How Long Will It Take to Repay Law School Debt?

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scifiguy
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Joined: Sat Sep 15, 2012 2:41 pm

How Long Will It Take to Repay Law School Debt?

Postby scifiguy » Fri Jan 11, 2013 7:33 pm

I know people go in with varying levels of debt, but assuming one has $150K in law school debt, how long will that take to pay off?

-If you're working in biglaw?
-If you're in mid-law?
-If you're in small-law?
-Or even completely outside of law?

Would I be able to get married, buy a house, and have a family within 5 years after law school? ...What is it like?

How are you law graduates managing your debt?


TheGreatFish
Posts: 89
Joined: Wed Sep 23, 2009 5:16 am

Re: How Long Will It Take to Repay Law School Debt?

Postby TheGreatFish » Tue Jan 15, 2013 6:51 am

I believe the standard is a 10 year repayment plan. At 150k in debt, you're looking at 120 payments of about $1,700.

It adds up to about 20k a year, so take your annual salary, subtract 20k, and that's your real salary.

You should have enough left over to start your life.

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dingbat
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Joined: Wed Jan 11, 2012 9:12 pm

Re: How Long Will It Take to Repay Law School Debt?

Postby dingbat » Tue Jan 15, 2013 9:59 am

scifiguy wrote:I know people go in with varying levels of debt, but assuming one has $150K in law school debt, how long will that take to pay off?

-If you're working in biglaw?
-If you're in mid-law?
-If you're in small-law?
-Or even completely outside of law?

Would I be able to get married, buy a house, and have a family within 5 years after law school? ...What is it like?

How are you law graduates managing your debt?

It all depends. Do you go partying like a rockstar, or do you aggressively pay down debt? Do you live in a big apartment in an expensive city, or do you have more meager accommodations? Do you go in an extended repayment plan? Do you quit your job because it sucks?

It's possible to pay off your loans within 5 years, and it's possible for it to take a quarter century.




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