2008 Grad;just paid off last of law school loans; taking Q Forum

[Harbaugh]

Graduated in 2008. Just paid off last of my law school loans. Taking questions.

[Ron Don Volante]

what now?

[Harbaugh]

what now?

Same old thing for now.

[kalagdud97]

On what salary, how much did you pay per year, what city, how much debt?

[Harbaugh]

On what salary, how much did you pay per year, what city, how much debt?

Salary has varied - up and down. I started out in NY at $160k. Moved to a smaller city after 2 years. I pretty much only paid minimum payments for the first few years. About 18 months ago I got really sick of not making a dent in the debt and started throwing a lot of extra money at it. I graduated with about $150k of debt.

[jw316]

On what salary, how much did you pay per year, what city, how much debt?

Salary has varied - up and down. I started out in NY at $160k. Moved to a smaller city after 2 years. I pretty much only paid minimum payments for the first few years. About 18 months ago I got really sick of not making a dent in the debt and started throwing a lot of extra money at it. I graduated with about $150k of debt.

How would you describe your lifestyle in NY and then in the smaller city given what you were paying toward your loans? Like outside of the office, what was day-to-day/weekend/vacation life like? Is it all top ramen and a shitty studio apt like sometimes people on TLS make it out to be?

[Harbaugh]

On what salary, how much did you pay per year, what city, how much debt?

Salary has varied - up and down. I started out in NY at $160k. Moved to a smaller city after 2 years. I pretty much only paid minimum payments for the first few years. About 18 months ago I got really sick of not making a dent in the debt and started throwing a lot of extra money at it. I graduated with about $150k of debt.

How would you describe your lifestyle in NY and then in the smaller city given what you were paying toward your loans? Like outside of the office, what was day-to-day/weekend/vacation life like? Is it all top ramen and a shitty studio apt like sometimes people on TLS make it out to be?

Pretty good lifestyle really. I could have done better paying off the loans if I lived more of a poverty life.

I had a great one-bedroom apartment in NY - luxury, doorman building. Spent my extra money on nice clothes, going out on the weekends and some nice vacations.

When I moved out of NY I bought a pretty nice house, new car and had money for going out and vacations.

Never had any issues with money but the stress of having all the debt is pretty depressing at times, especially when you have bad days at work and feel stuck in the job.

[jw316]

On what salary, how much did you pay per year, what city, how much debt?

Salary has varied - up and down. I started out in NY at $160k. Moved to a smaller city after 2 years. I pretty much only paid minimum payments for the first few years. About 18 months ago I got really sick of not making a dent in the debt and started throwing a lot of extra money at it. I graduated with about $150k of debt.

How would you describe your lifestyle in NY and then in the smaller city given what you were paying toward your loans? Like outside of the office, what was day-to-day/weekend/vacation life like? Is it all top ramen and a shitty studio apt like sometimes people on TLS make it out to be?

Pretty good lifestyle really. I could have done better paying off the loans if I lived more of a poverty life.

I had a great one-bedroom apartment in NY - luxury, doorman building. Spent my extra money on nice clothes, going out on the weekends and some nice vacations.

When I moved out of NY I bought a pretty nice house, new car and had money for going out and vacations.

Never had any issues with money but the stress of having all the debt is pretty depressing at times, especially when you have bad days at work and feel stuck in the job.

Thanks!

[UnderTheLaw]

Was it worth it?

I'm guessing you went to a T14... do you think you would have been better off with the full scholarship elsewhere?

[jw316]

Was it worth it?

I'm guessing you went to a T14... do you think you would have been better off with the full scholarship elsewhere?

Ooo, good question. To UnderTheLaw's point can you also please share which T14 or like which "tier" vs your other option(s)?

[silenttimer]

I graduated in 2010 and was able to pay off my law school loans in 3 years (~$130k). V50 firm in secondary market. Went to T30 school and graduated just outside of the top third. No law review, secondary journal, or moot court.

[Harbaugh]

Was it worth it?

I'm guessing you went to a T14... do you think you would have been better off with the full scholarship elsewhere?

Still not sure if it was worth it or not. Law school pretty much sucks and is a waste of three years. Working at a law firm is not much fun either, especially the first couple of years when you don't know how to do anything. I think I would rather be on the business side of things, but who knows where I would be today if I went that route.

I did go to a T14, but wasn't offered a full scholarship anywhere. I definitely could have gone to some cheaper schools w/ some scholarship and that would have probably been even worse.

[ilikebaseball]

On what salary, how much did you pay per year, what city, how much debt?

Salary has varied - up and down. I started out in NY at $160k. Moved to a smaller city after 2 years. I pretty much only paid minimum payments for the first few years. About 18 months ago I got really sick of not making a dent in the debt and started throwing a lot of extra money at it. I graduated with about $150k of debt.

If you could go back in time, would you have lived the sort of lifestyle after law school, or would you have rather paid it off first?

[Harbaugh]

On what salary, how much did you pay per year, what city, how much debt?

Salary has varied - up and down. I started out in NY at $160k. Moved to a smaller city after 2 years. I pretty much only paid minimum payments for the first few years. About 18 months ago I got really sick of not making a dent in the debt and started throwing a lot of extra money at it. I graduated with about $150k of debt.

If you could go back in time, would you have lived the sort of lifestyle after law school, or would you have rather paid it off first?

I would have scaled back the lifestyle some and paid off the debt sooner.

[jw316]

I graduated in 2010 and was able to pay off my law school loans in 3 years (~$130k). V50 firm in secondary market.

Same question to you from earlier re: lifestyle day-to-day/weekends/vacation since I'm assuming you were spending more per month on your loans. How "bad" was your lifestyle during those 3 years and how has it changed since (like what are you putting that $ toward now, investments, a "toy" like a car/boat, models & bottles, etc.)?

[lhanvt13]

On what salary, how much did you pay per year, what city, how much debt?

Salary has varied - up and down. I started out in NY at $160k. Moved to a smaller city after 2 years. I pretty much only paid minimum payments for the first few years. About 18 months ago I got really sick of not making a dent in the debt and started throwing a lot of extra money at it. I graduated with about $150k of debt.

What was your principle + int. 18 months ago? Just curious since you just paid minimum for a decent amount of time

[silenttimer]

I graduated in 2010 and was able to pay off my law school loans in 3 years (~$130k). V50 firm in secondary market.

Same question to you from earlier re: lifestyle day-to-day/weekends/vacation since I'm assuming you were spending more per month on your loans. How "bad" was your lifestyle during those 3 years and how has it changed since (like what are you putting that $ toward now, investments, a "toy" like a car/boat, models & bottles, etc.)?

First of, I like your avatar. Go State! My life style was very modest during the three years I was paying off my loans. I bought what I needed and would only splurge once or twice a year. I eat lunch at my desk everyday. I always kept approximately $15k in emergency cash and dumped everything else into my loans. I refinanced with SoFi at 3ish% variable, which helped tremendously. I live in a secondary market and my cost of living is very low. It also helps that my fiance, now wife, has a six figures income. I still live modestly, but obviously I tend to buy the things that I want now. Because bonus was nice this year, I'm buying myself a nice German car.

[Life2good893]

This is so helpful! Thank you!!

Two questions:

1. If you paid sticker price, how did you only end up 150K in debt? Did you parents help you?

2. Is NY Big Law as soul-sucking as people make it sound? Going into public interest myself, but curious.....

[Harbaugh]

On what salary, how much did you pay per year, what city, how much debt?

Salary has varied - up and down. I started out in NY at $160k. Moved to a smaller city after 2 years. I pretty much only paid minimum payments for the first few years. About 18 months ago I got really sick of not making a dent in the debt and started throwing a lot of extra money at it. I graduated with about $150k of debt.

What was your principle + int. 18 months ago? Just curious since you just paid minimum for a decent amount of time

Not exactly sure, but I hadn't paid the loans down much because I was on the 25 year plan.

[Harbaugh]

This is so helpful! Thank you!!

Two questions:

1. If you paid sticker price, how did you only end up 150K in debt? Did you parents help you?

2. Is NY Big Law as soul-sucking as people make it sound? Going into public interest myself, but curious.....

I didn't receive any help. I did receive about $20k in scholarship. Law school was also a bit cheaper than it is now.

NY Big law is pretty soul-sucking. The work is very boring and there is a lot of it. I did make a lot of great friends at the firm, so I am grateful for that.

[banjo]

Working at a law firm is not much fun either, especially the first couple of years when you don't know how to do anything.

Corp/Lit? Do you feel you picked the right practice area?

edit: phrasing

[Harbaugh]

Working at a law firm is not much fun either, especially the first couple of years when you don't know how to do anything.

Corp/Lit? Do you feel you picked the right practice area?

edit: phrasing

Corporate. I rotated through a couple of corporate practice groups. I do feel like I made the right pick for me.

[StylinNProfilin]

On what salary, how much did you pay per year, what city, how much debt?

Salary has varied - up and down. I started out in NY at $160k. Moved to a smaller city after 2 years. I pretty much only paid minimum payments for the first few years. About 18 months ago I got really sick of not making a dent in the debt and started throwing a lot of extra money at it. I graduated with about $150k of debt.

How would you describe your lifestyle in NY and then in the smaller city given what you were paying toward your loans? Like outside of the office, what was day-to-day/weekend/vacation life like? Is it all top ramen and a shitty studio apt like sometimes people on TLS make it out to be?

Pretty good lifestyle really. I could have done better paying off the loans if I lived more of a poverty life.

I had a great one-bedroom apartment in NY - luxury, doorman building. Spent my extra money on nice clothes, going out on the weekends and some nice vacations.

When I moved out of NY I bought a pretty nice house, new car and had money for going out and vacations.

Never had any issues with money but the stress of having all the debt is pretty depressing at times, especially when you have bad days at work and feel stuck in the job.

How long do you think it would have taken to payoff if you stayed in NY?
So taking vacations is actually feasible doing biglaw?
What price range was your apartment?

[fats provolone]

lol @ these questions

[prezidentv8]

Graduated in 2008. Just paid off last of my law school loans. Taking questions.

all i have to say to this thread: congratulations.