Coolgrnmen wrote:Like what?
Like saying that NYLS is a good school for biglaw when < 5% of students PRE-ITE were landing firms of 100+. What is that, like 15-20 students out of a class of 500+?
So either 1) you are friends with the only students in the class getting biglaw, 2) your perception of reality is horribly skewed, or 3) you are lying. I'm going to guess that (1) is not true because it would be quite a statistical anomaly, and you seem like a nice enough guy so I doubt you're lying. So that means that you have a terrible grasp on the reality of legal employment at NYLS, in which case I'd really ask you to look at your school's pathetic job statistics before recommending someone take out 6-figures of debt to go to school there.
I say NYLS is a good school for BigLaw when you can't get in anywhere else with a higher placement...
I'm not telling anyone to dive right into a 6 figure loan...I expect everyone here to exercise fiscal responsibility, plan ahead, and understand what is required to meet your goals.
For example, I came into NYLS because it is in NYC and has (relative to other T3s outside of NYC) decent placement in BigLaw - if I wanted to work BigLaw, my chances were greater by coming here.
I'm living off of loans and will have $210k in debt. Fortunately, I did well my first semester and have an internship with an Art III judge. Persistence and initiative paid off.
If that didn't work out, and I did poorly and I didn't get a job my first summer, not all hope would have been lost. I would have settled for public interest law, at least for 10 years. (are you familiar with the loan forgiveness programs and the repayment plans including the income-contingent plan?) After so many years of experience, I would attempt to lateral transfer to a firm. If that didn't work, then I'd work out a plan C.
For those unaware, if you work in PI for 10 years and make your scheduled loan payments, the remainder of your loan is forgiven. At NYLS, the payment plan is on a 30 yr plan cause the loans are so damn high.
Additionally, there are multiple repayment plans for federal loans. My favorite being the income contingent repayment plan. Through that plan, your monthly payment will never exceed 15% of your discretionary income (after all necessary living expenses - rent, food, clothing, etc.).
Loans my hang over your head for years, but they don't take all your money.
The only people that go broke are the fiscally irresponsible people. I can't help them...nor can you.