Should I take this gov't job? Forum

[Anonymous User]

Current biglaw midlevel considering taking a local government job. I've gotten a consensus opinion from friends and family, but this board has been very helpful to me over the past five years or so, and I'd like to see what people think.

Here are the relevant facts:
-3rd year
-Cravath-scale salary
-still have low 6 figure combined UG and LS loans
-tired of biglaw (for the usual reasons) and don't want to go in-house at any of the options available (basically banks)
-time-consuming and important (to me) hobby/passion

local gov't job:
-meaningful work helping people who need it
-100k income
-top income potential ~150k
-good quality of life
-smart colleagues, many of whom also worked in biglaw

Thanks for your feedback!

[2013]

Did you stay on PAYE/REPAYE? If not, $100k is going to be difficult to pay off loans.

[Anonymous User]

Did you stay on PAYE/REPAYE? If not, $100k is going to be difficult to pay off loans.

Going to stay on standard repayment. I've gone thru the numbers with my SO and we could do it if she helps out a bit with expenses, which she's willing to do. Don't want to do IBR or PSLF bc of the tax bomb and political uncertainty, respectively.

[2013]

Did you stay on PAYE/REPAYE? If not, $100k is going to be difficult to pay off loans.

Going to stay on standard repayment. I've gone thru the numbers with my SO and we could do it if she helps out a bit with expenses, which she's willing to do. Don't want to do IBR or PSLF bc of the tax bomb and political uncertainty, respectively.

Investing the money now to save for the tax bomb would probably smarter, but that’s a separate issue.

Is this SO a future spouse? I think if the numbers work, you should take the job.

[Anonymous User]

Did you stay on PAYE/REPAYE? If not, $100k is going to be difficult to pay off loans.

Going to stay on standard repayment. I've gone thru the numbers with my SO and we could do it if she helps out a bit with expenses, which she's willing to do. Don't want to do IBR or PSLF bc of the tax bomb and political uncertainty, respectively.

No tax bomb for PSLF. I left biglaw to go government and never looked back. That being said, it was a fed gig and the pay was $120k. I hear 4 years out. I think you could probably get paid more if you look at federal jobs.

[Anonymous User]

Did you stay on PAYE/REPAYE? If not, $100k is going to be difficult to pay off loans.

Going to stay on standard repayment. I've gone thru the numbers with my SO and we could do it if she helps out a bit with expenses, which she's willing to do. Don't want to do IBR or PSLF bc of the tax bomb and political uncertainty, respectively.

No tax bomb for PSLF. I left biglaw to go government and never looked back. That being said, it was a fed gig and the pay was $120k. I hear 4 years out. I think you could probably get paid more if you look at federal jobs.

Ahh yeah I meant for the IBR, political uncertainty for PSLF. Unfortunately bc I'm tied to New York it's hard to find fed jobs in my practice area here (which I'd rather not share to preserve anonymity. Congrats on the fed gig tho!

[QContinuum]

I wouldn't worry too much about political uncertainty re: PSLF. The uncertainty affects 0Ls considering law school - PSLF might be cancelled before they matriculate, so someone planning on starting law school in fall 2019 or 2020 intending to rely on PSLF might have the carpet yanked out from under their feet. But those who've already taken out loans will be OK even if PSLF is cancelled tomorrow.

[Anonymous User]

I wouldn't worry too much about political uncertainty re: PSLF. The uncertainty affects 0Ls considering law school - PSLF might be cancelled before they matriculate, so someone planning on starting law school in fall 2019 or 2020 intending to rely on PSLF might have the carpet yanked out from under their feet. But those who've already taken out loans will be OK even if PSLF is cancelled tomorrow.

hmm I remember reading something in the Times about how only 100 out of 28,000 applicants got loan forgiveness. but it sounds like you know the program better than I do, so I may just be missing something.

[QContinuum]

I wouldn't worry too much about political uncertainty re: PSLF. The uncertainty affects 0Ls considering law school - PSLF might be cancelled before they matriculate, so someone planning on starting law school in fall 2019 or 2020 intending to rely on PSLF might have the carpet yanked out from under their feet. But those who've already taken out loans will be OK even if PSLF is cancelled tomorrow.

hmm I remember reading something in the Times about how only 100 out of 28,000 applicants got loan forgiveness. but it sounds like you know the program better than I do, so I may just be missing something.

People are just starting to become eligible for forgiveness under PSLF - that's why very few loans have been forgiven so far. The vast majority on PSLF have not yet made the requisite 120 on-time monthly payments to qualify for forgiveness. (The 120 payments don't need to be consecutive; there just needs to have been 120 on-time payments total, which could add up to more than 10 calendar years if there were any missed/late payments at any point.) We should see the pace pick up over the next few years as more and more borrowers reach eligibility.

Also, a few were denied because they were on a nonqualifying repayment plan. Again, these were "early adopters" from a decade ago, when the program's terms were perhaps a little less clear. At this point, just double-check to make sure you get on a qualifying repayment plan and there shouldn't be a need to worry.

Here, read all about it: https://studentaid.ed.gov/sa/repay-loan ... ic-service

[Anonymous User]

This is OP--thanks to everyone who has replied so far! Really appreciate the feedback.