How much is $200k of debt? Forum

[Anacreon]

That would be counting UG and LS (with $10/yr.). Just a rough number, basically. But knowing whether it's on the high end of the scale will make me be very careful about which school I'd choose. Coming from a school in the 19-25 ranking range.

Thanks

[CanadianWolf]

Too much.

[Clarity]

http://www.finaid.org/calculators/loanpayments.phtml

[ran12]

about 300k

[artichoke]

It's a lot. But definitely doable if you have a great job...

[mala2]

it's a nice house

[dakatz]

Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

[GATORTIM]

100+25+50+10+15+199,800

[prezidentv8]

About 4,000 pro batting helmets, or about 16651957 Yen.

[T6Hopeful]

Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

This.
It's $50,000 away from being a quarter of a million dollars.

[DeeCee]

Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

This.
It's $50,000 away from being a quarter of a million dollars.

T6, were you the one not long ago who decided against LS?

[T6Hopeful]

Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

This.
It's $50,000 away from being a quarter of a million dollars.

T6, were you the one not long ago who decided against LS?

I was, in fact. I do come on here now and then (though nowhere near as much as I obsessed when I was in-cycle). So you've revealed the bias in my comment above

[thelaststraw05]

it's a nice house

Depends where. Where I live it won't buy you a 600 sq ft condo.

[DeeCee]

Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

This.
It's $50,000 away from being a quarter of a million dollars.

T6, were you the one not long ago who decided against LS?

I was, in fact. I do come on here now and then (though nowhere near as much as I obsessed when I was in-cycle). So you've revealed the bias in my comment above

Well I'm not here to judge, believe me. I really liked your thread when you announced it because it's wonderful that people think rationally about what is best for them. I decided not too long ago that if I didn't get into my state school (UNC) or get a substantial scholarship I would not attend. Now that I'm in UNC I feel much better about my situation. I just couldn't stomach 200k, no matter what.

[DeeCee]

OP, please think long and hard about your goals and if they align well with 200k in loans. Taking out that much money on a degree is something you must be sure about and feel confident that you can handle. I believe it translates to somewhere close to 2700 or 3000 a month in loan payments, which is a scary proposition if you don't end up in biglaw.

[ndirish2014]

200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.

[northwood]

200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.

this is a great reason why its a good idea to take a year or 2 off after undergrad before going to law school...

[prezidentv8]

200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.

this is a great reason why its a good idea to take a year or 2 off after undergrad before going to law school...

As someone who went straight through and is pretty happy with his decision to attend, I fully agree with you.

[fatduck]

with interest, it is about tree fiddy

thousand

[northwood]

200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.

this is a great reason why its a good idea to take a year or 2 off after undergrad before going to law school...

As someone who went straight through and is pretty happy with his decision to attend, I fully agree with you.

looking back on it- i wish i went straight from ug to law school. But i wouldnt be where I am today, or who I am without the experience. But it took this long for me to solidify my desire to go to law school

[dakatz]

with interest, it is about tree fiddy

thousand

Damn Loch Ness monster...

[fatduck]

200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.

this is a great reason why its a good idea to take a year or 2 off after undergrad before going to law school...

As someone who went straight through and is pretty happy with his decision to attend, I fully agree with you.

looking back on it- i wish i went straight from ug to law school. But i wouldnt be where I am today, or who I am without the experience. But it took this long for me to solidify my desire to go to law school

i wish i went straight from ug to law school cause i'd be partner by now

[mpj_3050]

With Stafford yearly limit of 20k and the rest financed with Grad Plus loans it would be about 2.5k a month in loan payments for a 10 year repayment plan. There was a NYLS thread earlier and a good number of people there are paying sticker at 200k of debt. Crazy shit.

[DeeCee]

With Stafford yearly limit of 20k and the rest financed with Grad Plus loans it would be about 2.5k a month in loan payments for a 10 year repayment plan. There was a NYLS thread earlier and a good number of people there are paying sticker at 200k of debt. Crazy shit.

Note to OP: only pay 200k at a school that's T14. Otherwise you will be gunning to be at the top of your class to get a chance at big or mid law. And you could be struggling to pay those loans back-- big time.

[northwood]

and make sure that you account for living costs when choosing a school.....