How much debt will u owe upon graduation of law school?

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homestyle28
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Re: How much debt will u owe upon graduation of law school?

Postby homestyle28 » Wed Nov 03, 2010 2:36 pm

JazzOne wrote:
theantiscalia wrote:See even if you have a ¾ tuition scholarship, this is going to be ridiculously expensive.

+1

I have a full scholarship, and I am still uncomfortable with this amount of debt. A few years after I graduated from college, I racked up a few grand in credit card debt. That debt caused me serious stress for a number of years, and it was nowhere near the amounts people are contemplating in this thread. Plus, that debt was completely dischargeable. I wonder if young people really know what it will be like to pay off $200K.


Some of this is why I choose NU. I got no $$ from one tier-1 school and a full-ride to a tier 4. So I was looking at t-14 & 250k debt, t-1 and 150k debt, or t-4 and 80k debt, but only NU had solid LRAP, made my decision pretty simple.

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JazzOne
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Re: How much debt will u owe upon graduation of law school?

Postby JazzOne » Wed Nov 03, 2010 2:39 pm

bk1 wrote:
JazzOne wrote:I've been out of college for 10 years, and the one thing I've learned is that life can do quite a number to your best plans. If you bang out a few kids or burn out at work or become ill, those plans might come crashing down on your head. I wish you luck, and it seems like you have thought this through, but I think most young college grads lack the perspective to make a responsible decision with a quarter of a million dollars on the line.

Abortion. HTH.

Some women would jump at a chance to suck a guy dry for child support, especially if she perceived him as a high-earning lawya. I'm just saying, shit happens. And women are often more clever than men when it comes to manipulation.

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bk1
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Re: How much debt will u owe upon graduation of law school?

Postby bk1 » Wed Nov 03, 2010 2:48 pm

JazzOne wrote:Some women would jump at a chance to suck a guy dry for child support, especially if she perceived him as a high-earning lawya. I'm just saying, shit happens. And women are often more clever than men when it comes to manipulation.

Millions of men avoid getting spermjacked their entire lives. If OP has at least two firing neurons I think he can manage.

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JazzOne
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Re: How much debt will u owe upon graduation of law school?

Postby JazzOne » Wed Nov 03, 2010 2:50 pm

.
Last edited by JazzOne on Wed Nov 03, 2010 2:58 pm, edited 2 times in total.

czelede
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Re: How much debt will u owe upon graduation of law school?

Postby czelede » Wed Nov 03, 2010 2:55 pm

As a woman, I plan to marry rich and plan accordingly.

In all seriousness, I will probably be looking at sticker at a T14 and threads like these terrify me (as well they should). Given my goals, though, the T14 will give me opportunities that a tier 1, even at a near full ride, simply wouldn't...so in the end I guess it's a risk I'm willing to take. Get back to me in 20 years and see how I feel about this decision then haha.

theantiscalia
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Re: How much debt will u owe upon graduation of law school?

Postby theantiscalia » Wed Nov 03, 2010 2:57 pm

czelede wrote:As a woman, I plan to marry rich and plan accordingly.

In all seriousness, I will probably be looking at sticker at a T14 and threads like these terrify me (as well they should). Given my goals, though, the T14 will give me opportunities that a tier 1, even at a near full ride, simply wouldn't...so in the end I guess it's a risk I'm willing to take. Get back to me in 20 years and see how I feel about this decision then haha.


I'd be curious to know what those goals are. What will you be doing out of Columbia that you couldn't do out of, let's say, Vanderbilt? Because if Vandy gives you a full ride, and Columbia gives you nothing, and you end up below median (a serious risk) at Columbia, you're screwed. Badly.

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homestyle28
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Re: How much debt will u owe upon graduation of law school?

Postby homestyle28 » Wed Nov 03, 2010 2:58 pm

czelede wrote:As a woman, I plan to marry rich and plan accordingly.

In all seriousness, I will probably be looking at sticker at a T14 and threads like these terrify me (as well they should). Given my goals, though, the T14 will give me opportunities that a tier 1, even at a near full ride, simply wouldn't...so in the end I guess it's a risk I'm willing to take. Get back to me in 20 years and see how I feel about this decision then haha.


How does Friday, Sept 17th, 2030 work? Say around 2?

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Re: How much debt will u owe upon graduation of law school?

Postby crazycanuck » Wed Nov 03, 2010 2:59 pm

JazzOne wrote:
theantiscalia wrote:See even if you have a ¾ tuition scholarship, this is going to be ridiculously expensive.

+1

I have a full scholarship, and I am still uncomfortable with this amount of debt. A few years after I graduated from college, I racked up a few grand in credit card debt. That debt caused me serious stress for a number of years, and it was nowhere near the amounts people are contemplating in this thread. Plus, that debt was completely dischargeable. I wonder if young people really know what it will be like to pay off $200K.


My car which is about 10k is a lot for me to handle, I can't imagine 200k and no tangible asset to back it up.

One of many reasons why I am not going to law school.

pasteurizedmilk
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Re: How much debt will u owe upon graduation of law school?

Postby pasteurizedmilk » Wed Nov 03, 2010 3:01 pm

I took the sticker risk at a T14. I recognize how crushing ~200K can be, but this motivated me to study hard enough to make sure I didn't end up jobless.

I'm hoping I can pay it off within 3-5 years of graduation. Ended up at a stable big NY firm that pays market, and I enjoy living a somewhat ascetic, minimalist lifestyle so I think I'll be out of the hole pretty quickly. Fingers crossed at least.....

I can't imagine what compels people to take out ~200 in debt to attend a school with slim odds of reaching a big firm (unless they're comited to public interest, of course). I even thought my risk was pretty stupid - and, TBF, it was. Really stupid.

dakatz
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Re: How much debt will u owe upon graduation of law school?

Postby dakatz » Wed Nov 03, 2010 3:06 pm

Yeah, I come from a family that works in tax and accounting, so being financially conservative is in my genes. My dad took a similar approach to the CPA poster earlier. I sort of bought into what he said, but it wasn't until I spoke with other lawyers that I was truly convinced that going 200K + in debt could be financial suicide, even if I end up at a wonderful school. The risk that such a decision exposes you to was simply too great for me. It is sort of comforting and takes quite a bit of pressure off to know that I don't have the debt fire burning under me as I climb the rope. And if for whatever reason I am unsuccessful in law school, I won't be in much debt, plus I have a practical undergrad degree to fall back on. If I were 200K in debt, and was in a position where a lucrative legal career seemed unlikely, I would get that revolver loaded pretty quickly..and I'm only partially joking

theantiscalia
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Re: How much debt will u owe upon graduation of law school?

Postby theantiscalia » Wed Nov 03, 2010 3:06 pm

pasteurizedmilk wrote:I took the sticker risk at a T14. I recognize how crushing ~200K can be, but this motivated me to study hard enough to make sure I didn't end up jobless.

I'm hoping I can pay it off within 3-5 years of graduation. Ended up at a stable big NY firm that pays market, and I enjoy living a somewhat ascetic, minimalist lifestyle so I think I'll be out of the hole pretty quickly. Fingers crossed at least.....

I can't imagine what compels people to take out ~200 in debt to attend a school with slim odds of reaching a big firm (unless they're comited to public interest, of course). I even thought my risk was pretty stupid - and, TBF, it was. Really stupid.


Glad it worked out for you. You can probably pay off in five years if you're disciplined.

160,000, less 40% for taxes (all levels of government plus FICA), equals about $96,000 left over. About $14,000 of that will go to interest at first, but if you live on $45,000 (which still wouldn't be a bad lifestyle and certainly better than most Americans), you'll have it paid off in 5 years or less (assming some pay increases and bonuses).

Like I said, glad it worked out for you. You hit the lottery.

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Cmoss
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Re: How much debt will u owe upon graduation of law school?

Postby Cmoss » Wed Nov 03, 2010 3:09 pm

JazzOne wrote:I wonder if young people really know what it will be like to pay off $200K.


Its a mortgage for typical americans.....So when you get a house you will have two mortgage payment :shock:

theantiscalia
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Re: How much debt will u owe upon graduation of law school?

Postby theantiscalia » Wed Nov 03, 2010 3:11 pm

Cmoss wrote:
JazzOne wrote:I wonder if young people really know what it will be like to pay off $200K.


Its a mortgage for typical americans.....So when you get a house you will have two mortgage payment :shock:


It is a non-dischargeable mortgage... with a higher interest rate and no asset to back it up. :(

czelede
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Re: How much debt will u owe upon graduation of law school?

Postby czelede » Wed Nov 03, 2010 3:13 pm

theantiscalia wrote:
czelede wrote:As a woman, I plan to marry rich and plan accordingly.

In all seriousness, I will probably be looking at sticker at a T14 and threads like these terrify me (as well they should). Given my goals, though, the T14 will give me opportunities that a tier 1, even at a near full ride, simply wouldn't...so in the end I guess it's a risk I'm willing to take. Get back to me in 20 years and see how I feel about this decision then haha.


I'd be curious to know what those goals are. What will you be doing out of Columbia that you couldn't do out of, let's say, Vanderbilt? Because if Vandy gives you a full ride, and Columbia gives you nothing, and you end up below median (a serious risk) at Columbia, you're screwed. Badly.


Well Columbia definitely has a much better shot at biglaw, clerkships, and academia for those who want it. I personally would like to work in human rights/PI, which often certain top schools have much better access to (but again, I understand the scarcity of all jobs ITE, those included, and that the top jobs of such fields will be going to HYS kids). It's a gamble. But even out of a great T30 school (and I don't think Vandy would give me a full ride, but a school like Illinois might) my options would be limited - and while the 'no debt' (COL aside) would be beyond spectacular, I think that for me, taking that gamble to go for what I really want is worth the risk. I played it safe and practical with my undergraduate studies, and while that turned out okay for me there are some regrets you just can't put a price on.

My fallback plan is IP law :(

motiontodismiss
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Re: How much debt will u owe upon graduation of law school?

Postby motiontodismiss » Wed Nov 03, 2010 3:13 pm

Cmoss wrote:
JazzOne wrote:I wonder if young people really know what it will be like to pay off $200K.


Its a mortgage for typical americans.....So when you get a house you will have two mortgage payment :shock:


You also theoretically earn the equivalent of two salaries. That is, those at/above median at T14s.

Aqualibrium
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Re: How much debt will u owe upon graduation of law school?

Postby Aqualibrium » Wed Nov 03, 2010 3:13 pm

$0.00 thank God for scholarships, stipends, savings, and low cost of living. Definitely happy that I turned down t25's where I would have taken on a lot of debt.
Last edited by Aqualibrium on Wed Nov 03, 2010 3:16 pm, edited 1 time in total.

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Cmoss
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Re: How much debt will u owe upon graduation of law school?

Postby Cmoss » Wed Nov 03, 2010 3:15 pm

motiontodismiss wrote:
Cmoss wrote:
JazzOne wrote:I wonder if young people really know what it will be like to pay off $200K.


Its a mortgage for typical americans.....So when you get a house you will have two mortgage payment :shock:


You also theoretically earn the equivalent of two salaries. That is, those at/above median at T14s.


what % of all law students ever have been here?

10%? 5%?

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homestyle28
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Re: How much debt will u owe upon graduation of law school?

Postby homestyle28 » Wed Nov 03, 2010 3:16 pm

motiontodismiss wrote:
Cmoss wrote:
JazzOne wrote:I wonder if young people really know what it will be like to pay off $200K.


Its a mortgage for typical americans.....So when you get a house you will have two mortgage payment :shock:


You also theoretically earn the equivalent of two salaries. That is, those at/above median at T14s.


+1

lawschoollll
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Re: How much debt will u owe upon graduation of law school?

Postby lawschoollll » Wed Nov 03, 2010 3:26 pm

Debt and job

v.

No debt and no job

dakatz
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Re: How much debt will u owe upon graduation of law school?

Postby dakatz » Wed Nov 03, 2010 3:34 pm

lawschoollll wrote:Debt and job

v.

No debt and no job


If you are deciding between T-14 and Tier 3/4, then this is pretty accurate. But if one makes a 200K decision on such black and white thinking, they have made a pretty poorly informed decision.

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JazzOne
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Re: How much debt will u owe upon graduation of law school?

Postby JazzOne » Wed Nov 03, 2010 3:36 pm

dakatz wrote:
lawschoollll wrote:Debt and job

v.

No debt and no job


If you are deciding between T-14 and Tier 3/4, then this is pretty accurate. But if one makes a 200K decision on such black and white thinking, they have made a pretty poorly informed decision.

Do you all seriously think that no one in the T14 is striking out this year? Head over to the employment forum for a spell.
Last edited by JazzOne on Wed Nov 03, 2010 3:40 pm, edited 1 time in total.

Aqualibrium
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Re: How much debt will u owe upon graduation of law school?

Postby Aqualibrium » Wed Nov 03, 2010 3:37 pm

dakatz wrote:
lawschoollll wrote:Debt and job

v.

No debt and no job


If you are deciding between T-14 and Tier 3/4, then this is pretty accurate



My decision was between t25's and schools in the 30-50 range. t30 with no debt felt like the better bet to me. I ended up with two great, well paying jobs 1L summer, and will have two great jobs 2L summer.

Probably not the norm, but it worked for me.

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homestyle28
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Re: How much debt will u owe upon graduation of law school?

Postby homestyle28 » Wed Nov 03, 2010 3:39 pm

JazzOne wrote:
dakatz wrote:
lawschoollll wrote:Debt and job

v.

No debt and no job


If you are deciding between T-14 and Tier 3/4, then this is pretty accurate. But if one makes a 200K decision on such black and white thinking, they have made a pretty poorly informed decision.

Do you all seriously think that no one in the T14 is striking out this year? Head over the employment forum for a spell.


I don't think that, but in the realm of life decisions there are worse gambles. Go talk to a philosophy PhD...makes the legal market look downright balmy.

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JazzOne
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Re: How much debt will u owe upon graduation of law school?

Postby JazzOne » Wed Nov 03, 2010 3:39 pm

homestyle28 wrote:
JazzOne wrote:
dakatz wrote:
lawschoollll wrote:Debt and job

v.

No debt and no job


If you are deciding between T-14 and Tier 3/4, then this is pretty accurate. But if one makes a 200K decision on such black and white thinking, they have made a pretty poorly informed decision.

Do you all seriously think that no one in the T14 is striking out this year? Head over the employment forum for a spell.


I don't think that, but in the realm of life decisions there are worse gambles. Go talk to a philosophy PhD...makes the legal market look downright balmy.

Of course, you don't have to gamble at all on speculative degrees. There's always that option.
Last edited by JazzOne on Wed Nov 03, 2010 3:41 pm, edited 1 time in total.

dakatz
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Re: How much debt will u owe upon graduation of law school?

Postby dakatz » Wed Nov 03, 2010 3:41 pm

homestyle28 wrote:
JazzOne wrote:
dakatz wrote:
lawschoollll wrote:Debt and job

v.

No debt and no job


If you are deciding between T-14 and Tier 3/4, then this is pretty accurate. But if one makes a 200K decision on such black and white thinking, they have made a pretty poorly informed decision.

Do you all seriously think that no one in the T14 is striking out this year? Head over the employment forum for a spell.


I don't think that, but in the realm of life decisions there are worse gambles. Go talk to a philosophy PhD...makes the legal market look downright balmy.


Philosophy Phd? Lol, what do they expect? They dug themselves into a hole with a philosophy BA, and then instead of climbing out of the hole, they just keep digging it deeper. Can't imagine that it would put the majority of them in any sort of good position.




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