Support Thread for the 6-figure debt plunge Forum

[kwais]

Hey all! I am creating this thread because I'm 99% sure that I'm about to sign up for 200k of debt. Every time I've talked to someone who's about to do the same, it has comforted me. So, in this thread, share your hopes, fears and thought process regarding this investment. Enjoy!

[dakatz]

Where will you be attending such that 200K in debt is necessary? If the answer is anything but Harvard, Yale, or Stanford, I'd say you are pretty crazy.

[kwais]

It's Columbia and I admit it is crazy. However, there are hundreds of threads outlining the reasons not to do it, so this one is for those who have decided to take this chance.

For anyone dying to talk people out of it, please find another thread.

[amorfati]

Well, I'm hoping to at Columbia as well, if they'd take me off the darn hold list! :S

Edit: If it's any consolation, I'll also still have about $70,000 in debt from grad school. Yayyyyy....

[OrdinarilySkilled]

I support this thread. While the debt is nothing to take lightly, most of the people freaking out about it on here have yet to bear financial responsibility for anything. There are plenty of compromises that can be made to mitigate the effect of the debt if the investment doesn't entirely pay off.

[icouldbuyu]

OP, many people on TLS don't have any business experience, and so are extremely risk averse. There's no such thing as a free lunch. If you want returns, you have to incur risk. I'm sure you could prolly get a full scholly at a T20, but that will only limit your future and opportunities. Of course, there are variations of risk, and certain risks are foolish. IMO, sticker at a T10 school is an acceptable amount of risk.

[kwais]

OP, many people on TLS don't have any business experience, and so are extremely risk averse. There's no such thing as a free lunch. If you want returns, you have to incur risk. I'm sure you could prolly get a full scholly at a T20, but that will only limit your future and opportunities. Of course, there are variations of risk, and certain risks are foolish. IMO, sticker at a T10 school is an acceptable amount of risk.

Totally agree. That said, I don't want people who are doing the same at a non-T10 to feel that they shouldn't post here. If you are not sure whether or not to do it, go look for good info on TLS and other sources. Once you've decided to do it, feel free to post here and talk about it.

[powerlawyer06]

I support your decision OP. I am looking at 100k of debt for a T10 as well (Berkeley). I think that attending a top school is the only thing that truly makes sense in this economy. There is no guarantee of a great job coming from any law school (t10 included). However, I figure that attending a top school will give anyone with above average intelligence and a strong work ethic a pretty decent shot at a great paying career. Kudos to you for having the balls to take a risk on your dreams. Don't listen to the negative people on this board. I have had a significant career in lending and finance and I agree that taking out loans for education is usually a bad idea. However, loans for professionals (i.e. doctors, lawyers, accountants) going to top schools (T10 for law, any MD school) is the one time it makes sense. Good luck.

[kwais]

I support your decision OP. I am looking at 100k of debt for a T10 as well (Berkeley). I think that attending a top school is the only thing that truly makes sense in this economy. There is no guarantee of a great job coming from any law school (t10 included). However, I figure that attending a top school will give anyone with above average intelligence and a strong work ethic a pretty decent shot at a great paying career. Kudos to you for having the balls to take a risk on your dreams. Don't listen to the negative people on this board. I have had a significant career in lending and finance and I agree that taking out loans for education is usually a bad idea. However, loans for professionals (i.e. doctors, lawyers, accountants) going to top schools (T10 for law, any MD school) is the one time it makes sense. Good luck.

thank you and good luck to you too. I just visited Berkeley and loved it.

[TheStrand]

I'm also going to be taking out a ridiculous amount of debt for law school. I started with something like 110k of debt for 3 years of undergrad, worked throughout, and have been working since graduation for the last two years. If you're frightened, I can tell you it's not really that bad. I'm down to ~84k now, and I don't think it is as soul crushing as people say it is to have that much debt. I've obviously felt limited in some ways, but it's quite manageable day to day if you just think of the monthly payment ($800) and not the total debt (the price for a nice home in the Midwest/South).

[chaosnoodlesoup]

I'll be diving into sticker at michigan--crazy by some standard, risk-balanced by others. I'm inclined to agree with both accounts, and I slide between optimism and the crippling fear of debt slavery a couple times a day.

Anyway, I have no asinine presumption about being in the top of my class, and I'm okay with coming home to st. louis to snag our version of biglaw [100k-125k, probably] or public interest/service+IBR/PSLF/LRAP.

Perhaps I'm making a terrible mistake, or maybe, like a previous poster ITT suggested, my balls will lead to significant returns.

[powerlawyer06]

I'm also going to be taking out a ridiculous amount of debt for law school. I started with something like 110k of debt for 3 years of undergrad, worked throughout, and have been working since graduation for the last two years. If you're frightened, I can tell you it's not really that bad. I'm down to ~84k now, and I don't think it is as soul crushing as people say it is to have that much debt. I've obviously felt limited in some ways, but it's quite manageable day to day if you just think of the monthly payment ($800) and not the total debt (the price for a nice home in the Midwest/South).

That seems expensive for undergrad. If you don't mind me asking where did you attend?

[TheStrand]

That seems expensive for undergrad. If you don't mind me asking where did you attend?

NYU (a TTT). I had scholarship, finished early, and didn't take out COL loans too. If you know anyone who's applying to undergrad encourage them not to go there. I have a good job and resume that I wouldn't have had if I didn't go, but it's not worth it.

Wonder if I'll feel the same way about law school in three years hmm

[icouldbuyu]

That seems expensive for undergrad. If you don't mind me asking where did you attend?

NYU (a TTT). I had scholarship, finished early, and didn't take out COL loans too. If you know anyone who's applying to undergrad encourage them not to go there. I have a good job and resume that I wouldn't have had if I didn't go, but it's not worth it.

Wonder if I'll feel the same way about law school in three years hmm

Where you in Stern? Stern is the only UG in NY that I think is worth sticker. All my buddies from Stern got offers in Sales & Trading and IB.

[northwood]

hello fellow 6 figure debtors.

i allready have some debt from ug and master degree. Im really glad i went to a state school for ug, and that i was able to work while getting my master degree( so i could make interest payments). While its understandable that you willl be taking on a lot of debt, if you can lower the amount of debt you are incurring, it will be easier to manage.

however, i take solace knowing that there are people in chiropractor and naturalpathic doctor programs who are staring at 250K+ in debt,( not including undergrad debt). Both of those fields are looking worse than law ( and natural path medicine isnt recognized in a lot of states)

[rinkrat19]

I'm deferring a year to 2012, but I'll be looking at 200K+ (minus a bit IF I can land a cushy SA job, I suppose) for Northwestern. I'm quitting a $54K job to do it, which makes it even crazier, but I can't do this job for the rest of my life.

[icouldbuyu]

I'm deferring a year to 2012, but I'll be looking at 200K+ (minus a bit IF I can land a cushy SA job, I suppose) for Northwestern. I'm quitting a $54K job to do it, which makes it even crazier, but I can't do this job for the rest of my life.

I turned down a job with a starting salary of 65k if it makes you feel any better.

[TheStrand]

Where you in Stern? Stern is the only UG in NY that I think is worth sticker. All my buddies from Stern got offers in Sales & Trading and IB.

No, didn't pay sticker either. Columbia's worth sticker too.

[rose711]

I hope the posters in this thread will keep us informed of their journeys through school. I think the posters in this thread can be an excellent case study on what actually happens to a group of law students who take on debt knowing the risks. This is in contrast to the people who took on large debt before ITE and those who have taken on debt without understanding what they were signing on to in terms of future employment prospects.

Good luck!

PS. Please note this is not meant as a judgment on your choices. The future is difficult to predict. I sincerely wish you all well.

[icouldbuyu]

Where you in Stern? Stern is the only UG in NY that I think is worth sticker. All my buddies from Stern got offers in Sales & Trading and IB.

No, didn't pay sticker either. Columbia's worth sticker too.

Columbia is worth it, but I think NYU is better if you are pursuing a career on Wall Street since Columbia doesn't offer any Finance/Accounting majors.

[icouldbuyu]

I hope the posters in this thread will keep us informed of their journeys through school. I think the posters in this thread can be an excellent case study on what actually happens to a group of law students who take on debt knowing the risks. This is in contrast to the people who took on large debt before ITE and those who have taken on debt without understanding what they were signing on to in terms of future employment prospects.

Good luck!

I've made a lot of influential friends within major IB's and Wealth Management, so I'm a little bit more comfortable taking on the risk since I have viable backup plans.

[jtemp320]

It's Columbia and I admit it is crazy. However, there are hundreds of threads outlining the reasons not to do it, so this one is for those who have decided to take this chance.

For anyone dying to talk people out of it, please find another thread.

Im right there with you - I will probably be paying sticker and probably for CLS.

There are plenty of nights that realization worries me and I think I should take $ elsewhere, but at this point, I'm very excited about Columbia and believe its worth it. These are probably the last and most important years of my education, the start of my career and three years of my life. I feel like I have to go someplace I will be confident in the quality of the classes, can believe even ITE the career placement is solid and where I'll be happy living for three years.

Hope I'm not wrong about that career placement thing...or happiness thing...but I feel like I have to go for it.

[northwood]

I'm deferring a year to 2012, but I'll be looking at 200K+ (minus a bit IF I can land a cushy SA job, I suppose) for Northwestern. I'm quitting a $54K job to do it, which makes it even crazier, but I can't do this job for the rest of my life.

money isnt everything. Knowing what you want to do, and what you are comfortable in doing for the rest of your working life is more important than money. 54K is nice now, but if you become miserable, cynical, and a person to be avoided/ not fun to be around. the money isnt as great, eh?

That being said- you know what you want, and what it takes to get it. As long as you understand your decision, and its consequences, then move forward and dont look back!

[sarahlawg]

It's amazing to me that getting a scholarship worth nearly 100k will still land people with 6 figure debt. Given that, I will most likely be in this boat as I will not be attending a school that gives me a free ride. It is just so damn expensive. My SO claims that right now is a better time to take student loans than to save money anyway, and assures me it is okay to go into student loan debt (I have very little from UG). It is just hard to think about owing that much money.

[powerlawyer06]

I hope the posters in this thread will keep us informed of their journeys through school. I think the posters in this thread can be an excellent case study on what actually happens to a group of law students who take on debt knowing the risks. This is in contrast to the people who took on large debt before ITE and those who have taken on debt without understanding what they were signing on to in terms of future employment prospects.

Good luck!

PS. Please note this is not meant as a judgment on your choices. The future is difficult to predict. I sincerely wish you all well.

I suspect you will only hear about success. Those of us not successful will be too poor to afford internet access.