How to afford T14's at sticker price?? Forum

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
sweebez

New
Posts: 10
Joined: Mon Feb 17, 2014 10:12 pm

How to afford T14's at sticker price??

Post by sweebez » Fri Mar 07, 2014 4:07 am

Good News: Acceptances at UVA, Duke, and Penn Law.

Bad News: No underrepresented statuses, and so far I'm stuck at sticker price ... and sticker shock :?.

Financial Situation: My father is a lawyer about to enter retirement, and he will not be contributing since he funded my undergraduate education. I've been working at a tech consulting firm for just over a year and I will have saved $20k by the time I start law school. It's a drop in the bucket, but hopefully it will help!

Debt Projections: At sticker price, I'd be looking at around $250k for all three years. After the three years of education + interest, I'm guessing my debt would be something like $270k-280k, growing by about 21k per year, and rising if the principal grows.

Questions:
1. What factors would sway your decision to attend UVA/Duke/Penn Law at sticker price?
2. If I'm making around $90k-110k post-tax, can I reasonably expect to pay interest and put a meaningful dent in the principal?
3. Should my annual salary increase enough over time to significantly pare down this debt?
4. How are other people successfully financing this monster debt load? Is this debt load insane?

User avatar
transferror

Silver
Posts: 816
Joined: Sat Jan 25, 2014 5:42 pm

Re: How to afford T14's at sticker price??

Post by transferror » Fri Mar 07, 2014 4:13 am

Career Goals? You'd pretty much be relegated to Biglaw or many years of PI for LRAP/PAYE(PSLF) with that debt, from what I understand.

OR

Go to Duke --> Do porn on the holidays

User avatar
a.sleepyhead

Bronze
Posts: 255
Joined: Mon Oct 21, 2013 1:33 pm

Re: How to afford T14's at sticker price??

Post by a.sleepyhead » Fri Mar 07, 2014 4:40 am

transferror wrote:Go to Duke --> Do porn on the holidays
Hah, how mad do you think Duke UG adcomms are about that one?

User avatar
bryanjbay12

Bronze
Posts: 113
Joined: Sun Nov 10, 2013 8:25 am

Re: How to afford T14's at sticker price??

Post by bryanjbay12 » Fri Mar 07, 2014 5:04 am

a.sleepyhead wrote:
transferror wrote:Go to Duke --> Do porn on the holidays
Hah, how mad do you think Duke UG adcomms are about that one?
Just googled this, wow :lol:

User avatar
Tom Joad

Gold
Posts: 4526
Joined: Thu Dec 04, 2008 5:56 pm

Re: How to afford T14's at sticker price??

Post by Tom Joad » Fri Mar 07, 2014 7:41 am

transferror wrote:Career Goals? You'd pretty much be relegated to Biglaw or many years of PI for LRAP/PAYE(PSLF) with that debt, from what I understand.

OR

Go to Duke --> Do porn on the holidays
PAYE and PSLF are on the verge of being eliminated, so I wouldn't count on them.

Want to continue reading?

Register now to search topics and post comments!

Absolutely FREE!


blink

Bronze
Posts: 432
Joined: Sat Jul 10, 2010 10:14 pm

Re: How to afford T14's at sticker price??

Post by blink » Fri Mar 07, 2014 8:39 am

Tom Joad wrote:
transferror wrote:Career Goals? You'd pretty much be relegated to Biglaw or many years of PI for LRAP/PAYE(PSLF) with that debt, from what I understand.

OR

Go to Duke --> Do porn on the holidays
PAYE and PSLF are on the verge of being eliminated, so I wouldn't count on them.
For people who take their first loan after July of 2015, no?

User avatar
Tom Joad

Gold
Posts: 4526
Joined: Thu Dec 04, 2008 5:56 pm

Re: How to afford T14's at sticker price??

Post by Tom Joad » Fri Mar 07, 2014 8:48 am

blink wrote:
Tom Joad wrote:
transferror wrote:Career Goals? You'd pretty much be relegated to Biglaw or many years of PI for LRAP/PAYE(PSLF) with that debt, from what I understand.

OR

Go to Duke --> Do porn on the holidays
PAYE and PSLF are on the verge of being eliminated, so I wouldn't count on them.
For people who take their first loan after July of 2015, no?
Too early to say, but I wouldn't bet my future what Congress may or may not do over 25 years.

User avatar
cotiger

Gold
Posts: 1648
Joined: Tue Jul 23, 2013 11:49 pm

Re: How to afford T14's at sticker price??

Post by cotiger » Fri Mar 07, 2014 11:18 am

You are the first person I've ever seen on here to even slightly overestimate their costs. Congrats on being realistic! Though sticker still blows..

UVA and Duke should result in about $260,000 debt at graduation. However, their stated COLs are wayyy above what it actually costs to live in C-ville/Durham, so hopefully that number could come down another $10-20k.

Penn should result in about $270,000 debt at graduation.

Should you get a biglaw gig, there's also summer income to take into consideration that would reduce those debt numbers a bit.

As for paying off those debts. If you want $270k gone in five years, you'll have to pay $64k/yr into them. Gone in four years means $78k/yr. IF you get biglaw, paying it down in four is feasible, though you'd have to be sending every bit of your disposable income there for four years.

IMO at this level of debt the most important thing is to make sure you get a biglaw job. So I'd pick Penn even with the potential $30k cost difference.

User avatar
goldenboy514

Silver
Posts: 651
Joined: Mon Feb 04, 2013 12:00 pm

Re: How to afford T14's at sticker price??

Post by goldenboy514 » Sun Mar 09, 2014 2:21 am

That's alotta debt no matter what way you look at it. Did you get financial aid offers? Is it full sticker, or did you get at least a little bit of need help?

The full debt load is heavy, but Penn gives you the best chance at big law and the best chance to service this debt. If your gunning for big law, the debt is manageable but definitely crippling from any school.

Want to continue reading?

Register for access!

Did I mention it was FREE ?


sweebez

New
Posts: 10
Joined: Mon Feb 17, 2014 10:12 pm

Re: How to afford T14's at sticker price??

Post by sweebez » Sun Mar 09, 2014 2:50 am

Full-sticker -- Not an ounce of financial aid. Thanks for the advice!

User avatar
hichvichwoh

Bronze
Posts: 443
Joined: Fri Mar 16, 2012 11:21 am

Re: How to afford T14's at sticker price??

Post by hichvichwoh » Sun Mar 09, 2014 2:48 pm

did you apply to any lower schools?

lakers180

Bronze
Posts: 210
Joined: Sun Dec 29, 2013 7:11 pm

Re: How to afford T14's at sticker price??

Post by lakers180 » Sun Mar 09, 2014 2:50 pm

if you get money from any lower t-14 you should try negotiating a little

would help lower sticker shock a bit

User avatar
jkpolk

Silver
Posts: 1236
Joined: Thu Nov 10, 2011 10:44 am

Re: How to afford T14's at sticker price??

Post by jkpolk » Sun Mar 09, 2014 4:00 pm

What are your numbers? If I were you I'd keep your gig and retake. Too much debt even if we presume you could hold down a biglaw gig for an extended period of time, IMO.

Register now!

Resources to assist law school applicants, students & graduates.

It's still FREE!


haus

Gold
Posts: 3896
Joined: Wed Aug 18, 2010 11:07 am

Re: How to afford T14's at sticker price??

Post by haus » Sun Mar 09, 2014 5:02 pm

I would recommend being born into a wealthy family (I failed on this account in a big way).

sweebez

New
Posts: 10
Joined: Mon Feb 17, 2014 10:12 pm

Re: How to afford T14's at sticker price??

Post by sweebez » Sun Mar 09, 2014 5:19 pm

170 LSAT, 3.6 gpa.

lakers180

Bronze
Posts: 210
Joined: Sun Dec 29, 2013 7:11 pm

Re: How to afford T14's at sticker price??

Post by lakers180 » Sun Mar 09, 2014 5:25 pm

you could potentially retake if you feel you can do better

sweebez

New
Posts: 10
Joined: Mon Feb 17, 2014 10:12 pm

Re: How to afford T14's at sticker price??

Post by sweebez » Sun Mar 09, 2014 6:38 pm

I appreciate the advice but I'm not interested in retaking the LSAT or applying to different schools. I'm just curious about how regular people expect to bankroll this.

Get unlimited access to all forums and topics

Register now!

I'm pretty sure I told you it's FREE...


haus

Gold
Posts: 3896
Joined: Wed Aug 18, 2010 11:07 am

Re: How to afford T14's at sticker price??

Post by haus » Sun Mar 09, 2014 6:49 pm

sweebez wrote:I'm just curious about how regular people expect to bankroll this.
I think most people approach it with a mixture of denial and (perhaps delusional) belief that they will win the lottery.

sweebez

New
Posts: 10
Joined: Mon Feb 17, 2014 10:12 pm

Re: How to afford T14's at sticker price??

Post by sweebez » Sun Mar 09, 2014 7:21 pm

Hahaha sounds like a plan

User avatar
patogordo

Gold
Posts: 4826
Joined: Tue Jan 14, 2014 3:33 am

Re: How to afford T14's at sticker price??

Post by patogordo » Sun Mar 09, 2014 7:25 pm

haus wrote:
sweebez wrote:I'm just curious about how regular people expect to bankroll this.
I think most people approach it with a mixture of denial and (perhaps delusional) belief that they will win the lottery.
not gonna lie i never played powerball until i acquired six figures of law school debt

User avatar
hichvichwoh

Bronze
Posts: 443
Joined: Fri Mar 16, 2012 11:21 am

Re: How to afford T14's at sticker price??

Post by hichvichwoh » Sun Mar 09, 2014 7:39 pm

sweebez wrote:I appreciate the advice but I'm not interested in retaking the LSAT or applying to different schools. I'm just curious about how regular people expect to bankroll this.
regular people don't, or shouldn't.

Communicate now with those who not only know what a legal education is, but can offer you worthy advice and commentary as you complete the three most educational, yet challenging years of your law related post graduate life.

Register now, it's still FREE!


californiauser

Silver
Posts: 1213
Joined: Sun Jul 01, 2012 1:10 am

Re: How to afford T14's at sticker price??

Post by californiauser » Tue Mar 11, 2014 12:15 pm

your only chance to reduce tuition price is to leverage scholarship offers from other schools

you should have applied to most of the t14s for this exact reason, if you haven't, pray for big law and hope you don't burnout/get fired before at least 5 years

User avatar
jbagelboy

Diamond
Posts: 10361
Joined: Thu Nov 29, 2012 7:57 pm

Re: How to afford T14's at sticker price??

Post by jbagelboy » Tue Mar 11, 2014 11:09 pm

I've been through this kind of frustration. There is no magic out. People either have rich generous parents, attend a lower ranked school with large scholarship, or take out a massive amount of loans and eat shit for 10 years to say they have a prestigious JD.
It's a shitty deal.

User avatar
anyriotgirl

Platinum
Posts: 8349
Joined: Wed Dec 18, 2013 11:54 am

Re: How to afford T14's at sticker price??

Post by anyriotgirl » Tue Mar 11, 2014 11:22 pm

jbagelboy wrote:I've been through this kind of frustration. There is no magic out. People either have rich generous parents, attend a lower ranked school with large scholarship, or take out a massive amount of loans and eat shit for 10 years to say they have a prestigious JD.
It's a shitty deal.
when are we gonna go full socialist already srsly

whereskyle

Silver
Posts: 716
Joined: Tue Sep 25, 2012 5:37 am

Re: How to afford T14's at sticker price??

Post by whereskyle » Tue Mar 11, 2014 11:35 pm

anyriotgirl wrote:
jbagelboy wrote:I've been through this kind of frustration. There is no magic out. People either have rich generous parents, attend a lower ranked school with large scholarship, or take out a massive amount of loans and eat shit for 10 years to say they have a prestigious JD.
It's a shitty deal.
when are we gonna go full socialist already srsly
When we choose not to live so damn comfortably.

Seriously? What are you waiting for?

Now there's a charge.
Just kidding ... it's still FREE!


Post Reply

Return to “Financial Aid”