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How much debt is too much?
Posted: Mon Mar 12, 2012 7:45 pm
by Tadatsune
I'm curious to see how much debt people are willing to take on in their quest for a JD.
Obviously, there are a lot of variables that go in to this calculation, but for now just vote what your absolute limit is. (Include undergrad debt going into law school.)
As a follow up, does T-14 change the math at all? T-6? T-3?
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 7:49 pm
by chewy
I think it depends on your target market, and what you plan to do.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 7:50 pm
by splitbrain
Tadatsune wrote:As a follow up, does T-14 change the math at all? T-6? T-3?
imo, yes, absolutely; just from a cost-benefit perspective. The poll is too obscure because of this.
$200k debt from Stanford? Sure.
$200k$25k debt from Cooley? Hmm...
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 7:50 pm
by No13baby
Anything a median graduate from your school can't pay off. I'd give myself ten years, but I know some people are okay with 30-year payment plans.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 7:51 pm
by bernaldiaz
There's a similar thread about this a few months back but I couldn't find it.
Personally, I'd pay sticker at top 3 (so call that 100-200,000 for me, due to savings and parental support and the possibility of a SA position), would pay a bit more than half for a t6 (say I'd be willing to go over 100-150 grand into debt), would not go more than 100 grand (or so) into debt for 7-14 and would need to in no debt for outside the t14 (remember I have some decent savings and a little support so I could easily cover living expenses).
Then again, this is based off my numbers (3.98, 174) so any less would probably be an injustice. If I had lower numbers, I would totally have a different point of view. No matter who I was, I would definitely pay sticker at t6 and would be willing to go 150 grand into debt for the rest of the t14.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 7:53 pm
by Tadatsune
chewy wrote:I think it depends on your target market, and what you plan to do.
Sure.
I guess my expectation is that the average TLSer is gunning for a tier 1 or better school. But feel free to answer however best fits your situation.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 7:54 pm
by splitbrain
bernaldiaz wrote:Then again, this is based off my numbers (3.98, 174) so any less would probably be an injustice.
Message to the past:
Dear undergrad self,
Study, you jackass.
Signed,
Future Self
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 8:02 pm
by Gail
No13baby wrote:Anything a median graduate from your school can't pay off. I'd give myself ten years, but I know some people are okay with 30-year payment plans.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 8:03 pm
by Chucky21
splitbrain wrote:bernaldiaz wrote:Then again, this is based off my numbers (3.98, 174) so any less would probably be an injustice.
Message to the past:
Dear undergrad self,
Study, you jackass.
Signed,
Future Self
I consider myself lucky that I received this message from my future self in undergrad.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 8:06 pm
by Mce252
No13baby wrote:Anything a median graduate from your school can't pay off. I'd give myself ten years, but I know some people are okay with 30-year payment plans.
You mean a mortgage? Hahaha...
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 8:13 pm
by MormonChristian
Way more than I should.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 8:14 pm
by lobolawyer
No more than your (realistically expected) first year salary.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 8:45 pm
by JCFindley
Not one cent. I am WAY to old to go into dept getting a JD.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 9:46 pm
by RodneyBoonfield
Tadatsune wrote:Message to the past:
Dear undergrad self,
Study, you jackass.
Signed,
Future Self
Amen. My kids will not be making the same mistake.
Re: How much debt is too much?
Posted: Mon Mar 12, 2012 9:55 pm
by padawanphil
lobolawyer wrote:No more than your (realistically expected) first year salary.
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 12:11 am
by TTRansfer
Anything over 150K is my vote.
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 12:34 am
by Gail
padawanphil wrote:lobolawyer wrote:No more than your (realistically expected) first year salary.
That's the case for people in undergrad. Not so much in grad school.
If you incur 200k in debt and make 160k a year, you will live very comfortably and still be able to pay off your debt in less than ten years (many people who are t14 or die are banking on that). Your living standards, if you're a reasonable human being, won't explode just because you're making a lot of money right after college.
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 12:40 am
by t14fanboy
Over 9000.
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 12:44 am
by MachineLemon
t14fanboy wrote:Over 9000.
TITCR
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 1:19 am
by SpoonForkSpork
The answer depends too heavily on the school. The poll is going to skew towards lower values since the number of people getting accepted within a certain rank/quality range will decrease as you move up the ladder.
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 10:53 am
by danitt
Gail wrote:No13baby wrote:Anything a median graduate from your school can't pay off. I'd give myself ten years, but I know some people are okay with 30-year payment plans.
If I go back to my country after graduation (i.e. can't find a job with sponsorship in the U.S.) this will be me because our currency is worth waaaaay less. I have to admit the allure of going to a cheaper school rather than a T-14 school is definitely weighing
heavily on my mind.
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 11:13 am
by seancris
It all depends on the school.
I got full-tuition at SteTTTson and wouldn't accept it.
Emory is ranked #24, and I recieved a 60k scholarship this cycle from them, putting debt including CoL expenses at roughly 95-100k with frugal living. I wouldn't even consider 100k at Emory ITE.
I would consider 100k at Vanderbilt. 120k at Lower T14, might be pursuaded to go slightly higher but not much.
HYS I wouldn't worry about the debt.
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 11:18 am
by minnbills
TCR is a number at or below an expected first year salary- unless you're going to an elite school.
70,000 is probably my limit. I'm hoping to keep debt around 60-65,000 though inc. debt from UG.
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 11:23 am
by androstan
I like the first option, <25000, because if you pick that option then you could be saying that $0 is too much debt.
Re: How much debt is too much?
Posted: Tue Mar 13, 2012 11:31 am
by Tadatsune
androstan wrote:I like the first option, <25000, because if you pick that option then you could be saying that $0 is too much debt.
Law school should pay you to go to it.