law school debt is always managable right? Forum

[redgreenpaper]

that's what many people tell me. even if you're in $100k debt, you'll still be able to pay it off in the future right? even if it takes like 5 years, it will eventually go away?

also, how much are the debts usually after law school?

[09042014]

Yea brah you never need to save for later in life ever.

[Z3RO]

Seriously though, this is either a troll or about to become a troll battle. I smell JD Underground.

[2Serious4Numbers]

"even if it takes like 5 years"

classic.

[JOThompson]

I was inclined to believe the question was genuine until I got to the five year part.

[Kilpatrick]

You make the best threads

[kehoema2]

The 5 year part is great. Sorry to bump this shit, but it cracked me up. Thanks OP.

[thegor1987]

is question this serious? No, 100K is not that much to pay off, thus it is manageable

[albusdumbledore]

Everybody dies someday, so in that sense, yes, all law school debt is manageable.

[redgreenpaper]

shit i feel dumb. but im seriously a noob. can someone just answer the question or give me some help/advice as if the question was genuine?

[2Serious4Numbers]

Flame on...

[St.Remy]

shit i feel dumb. but im seriously a noob. can someone just answer the question or give me some help/advice as if the question was genuine?

Law School debt is in fact not always manageable. I for instance had to fake my death twice before the debt went away.

[FunkyJD]

Take my debt, too. Handle it like a pro.

[thegor1987]

shit i feel dumb. but im seriously a noob. can someone just answer the question or give me some help/advice as if the question was genuine?

It depends on employment prospects for the school you attend and how wealthy your family is.

[redgreenpaper]

honestly, are there no people on this forum that like to help. im actually curious, not trying to troll.

[Grizz]

If you get a shitlaw jerb, enjoy 25 year loan forgiveness when your kid needs to go to college and you want to move out of your tenement apartment.

[09042014]

If you get a shitlaw jerb, enjoy 25 year loan forgiveness when your kid needs to go to college and you want to move out of your tenement apartment.

And 250K in taxable income on your 1040.

[beachbum]

I smell JD Underground.

[iphone7]

If you get a Biglaw job you will be able to pay the debt off without too much trouble. Unless you get some loan repayment assistance $100k of debt in public interest job or academia could be somewhat difficult. So it depends on what you want to do with the degree.

[nealric]

And 250K in taxable income on your 1040.

Care to explain? Kind of an odd number to pull out of a hat.

[09042014]

And 250K in taxable income on your 1040.

Care to explain? Kind of an odd number to pull out of a hat.

Cost of law school + interest being piled on because you aren't paying it off because of IBR.

[DCDuck]

Law school debt can be crushing. Paying off $100,000 in five years is very ambitious. That would be paying $20,000 a year, if there is no interest. Interest rates are high these days, grad plus I think is around 8-9%. Say you make $60,000 before taxes. . . that's too much for loan forgiveness. . . Can you see the picture? (Making big law bucks is hard and statistically speaking, unlikely)
If you are having a hard time understanding how much $100,000 is, I suggest you take a couple of years off before law school and try to support yourself. It has lots of benefits beyond making me depressed whenever I see my loan statements arrive in the mail, but it will help put financial aid into perspective.
All that being said, I personally think that law school is worth it, but I would extend your payback timeline by a bunch.

[redgreenpaper]

Law school debt can be crushing. Paying off $100,000 in five years is very ambitious. That would be paying $20,000 a year, if there is no interest. Interest rates are high these days, grad plus I think is around 8-9%. Say you make $60,000 before taxes. . . that's too much for loan forgiveness. . . Can you see the picture? (Making big law bucks is hard and statistically speaking, unlikely)
If you are having a hard time understanding how much $100,000 is, I suggest you take a couple of years off before law school and try to support yourself. It has lots of benefits beyond making me depressed whenever I see my loan statements arrive in the mail, but it will help put financial aid into perspective.
All that being said, I personally think that law school is worth it, but I would extend your payback timeline by a bunch.

good answer and helped. thanks man.

[General Tso]

is question this serious? No, 100K is not that much to pay off, thus it is manageable

yeah man, you can totally pay off 130k debt in 2 years on a 65k salary

[AreJay711]

Don't worry about it. Your in H.S. right? Go to college, drink beer, and get laid while getting the best GPA you can in at least a semi-marketable degree and you will be fine. Hopefully, you will think it over 100 times before you need to cross that bridge and look to see if there is anything else you might rather do. I didn't finally decide to go to law school until last year around this time and had spent my whole time gearing up to apply for PhD programs.