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How possible will it be to pay off 100-90k debt from a a public law school in a state where it is the only law school? The salary I'm looking at will be anywhere from 45-65k to start off.

$90-$100k can be paid off much more quickly if your law school is private and one of many in a given state

Wholigan wrote:$90-$100k can be paid off much more quickly if your law school is private and one of many in a given state

I lol'ed

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

I definitely think it is feasible to be debt free in 10 years with 100k debt and a salary of 45k (even assuming no salary increases). With 100k debt, 6.8% interest, and a 10 year repayment plan you are looking at around $14000 in debt payments a year.

With 45k, your take home is around 38k. 14k in loan repayments leaves you with 24k to live off of which is very doable even in areas with high CoL (which you probably aren't in considering there is only one law school in the state).

Anonymous User wrote:How possible will it be to pay off 100-90k debt from a a public law school in a state where it is the only law school? The salary I'm looking at will be anywhere from 45-65k to start off.

just run an amortization table and plug in some numbers. Obviously it's easier at 65k than 45k.

Thanks, for some reason I just had a random panic attack today about it.

Forgot to add that I did that haphazardly and just used 6.8% across the board. Remember that GradPLUS loans are 7.9%, unsubsidized Stafford is 6.8%, and subsidized Stafford is currently 3.4% but I think it is going to be 6.8% next year.

bk187 wrote:Forgot to add that I did that haphazardly and just used 6.8% across the board. Remember that GradPLUS loans are 7.9%, unsubsidized Stafford is 6.8%, and subsidized Stafford is currently 3.4% but I think it is going to be 6.8% next year.

I think subsidized Stafford are 6.8% for grad students.