Local school with a scholly or T30 at sticker? Forum

[Cornelius]

I bought the house under two years ago. Everyone is underwater at that point.

Here's a question I've oft wondered: What happens if you just don't pay your student loans?

They never go away. Government can take your tax refunds, garnish your paychecks, can eventually take some of your social security, etc.

[Jack Smirks]

Here's a question I've oft wondered: What happens if you just don't pay your student loans?

You're fucked.

[timbs4339]

I vote don't go.

Seriously man? Underwater on your mortgage? And you want to take on MORE debt to go to LS that is non top 20?

I mean if you had no debt and you really wanted to be a lawyer that would be something... but that stipulation is horrible and you are betting too much on it.

What happens if you go to Drake, take on the debt and don't get a job.

I'll tell you what happens: You just jumped out of the frying pan into the fire.

I bought the house under two years ago. Everyone is underwater at that point.

Here's a question I've oft wondered: What happens if you just don't pay your student loans?

Student loans are non-dischargeable in bankruptcty. Unless you die or are rendered almost completely paralyzed and unable to do any work at all (or your school closes down while you are in attendance) you will never get rid of them unless you pay them down or go on IBR and maintain a relatively low standard of living for 20 years (assuming that IBR is still around in 20 years which is a very risky assumption).

[Opie]

Yeah, that doesn't actually sound all that bad. I come from a really poor background. I'm not sure why everyone is freaking out about possibly being unemployed. I'm just trying to have a road to middle class in the next ten years or so.

My experience with UG student loans is that if you can't pay them you just tell them that and they defer them. I'm not sure if grad loans work the same way, but it doesn't seem as scary as people make it out to be.

Also, I keep hearing that a JD makes you overqualified for other work, but I don't recall any rule anywhere that says you have to disclose all of your degrees to potential employers.

[005618502]

Yeah, that doesn't actually sound all that bad. I come from a really poor background. I'm not sure why everyone is freaking out about possibly being unemployed. I'm just trying to have a road to middle class in the next ten years or so.

My experience with UG student loans is that if you can't pay them you just tell them that and they defer them. I'm not sure if grad loans work the same way, but it doesn't seem as scary as people make it out to be.

Also, I keep hearing that a JD makes you overqualified for other work, but I don't recall any rule anywhere that says you have to disclose all of your degrees to potential employers.

oh man

[Jack Smirks]

Yeah, that doesn't actually sound all that bad. I come from a really poor background. I'm not sure why everyone is freaking out about possibly being unemployed. I'm just trying to have a road to middle class in the next ten years or so.

My experience with UG student loans is that if you can't pay them you just tell them that and they defer them. I'm not sure if grad loans work the same way, but it doesn't seem as scary as people make it out to be.

Also, I keep hearing that a JD makes you overqualified for other work, but I don't recall any rule anywhere that says you have to disclose all of your degrees to potential employers.

This seems like a pretty nonchalant attitude to have when you have a family that depends on you to provide for them.

[moneybagsphd]

Yeah, that doesn't actually sound all that bad. I come from a really poor background. I'm not sure why everyone is freaking out about possibly being unemployed. I'm just trying to have a road to middle class in the next ten years or so.

My experience with UG student loans is that if you can't pay them you just tell them that and they defer them. I'm not sure if grad loans work the same way, but it doesn't seem as scary as people make it out to be.

Also, I keep hearing that a JD makes you overqualified for other work, but I don't recall any rule anywhere that says you have to disclose all of your degrees to potential employers.

This sounds more like the road to the poor house than the middle class.

[saintsfan200]

Apply to other midwest TTTs to leverage more money/stips. Creighton, SLU, etc... Even if you can't get the stips removed maybe you can get more money, and visa versa.

Be mentally prepared to drop out after 1L, if you don't do well (whatever that is objectively or subjectively).

[eaper]

Try to use your Drake scholarship for leverage with Iowa. Then use whatever you get from Iowa as leverage for removing stips. Worth a try at least.

+1. I think this could help you out a lot. Just getting admittance to Iowa will probably get you either more money or better stips at Drake.

[Opie]

Yeah, that doesn't actually sound all that bad. I come from a really poor background. I'm not sure why everyone is freaking out about possibly being unemployed. I'm just trying to have a road to middle class in the next ten years or so.

My experience with UG student loans is that if you can't pay them you just tell them that and they defer them. I'm not sure if grad loans work the same way, but it doesn't seem as scary as people make it out to be.

Also, I keep hearing that a JD makes you overqualified for other work, but I don't recall any rule anywhere that says you have to disclose all of your degrees to potential employers.

This sounds more like the road to the poor house than the middle class.

I'm not saying that this is in any way the plan, but the way some people on here talk they take away your house and throw you in prison. Maybe that's the overall youth of the board that I am hearing, but I'm here to tell you that there is always the option to not pay a bill.

[Aberzombie1892]

OP, considering that you are in a quasi rough financial positions right now, I would strongly recommend not going to either of these schools given your circumstances.

Don't go to Drake unless you are comfortable with either starting your own law firm immediately after law school or getting a job that pays in the range that you were recently making (or less). It may seem as though I am being overly pessimistic, but I'm not. Visit lawschooltransparency.com and look up Drake on the data clearinghouse.

Iowa is a much better option, but it is an unreasonable one given your circumstances.
Maybe you should consider going to a part time MBA program or something instead of these two schools.

[sunynp]

Yeah, that doesn't actually sound all that bad. I come from a really poor background. I'm not sure why everyone is freaking out about possibly being unemployed. I'm just trying to have a road to middle class in the next ten years or so.

My experience with UG student loans is that if you can't pay them you just tell them that and they defer them. I'm not sure if grad loans work the same way, but it doesn't seem as scary as people make it out to be.

Also, I keep hearing that a JD makes you overqualified for other work, but I don't recall any rule anywhere that says you have to disclose all of your degrees to potential employers.

You are very wrong about this. You will run out of deferments. You need to understand every bit of not paying back law school loans. A guy named areyouinsane posted here for a bit about how his phone rings incessantly with bill collectors.

Not to be rude, but you don't seem to have any idea what you are getting into. You are unlikely to get a job making $40,000. You are unlikely to get any job practicing law. For you to go to law school in the financial situation you have, with your family, is completely irresponsible. You must do more research. You must lose the idea that a JD is a ticket out of poverty. It isn't. The job market is terrible. If you think being underwater on your house is bad, think how terrible it would be if you could never just walk away from the mortgage you owe. Think if that debt followed you for the rest of your life. That is what student loan debt is like.

I can't emphasize enough that you should not go unless you do a ton more research. (I don't think you should go at all, but you seem unlikely to just take my advice.) Read some blogs. Read the employment forums here. Read Law School Transparency.

[Opie]

I don't take any of this as rude, so no worries. I've read lots of blogs and LST. I have sent things in to LST.

I seriously intend to pay back what loans I take out. If I can keep my scholarship, I won't be taking that many out anyway because I hope to keep my expenses down and work during the summer.

To be entirely serious, I haven't gone a day of my life without a bill collector calling my house. I have two phone numbers these days, one that I use and one that I sign up for things in and don't have a phone connected to.

I work in business now, which is what my degree is in. I hate it. I wouldn't go to an MBA program if it were free. I hate working with numbers so much I can't explain it.

I know what student loan debt following you your whole life is like. My father died with student loan debt and my mother still has some and neither had a degree.

I do think the idea that it is unlikely I'll get a legal job is overstated. I have been unemployed for two weeks, put in three applications, and I got a job today. I realize it isn't a legal job and that is different, but I know people who recently graduated from Drake and have asked them about the prospects. Two that I asked didn't know anyone who hasn't found a legal job. That's class of 2010. Des Moines is a great market. We have 5% unemployment here. Businesses are hiring massive amounts of workers.

[apeopleshistory]

.

[sunynp]

You might check to see if having creditors you are neglecting will affect C&F in Iowa. I stick by my advice; but, I would be happy if you proved me wrong. Have you checked the employment statistics from Drake? At any rate, good luck.

[dingbat]

If you have delinquent UG student loans, you won't be able to take out new ones for law school.

But there's another concern for law students thinking about not paying their student loans.
With regards to State bar associations, financial delinquencies can prevent you from being admitted, or can lead to disbarment. (at the very least, you'll have to explain why you were unable to pay and why you are still an ethical person, even if you can't honor your obligations, then hope that your answer is acceptable)

Additionally, delinquent student loans will show up on background checks and many firms will not hire you.

[dixiecupdrinking]

Those stipulations are pretty rough, but, though I'll probably get shit for even speculating about this, you sound smart enough to do very well at a TTT school. Go to Drake, kill it, and drop out if you lose the scholarship. Taking out more debt, and jumping through all those hoops, to go to Iowa because it's a T30 sounds ridiculous to me.

[shredderrrrrr]

No surprise here Opie, but I vote for Drake.

There are obviously difficulties with Drake (as others have pointed out) but none of these would be avoided at Iowa. The major difference in the two schools, I imagine, would be employment prospects. While Iowa would enable you more geographic freedom, that is not something you want. The only real advantage of Iowa, therefore, is pointless for you.

And I really do think everyone is overly pessimistic in regards to employment, especially in Des Moines. From the sounds of some responses, nobody from Drake will get a job. Lol obviously employment isn't that great anywhere, but assuming you do well, I don't think Drake is going to be shutting any doors for you in Des Moines.

Like others, however, I would also throw in the consideration of dropping out if you're not top 35%. In all honesty, that is what I plan to do should I end up at Drake. Not only would not being in the top 35% make you spend more money, but it would make finding a job much more difficult.

[Paul Campos]

I vote don't go.

Seriously man? Underwater on your mortgage? And you want to take on MORE debt to go to LS that is non top 20?

I mean if you had no debt and you really wanted to be a lawyer that would be something... but that stipulation is horrible and you are betting too much on it.

What happens if you go to Drake, take on the debt and don't get a job.

I'll tell you what happens: You just jumped out of the frying pan into the fire.

I bought the house under two years ago. Everyone is underwater at that point.

Here's a question I've oft wondered: What happens if you just don't pay your student loans?

Aaargh.

[MrAnon]

I think Paul Campos' head will explode if he hangs out in this forum too much

[AriGoldButNicer]

I vote don't go.

Seriously man? Underwater on your mortgage? And you want to take on MORE debt to go to LS that is non top 20?

I mean if you had no debt and you really wanted to be a lawyer that would be something... but that stipulation is horrible and you are betting too much on it.

What happens if you go to Drake, take on the debt and don't get a job.

I'll tell you what happens: You just jumped out of the frying pan into the fire.

I bought the house under two years ago. Everyone is underwater at that point.

Here's a question I've oft wondered: What happens if you just don't pay your student loans?

you become a deadbeat

[Paul Campos]

I think Paul Campos' head will explode if he hangs out in this forum too much

Seriously. The only other thread I read today was the hippie yoga dude who is going to drop $125K on UT or $250K on Boalt to get a job as . . . . wait for it . . . a public interest lawyer doing environmental law.

I'm trying real hard to be a shepherd.

[JusticeHarlan]

I'm trying real hard to be a shepherd.

Then wouldn't the next step be quitting organized crime legal academia?

[dixiecupdrinking]

I'm trying real hard to be a shepherd.

Then wouldn't the next step be quitting organized crime legal academia?

Just because he's trying to be a shepherd doesn't mean he doesn't like lamb chops.

[20130312]

Go to Drake and hustle your ass off.