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gustrock
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Question

Postby gustrock » Fri Mar 26, 2010 4:06 pm

How much debt is too much?
Last edited by gustrock on Fri Jan 28, 2011 1:23 pm, edited 1 time in total.

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TTH
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Re: 60,000 Debt (T3)

Postby TTH » Fri Mar 26, 2010 4:40 pm

Is that 60k of total educational debt or just law school? If the latter, do you have any UG debt? How much?

09042014
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Re: 60,000 Debt (T3)

Postby 09042014 » Fri Mar 26, 2010 4:41 pm

gustrock wrote:Is this doable? By doable I mean will I likely be able to find a job to pay it off? My parents will be helping me with COL and other expenses. The school slips in and out of the Top 100 year after year. I want to study Intellectual Property, and Public Interest isn't out of the question. Obviously don't want biglaw. Is this too daunting of a figure to pursue, in your guys' opinion? Thanks guys.


Do you have a degree that will let you student patent law?

gustrock
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Re: 60,000 Debt (T3)

Postby gustrock » Fri Mar 26, 2010 4:44 pm

To triphap: 60 would be for everything. If my parents didn't help it would be closer to 100. Also, no undergrad debt.

To Desert Fox: Unfortunately I don't have the background for patent law.

09042014
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Re: 60,000 Debt (T3)

Postby 09042014 » Fri Mar 26, 2010 4:47 pm

gustrock wrote:To triphap: 60 would be for everything. If my parents didn't help it would be closer to 100. Also, no undergrad debt.

To Desert Fox: Unfortunately I don't have the background for patent law.


Can you get a full ride at a lower ranked school in an area you want to practice law?

gustrock
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Re: 60,000 Debt (T3)

Postby gustrock » Fri Mar 26, 2010 4:47 pm

Parents will also assist me in paying off debt if I really need it. However, by that time I will be 26, and 26 year olds aren't supposed to be receiving money from their parents anymore, especially since they have been so generous for undergrad and law school.

gustrock
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Re: 60,000 Debt (T3)

Postby gustrock » Fri Mar 26, 2010 4:48 pm

Still waiting for scholly money on a school in the area I want to practice. It is a T4. Would that be a better option?

09042014
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Re: 60,000 Debt (T3)

Postby 09042014 » Fri Mar 26, 2010 4:52 pm

gustrock wrote:Still waiting for scholly money on a school in the area I want to practice. It is a T4. Would that be a better option?


It very much depends on which T3 and T4 we are talking about. There is a high risk of unemployment upon graduation at these schools. Having no debt would be ideal.

You could comfortably afford 60K debt on 60K a year salary. Probably pay it off in 15 years if you lived frugally and made 40K.

gustrock
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Re: 60,000 Debt (T3)

Postby gustrock » Fri Mar 26, 2010 4:55 pm

Is that usually the rule of thumb: Not going into debt more than than projected starting salary?

The two schools are Toledo and U of D Mercy, btw.

09042014
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Re: 60,000 Debt (T3)

Postby 09042014 » Fri Mar 26, 2010 4:59 pm

gustrock wrote:Is that usually the rule of thumb: Not going into debt more than than projected starting salary?

The two schools are Toledo and U of D Mercy, btw.


Not really a rule of thumb. But to try to keep your debt payments small enough that you can still afford them and still live decently. 60K in debt is about 9000 a year. That doesn't sound like much, but after FICA, federal taxes, state taxes, insurance, rent, car, a food, its a significant percent of your money.

gustrock
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Re: 60,000 Debt (T3)

Postby gustrock » Fri Mar 26, 2010 5:02 pm

Thanks a lot for your help Desert Fox. Hope I can make the most informed decision possible. :lol:

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kswiss
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Re: 60,000 Debt (T3)

Postby kswiss » Fri Mar 26, 2010 5:14 pm

With IBR your risk isn't too high. Assuming all of the loans are stafford or gradplus, if you end up taking a crappy job you only have to pay a set % of your income after adjustments for family size/fed. poverty level. Regardless, that debt will still be sitting over your head, so it is important to choose the school that equips you best to pay it off/live comfortably.

gustrock
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Re: 60,000 Debt (T3)

Postby gustrock » Fri Mar 26, 2010 5:17 pm

Yea. I would really love to have it all paid off by the time I'm 40. So I am definitely keeping that in mind.




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