Paying Full Price for T14 Forum

[jaes76]

Background:
-undergrad at top school (ivy league)
-3.5 gpa
-based on practice, predicting a 170 LSAT

Although those numbers are low, I'm pretty sure I could get into a particular T14 school (at the back of the pack) if I applied Early Decision given a few connections I have. My parents aren't paying for law school, however, so I'll end up with a ton of debt. Aiming for Biglaw.

Is it really a death-sentence to graduate with a $250k in debt, or is it manageable?

[NYC Law]

1. Take the LSAT
2. Get in to a T14
3. Ask this again
4. ?????????
5. PROFIT

[TTH]

Background:
-undergrad at top school (ivy league)
-3.5 gpa
-based on practice, predicting a 170 LSAT

Although those numbers are low, I'm pretty sure I could get into a particular T14 school (at the back of the pack) if I applied Early Decision given a few connections I have. My parents aren't paying for law school, however, so I'll end up with a ton of debt. Aiming for Biglaw.

Is it really a death-sentence to graduate with a $250k in debt, or is it manageable?

Well, you can get through a T14 without that much debt if you avoid the schools in big cities and Boalt. Also, if you miss the firm boat, maybe you can go gov/PI and get some delicious, delicious LRAP. Come back when you have an LSAT score.

[dakatz]

Not a "death sentence" per se, but it could possibly be pretty damn close. Do you have any idea what a quarter of a million dollars is? When you say "biglaw", I'm hoping that means that it is your sole and greatest aspiration to work in a big law firm. If it is just a present interest or curiosity, then no, I wouldn't go into a quarter million dollars of debt just to keep options open. My theory is, if you are spending that much, you better have a damn good reason (at least thats how my parents taught it to me, i.e. think of what you need and then consider the cost. It shouldn't be backwards, i.e. look at the cost and then try and justify it)

[CanadianWolf]

Hopefully your parents connections can help your chances of admission, but don't rely on them.

[ArtVandalay]

1. Take the LSAT
2. Get in to a T14
3. Ask this again
4. ?????????
5. PROFIT

Investors???.....Possibly YOU

[protein]

3.5 isn't low at all for law school

Drill the LSAT and you could be looking at a lot more than the lowest 13's

[scammedhard]

Is it really a death-sentence to graduate with a $250k in debt, or is it manageable?

There are only three ways by which one can manage to pay such a debt:

1. Big law = Big salary. Please realize that, despite what the schools say, only a fraction of T14 grads actually make it into Big law.

2. LRAP. Here, one has to be very careful and chose wisely because most LRAPs are not as good as they sound. Make sure you read and understand their terms and conditions.

3. A Gov job. Lots of them have loan forgiveness programs after a number of years (at least 10). Please realize that one is liable for the taxes of the forgiven loan. So, if you owe 200K and loan is forgiven, you have to pay income taxes on that 200K.

[NYC Law]

Is it really a death-sentence to graduate with a $250k in debt, or is it manageable?

There are only two ways by which one can manage to pay such a debt:

1. Big law = Big salary.

2. LRAP. Here, you have to be very careful and chose wisely because most LRAPs are not as good as they sound. Make sure you read and understand their terms and conditions before you make a decision.

3. PSLF + IBR

4. Private Sector Loan Forgiveness + IBR (with acknowledged tax bomb)

[Deuce]

given a few connections I have

Still loling

[Flips88]

Everyone would like to predict they'll score in the top 3% of LSAT takers, but 97% of them end up sorely disappointed. Get a score and then your chances can be discussed.

[gens1tb]

You pay taxes on the forgiven loan amount at the end of 25 years if you're private sector and not public; important and possibly very expensive distinction