I'll pay off my 240k loan balance in 4 years by living cheap Forum

[Pragmatic Gun]

Thank god I don't have 240K in loans and live in Texas.

thank you for that riveting contribution.

Yup, I certainly feel enriched.

[Theopliske8711]

Thank god I don't have 240K in loans and live in Texas.

(is a dick irl)

[DELG]

Thank god I don't have 240K in loans and live in Texas.

I was going to make a sarcastic remark about not having $240k debt and also not living in Texas but then I remembered where I do live

[Princetonlaw68]

I don't even succeed live cheap on a paralegal salary LOL at me trying to live cheap in three years after I (hopefully) get a 400% raise and work double the hours

I was just about to say this. I'm living in a low COL city on a low salary and to be honest, even being in a situation where I HAVE to live cheaply it's difficult. Life is just expensive in general. Rent, utilities, car payment, car insurance, cell phone bill, internet + cable. By the time you are done just paying for those essentials you're already in a situation where you are going to have a hard time keeping your monthly expenses low. Do people really think they're going to be OK with working brutal hours, after going through 3 awful years in a high competition environment, to then live WORSE than their typical college classmates? Hell no. You're going to want to go out on the weekends. Go to a bar, go to the movies, go on dates, have at least a few nice things for your apartment/house and your family is going to expect you to be able to pick up things here and there when you're together because they know you're working a six figure job. Food alone is going to hit you hard because you aren't going to have the time/energy to cook day in and day out to save money. Not that cooking is really that cheap anyway. I'm starting to realize that by the time you buy all the things you need to cook, especially when you're just cooking for yourself, it's not even worth it. Unless you're eating ramen and frozen meals over and over--and again lol at people thinking they're going to be able to stomach this while working 60 hours a week in a big corporate environment where most of their co workers will be eating out on the reg' spending money on going out etc.

60? I've always heard numbers like 80, and people making comparisons to I banking (which is 80-100). I'm a 0L, so I'm just confused.

[Power_of_Facing]

I don't even succeed live cheap on a paralegal salary LOL at me trying to live cheap in three years after I (hopefully) get a 400% raise and work double the hours

I was just about to say this. I'm living in a low COL city on a low salary and to be honest, even being in a situation where I HAVE to live cheaply it's difficult. Life is just expensive in general. Rent, utilities, car payment, car insurance, cell phone bill, internet + cable. By the time you are done just paying for those essentials you're already in a situation where you are going to have a hard time keeping your monthly expenses low. Do people really think they're going to be OK with working brutal hours, after going through 3 awful years in a high competition environment, to then live WORSE than their typical college classmates? Hell no. You're going to want to go out on the weekends. Go to a bar, go to the movies, go on dates, have at least a few nice things for your apartment/house and your family is going to expect you to be able to pick up things here and there when you're together because they know you're working a six figure job. Food alone is going to hit you hard because you aren't going to have the time/energy to cook day in and day out to save money. Not that cooking is really that cheap anyway. I'm starting to realize that by the time you buy all the things you need to cook, especially when you're just cooking for yourself, it's not even worth it. Unless you're eating ramen and frozen meals over and over--and again lol at people thinking they're going to be able to stomach this while working 60 hours a week in a big corporate environment where most of their co workers will be eating out on the reg' spending money on going out etc.

60? I've always heard numbers like 80, and people making comparisons to I banking (which is 80-100). I'm a 0L, so I'm just confused.

Unrelated question: When you're choosing an indefinite article to stick in front of the term "0L," are you subvocalizing "zero el" in your head? Or do you subvoc the term as "oh el", and just choose to use the phrasing "a 0L" because it's correct written English? Even though it sounds funky compared to "an 0L?"

Sometimes I wonder, this time I ask...

[John Everyman]

Except it's not "oh el" it's "zero el"

So...mystery solved?

[Power_of_Facing]

Except it's not "oh el" it's "zero el"

So...mystery solved?

Read my question!

I acknowledge the very correctness you point out.

[Princetonlaw68]

I don't even succeed live cheap on a paralegal salary LOL at me trying to live cheap in three years after I (hopefully) get a 400% raise and work double the hours

I was just about to say this. I'm living in a low COL city on a low salary and to be honest, even being in a situation where I HAVE to live cheaply it's difficult. Life is just expensive in general. Rent, utilities, car payment, car insurance, cell phone bill, internet + cable. By the time you are done just paying for those essentials you're already in a situation where you are going to have a hard time keeping your monthly expenses low. Do people really think they're going to be OK with working brutal hours, after going through 3 awful years in a high competition environment, to then live WORSE than their typical college classmates? Hell no. You're going to want to go out on the weekends. Go to a bar, go to the movies, go on dates, have at least a few nice things for your apartment/house and your family is going to expect you to be able to pick up things here and there when you're together because they know you're working a six figure job. Food alone is going to hit you hard because you aren't going to have the time/energy to cook day in and day out to save money. Not that cooking is really that cheap anyway. I'm starting to realize that by the time you buy all the things you need to cook, especially when you're just cooking for yourself, it's not even worth it. Unless you're eating ramen and frozen meals over and over--and again lol at people thinking they're going to be able to stomach this while working 60 hours a week in a big corporate environment where most of their co workers will be eating out on the reg' spending money on going out etc.

60? I've always heard numbers like 80, and people making comparisons to I banking (which is 80-100). I'm a 0L, so I'm just confused.

Unrelated question: When you're choosing an indefinite article to stick in front of the term "0L," are you subvocalizing "zero el" in your head? Or do you subvoc the term as "oh el", and just choose to use the phrasing "a 0L" because it's correct written English? Even though it sounds funky compared to "an 0L?"

Sometimes I wonder, this time I ask...

I'm not sure if this answers your question, but I'm pretty sure everyone is thinking, saying, and writing "zero L." I could be wrong though, since I can't read other people's thoughts

[Power_of_Facing]

I'm not sure if this answers your question, but I'm pretty sure everyone is thinking, saying, and writing "zero L." I could be wrong though, since I can't read other people's thoughts

I'm definitely thinking and saying "oh el." A la: "nine oh two one oh" sounds light years better than "nine zero two one zero."

[Princetonlaw68]

I'm not sure if this answers your question, but I'm pretty sure everyone is thinking, saying, and writing "zero L." I could be wrong though, since I can't read other people's thoughts

I'm definitely thinking and saying "oh el." A la: "nine oh two one oh" sounds light years better than "nine zero two one zero."

I think it's safe to assume that if someone writes "a 0L" that person must be thinking zero, but if that person writes "an 0L," then he/she must be thinking "oh el." Mystery solved.

[John Everyman]

I'm not sure if this answers your question, but I'm pretty sure everyone is thinking, saying, and writing "zero L." I could be wrong though, since I can't read other people's thoughts

I'm definitely thinking and saying "oh el." A la: "nine oh two one oh" sounds light years better than "nine zero two one zero."

I think it's safe to assume that if someone writes "a 0L" that person must be thinking zero, but if that person writes "an 0L," then the person must be thinking "oh el." Mystery solved.

Damn those analytical skills are impressive. That's the kind of life skills a Princeton legal education'll give you, this guy thinks like a lawyer.

[Power_of_Facing]

I'm not sure if this answers your question, but I'm pretty sure everyone is thinking, saying, and writing "zero L." I could be wrong though, since I can't read other people's thoughts

I'm definitely thinking and saying "oh el." A la: "nine oh two one oh" sounds light years better than "nine zero two one zero."

I think it's safe to assume that if someone writes "a 0L" that person must be thinking zero, but if that person writes "an 0L," then he/she must be thinking "oh el." Mystery solved.

Nice! I feel like the Conrad to your Matlock.

[zozin]

I'm not advocating this type of thinking, but wouldn't your SA and stub year pay (most of which is tax free) make a huge dent in the hypothetical $240K? You can use the SA $$$ to borrow less money, and thus avoiding the Stafford/Grad PLUS exorbitant loan fees, and potentially eschewing COL loans altogether with what you have left from SA money. And your stub year pay should also make a big dent, possibly bringing your total owed to $180Kish even only 9 months after graduation.

Am I completely wrong in this assessment? Oh, and obviously I didn't include expensive life events like marriages, because those are a huge wildcard for budget for.

[DELG]

I'm not advocating this type of thinking, but wouldn't your SA and stub year pay (most of which is tax free) make a huge dent in the hypothetical $240K? You can use the SA $$$ to borrow less money, and thus avoiding the Stafford/Grad PLUS exorbitant loan fees, and potentially eschewing COL loans altogether with what you have left from SA money. And your stub year pay should also make a big dent, possibly bringing your total owed to $180Kish even only 9 months after graduation.

Am I completely wrong in this assessment? Oh, and obviously I didn't include expensive life events like marriages, because those are a huge wildcard for budget for.

I don't know why but I don't think I know anyone who threw SA cash at their loans

[rayiner]

I'm not advocating this type of thinking, but wouldn't your SA and stub year pay (most of which is tax free) make a huge dent in the hypothetical $240K? You can use the SA $$$ to borrow less money, and thus avoiding the Stafford/Grad PLUS exorbitant loan fees, and potentially eschewing COL loans altogether with what you have left from SA money. And your stub year pay should also make a big dent, possibly bringing your total owed to $180Kish even only 9 months after graduation.

Am I completely wrong in this assessment? Oh, and obviously I didn't include expensive life events like marriages, because those are a huge wildcard for budget for.

Your SA money doesn't go as far as you'd think. It's something like $30k after tax. If you work in NYC, even if you live pretty cheaply, you'll spend $10k on rent and living expenses over the summer (four months between end of 2L spring and beginning of 3L fall), and the average is probably more like $15k.

Even if you manage to come out of your summer with $20k, remember that you have to pay rent and expenses during your bar summer too. That's 4-6 months between graduation and receiving your first paycheck (firms will generally start you between mid-September and mid-November). At least New York firms won't give you a stipend for this time. They'll give you a $7,500 cash advance, but half of that will just go towards putting down the standard NYC "first and last month's rent" deposit, and since it's a loan it'll come out of your first-year paycheck. Finally, don't forget about 1L summer. Unless you can live with your parents, that's another 3 months of rent and expenses not counted in the cost of attendance. Most people don't get a paying 1L summer job, and if you do a typical 9-5 internship, it can also be hard for you to find a part-time job that pays the rent.

Your stub-year pay isn't going to help you make a big dent in your principal. First, you'll accrue $10k in interest between graduation and the end of your stub year. Second, your expenses will be a lot higher for those two or three months because you need to buy furniture, clothing, etc. If you're a typical K-JD, you probably need to buy some nice shoes, shirts, slacks, etc. Your Ikea furniture is also probably on its last legs after 7 years of college and law school.

[Pragmatic Gun]

Jesus, this all makes me glad I live in NYC and have family here. I should put up the spare room in my house for rent for an enterprising law student. Make that $$$.

[rayiner]

Jesus, this all makes me glad I live in NYC and have family here. I should put up the spare room in my house for rent for an enterprising law student. Make that $$$.

I paid $1,800 a month for a 10x10 bedroom with attached bathroom. It's really hard to find a good deal because most NYC school students don't leave for the summer and don't sublet their apartments. You have to jump on it early.

NYU has housing starting at $181 a week for a non-air conditioned room with 2-3 people. You have to buy a meal plan which runs $130-160 per week. An air-conditioned room with 2-3 people, but no meal plan is $312 a week. These all go really fast.

[charlie.black]

This is roughly what it would take to remove debt quickly:

http://money.usnews.com/money/personal- ... ven-months

[Theopliske8711]

How common is the 5k stipend from schools in the T14? I was under the impression that it's pretty common.

[M458]

Your SA money doesn't go as far as you'd think. It's something like $30k after tax. If you work in NYC, even if you live pretty cheaply, you'll spend $10k on rent and living expenses over the summer (four months between end of 2L spring and beginning of 3L fall), and the average is probably more like $15k.

You sure it's really $30k after tax? That sounds more like pre-tax (approx. $3k a week for 10 weeks). I quickly ran the numbers for Chicago, and I came out to about $24,250. Perhaps summer programs longer than 10 weeks are more common than I thought?

How common is the 5k stipend from schools in the T14? I was under the impression that it's pretty common.

At least at NU, the stipend doesn't cover work at government agencies or judicial externships, which are fairly common. For example, take a look at this link:
http://www.law.northwestern.edu/career/ ... tyear.html

The 20% in judicial externships and 22% in "academic" (read: Research Assistant) jobs aren't getting the stipend. Maybe half of the public interest/government people aren't as well (I really wish they had separated out these categories). So that's 57% of people not getting the stipend (the RA jobs do pay, but usually a pretty low amount like $10), 14% getting the $5-6k stipend, and 21% getting not getting the stipend but getting paid in business/in-house/law firms.

[DELG]

Rayiner was calculating for 12 week summer.

[lecsa]

Also, you don't get a lot of it back until you file taxes and get a refund. The government is taxing you at a 160k level during your summer even though you're only working 3 months. You don't get that refund until the tax season.

[lawschool22]

Also, you don't get a lot of it back until you file taxes and get a refund. The government is taxing you at a 160k level during your summer even though you're only working 3 months. You don't get that refund until the tax season.

You can adjust your withholding to avoid this.

[Attax]

Also, you don't get a lot of it back until you file taxes and get a refund. The government is taxing you at a 160k level during your summer even though you're only working 3 months. You don't get that refund until the tax season.

You can adjust your withholding to avoid this.

Can you explain, if you would be so kind, how to do this? I'm torn, because I love getting my tax return, but also hate losing the money.

[Mal Reynolds]

How common is the 5k stipend from schools in the T14? I was under the impression that it's pretty common.

It's universal at Chicago.