Stafford loans at 6.55%
Plan: 10 year repayment
Minimum Payment: $1,758/month
Payment that I actually make: $2,500/month (extra goes to the Grad Plus)
Salary: $160k

Principal at end of year 1: $130,835.18


This is me, from page 1.

Updates: I've toned down my payment to ~$2,200/month. I found I could really use $300 more cash in my pocket each month and the change wasn't impacting much payment-wise anyway.

Salary is still on biglaw scale. Debating whether to put bonus away for savings or to just throw it at loans.

Principal at end of year 2: $116,038


If you're on SoFi, your interest rate on the debt will mean that if you pay it off on a normal 10 year schedule vs. HOLY SHIT EVERY PENNY 2 DA LOANS, you'll be maybe saving $10,000 over those 10 years, if that. I'd rather spend $10,000 over 10 years to have the increased liquidity by paying minimum payments on a 10 year schedule, but that's just me.


Quoted anon here. I'm not on SoFi and have no interest in doing so; I want a fixed rate and I want the safety net of economic forebearance options. SoFi's "career services" that you're forced to work with if you get shitcanned does not sound appealing to me.

The government could change anything at any time; I don't want to go private and then a month later have all federal-held loans forgiven or something stupid like that. Ask people ineligible for PAYE how that feels.

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Mon Aug 25, 2014 12:47 pm

beach_terror wrote:Random question re: Sofi. I got approved at LIBOR + 4.375. That doesn't seem to be particularly good. I make good money and have good credit. Do I try to negotiate it? Are they receptive to that type of stuff?


Is that the variable or the fixed? If it's the fixed, apply for the variable. If it's the variable, you're SOL. Your best bet is to improve your credit as much as possible (like try to get it into the low 800s, if not higher) and then re-apply.

I think 4.375-autopay interest rate is way more competitive than GradPlus, etc., so I'd still refinance with SoFi. And then, when your credit improves, you can always apply to SoFi to have your SoFi loan refinanced at the lower interest rate you might qualify for. Very easy process.

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Mon Aug 25, 2014 12:51 pm

Quoted anon here. I'm not on SoFi


Never said that you were...

I want a fixed rate and I want the safety net of economic forebearance options.


Cool. So you're OK with throwing away money and then letting all the money you threw away become even more of a waste when you have to take forbearance, which basically reverses any sincere attempt you made at making a dent in the loans. To boot, you will have less liquidity. Makes sense.

SoFi's "career services" that you're forced to work with if you get shitcanned does not sound appealing to me.


Uhh.. you're not "forced" to work with them. It's an offered service. Frankly, I'd be worried for you if you didn't have the ability on your own to score another job and had to resort to their services.

The government could change anything at any time; I don't want to go private and then a month later have all federal-held loans forgiven or something stupid like that. Ask people ineligible for PAYE how that feels.


This is just blind stupidity. You really think the government could forgive all federal loans? You're not willing to save a ton of money simply for the 1% chance (even less, to be sure), of that happening?

And then you give PAYE as an example? It's a shitty one, since there's that thing called the tax bomb at the end (and it's debatable whether you're really paying less under PAYE than under SoFi even without the tax bomb), AND there's pretty much no inertia in congress for removing the tax bomb.




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