how much is too much?

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sanfranlove
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how much is too much?

Postby sanfranlove » Tue Jan 25, 2011 11:36 pm

So, we've all read the intimidating articles about how there aren't going to be enough jobs for us, and how we should reconsider law school. On that note, how much debt is everyone willing to take on? I used to hear "go to the best school that you can get into!" or "go anywhere that's ABA-accredited! There's plenty of jobs!", but now I'm hearing "go to wherever gives you the most money so that if you can't find a job as a lawyer, you at least won't have a ton of loans."

Real answers from real applicants? What piece of advice are you following the most as you make your decision?

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stintez
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Re: how much is too much?

Postby stintez » Tue Jan 25, 2011 11:43 pm

I am willing to take on between 70-115 and while that may seem like a giant range it is because one i have a scholly pending and two if i wanted i could commute 45min if i wanted to live with my rents. Also while i know nothing can be set in stone I am going to try my hardest to join the USAF and be a JAG. From all the research ive done it looks like they may pay up to 60k. My logic may be flawed but its all i got. MY UG was 40k a year but I only left with 10k because I was on a lacrosse scholly.

HowdyYall
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Re: how much is too much?

Postby HowdyYall » Tue Jan 25, 2011 11:44 pm

sanfranlove wrote:So, we've all read the intimidating articles about how there aren't going to be enough jobs for us, and how we should reconsider law school. On that note, how much debt is everyone willing to take on? I used to hear "go to the best school that you can get into!" or "go anywhere that's ABA-accredited! There's plenty of jobs!", but now I'm hearing "go to wherever gives you the most money so that if you can't find a job as a lawyer, you at least won't have a ton of loans."

Real answers from real applicants? What piece of advice are you following the most as you make your decision?


like my uncle who was recently indicted for laundering over $55 million (true story) used to say, "Go big or go home!"

Danteshek
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Re: how much is too much?

Postby Danteshek » Tue Jan 25, 2011 11:44 pm

Marry well

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girlonfire
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Re: how much is too much?

Postby girlonfire » Tue Jan 25, 2011 11:46 pm

the best advice i've gotten has been from a lawyer who graduated from Carzodo in 2008. She said,

"Follow the scholarships so you don't have to compromise your integrity when you look for work, and go where you'll excel. it's better to be the top of your class at an OK school than the bottom of a good school."

I'm willing to go about 100K in debt for LS, because I'm hoping to go into some public service position that will offer some compensation/loan forgiveness, but I would go to a safety (low ranked) LS for a free ride in a heart beat.

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stintez
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Re: how much is too much?

Postby stintez » Tue Jan 25, 2011 11:46 pm

HowdyYall wrote:
sanfranlove wrote:So, we've all read the intimidating articles about how there aren't going to be enough jobs for us, and how we should reconsider law school. On that note, how much debt is everyone willing to take on? I used to hear "go to the best school that you can get into!" or "go anywhere that's ABA-accredited! There's plenty of jobs!", but now I'm hearing "go to wherever gives you the most money so that if you can't find a job as a lawyer, you at least won't have a ton of loans."

Real answers from real applicants? What piece of advice are you following the most as you make your decision?


like my uncle who was recently indicted for laundering over $55 million (true story) used to say, "Go big or go home!"

+1 Classic sorry about your unlce though.

r6_philly
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Re: how much is too much?

Postby r6_philly » Wed Jan 26, 2011 12:39 am

I thought I was ready to take on 250k until I got a large scholarship. Now I am pretty much unwilling to take on anything over 100k with that in hand. :roll:

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Shooter
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Re: how much is too much?

Postby Shooter » Wed Jan 26, 2011 12:43 am

r6_philly wrote:I thought I was ready to take on 250k until I got a large scholarship. Now I am pretty much unwilling to take on anything over 100k with that in hand. :roll:


Congrats! Where and how much was your scholly from?! (if you don't mind me asking)

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El_Gallo
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Re: how much is too much?

Postby El_Gallo » Wed Jan 26, 2011 12:44 am

Where did you get the scholly from from Philly? Have you heard anything from Stanford yet?

OP: The balance between job prospects and cost is a very personal decision. It varies for each individual. I would identify your career goals and then base your law school choices off of that.

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gbpackerbacker
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Re: how much is too much?

Postby gbpackerbacker » Wed Jan 26, 2011 12:45 am

r6_philly wrote:I thought I was ready to take on 250k until I got a large scholarship. Now I am pretty much unwilling to take on anything over 100k with that in hand. :roll:


For what school would the COA come close to 250k? Is is a PT program? I'm seriously wondering why one would need to take out a loan of that size for LS.

paulinaporizkova
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Re: how much is too much?

Postby paulinaporizkova » Wed Jan 26, 2011 12:49 am

gbpackerbacker wrote:
r6_philly wrote:I thought I was ready to take on 250k until I got a large scholarship. Now I am pretty much unwilling to take on anything over 100k with that in hand. :roll:


For what school would the COA come close to 250k? Is is a PT program? I'm seriously wondering why one would need to take out a loan of that size for LS.


maybe a top 10 school in a huge city, like NYU or Columbia, just because CoL is so outrageous on top of everything else.

r6_philly
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Re: how much is too much?

Postby r6_philly » Wed Jan 26, 2011 12:53 am

CLS/NYU/Berkeley/Stanford and maybe Harvard all have the potential.

My graduate budget at Penn right now is 69k. That's 210k without counting tuition increases. I think CLS/NYU budget is like 72k-75k, that's 225k + increases.

ETA: I have a family so additional 10k a year is probably right.
Last edited by r6_philly on Wed Jan 26, 2011 12:55 am, edited 2 times in total.

r6_philly
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Re: how much is too much?

Postby r6_philly » Wed Jan 26, 2011 12:54 am

Shooter wrote:
r6_philly wrote:I thought I was ready to take on 250k until I got a large scholarship. Now I am pretty much unwilling to take on anything over 100k with that in hand. :roll:


Congrats! Where and how much was your scholly from?! (if you don't mind me asking)


Thanks! UVa 90k. Awesomely sweet! And it's cheap to live down there.

LOCI to Stanford last week. LOCI to Harvard this week. Crossing my fingers, but still awesome even if it doesn't work out.

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Shooter
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Re: how much is too much?

Postby Shooter » Wed Jan 26, 2011 1:00 am

Lol, I probably should have just checked out your profile. Anyways, that's great!!!

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Hypo, Esq.
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Re: how much is too much?

Postby Hypo, Esq. » Wed Jan 26, 2011 1:39 am

Keep in mind this. At current rates, $100K loan payments will be $1,150 (10 years repayment plan). So, unless you are getting into a big law firm or live rent-free, it's a significant chunk of your salary.




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