kennethellenparcell wrote:OP first of all - did you get into any lower T14 schools? Did you try negotiating with your UChicago scholly yet? If not, worth a try.
I came from a similar background to you and big law is 100% a step up. If you're first generation immigrant like me, then big law really won't seem that bad. You can handle it - spend about three years in a good law firm (which you'll definitely be able to get from UChicago) and network and try to find a good in-house position. Or lateral to a more lifestyle firm. Trust me, recruiters will be banging on your door from like day one. It's not all doom and gloom like people say on here. Sure, big law isn't easy (and I'm still in my first year at my law firm) but it's a decent gig if you're trying to move up in the world.
As for tips to deal with loans/debt in general:
- if you're interest in PI, definitely try to get that experience during your 1L summer and join clinics and integrate yourself with those profs to learn about opportunities. At UChicago, there will be people who, if they can't teach you themselves, will be able to put you in touch with the people that can teach you. There's no shortage of people who will help if you ask. And if the first person you ask won't help, another one will.
- I worked for 3 years to save up before I went to law school. If you know you want to go to law school 100% right now, I wouldn't go this route. Otherwise, I'd defer at UChicago and go work. It helped significantly with my first year rent and food expenses.
- Pay down interest if you can during school, or at least before it capitalizes. You can get an interest deduction on your taxes for this (until the year you start making over $80K I think) - if you can afford to pay off the interest.
- Like everyone said, don't blow your SA dollars - save and use toward rent, food etc.
- Also, being in Hyde Park, your rent will be cheap. If you can get/are willing to get roommates, you can save a lot on those costs and use some of your dollars to pay tuition.
- I got a part-time job 3L year to help with food and rent costs. May be a good idea if you have the time.
- Finally, refinance after graduation if you can! There are some banks (First Republic e.g.) that are offering insanely low fixed rates. But if you're going into PI ultimately, re-financing may not make sense because your loans will be forgiven anyway.
- Also, don't get sucked into the law student high rolling life. One of the biggest shocks I had to my system was going to UChicago for undergrad. Almost everyone was wealthier than me and lacked the perspective I had growing up - almost made me ashamed of how I was raised. It was even worse in law school, but I already had that shock to my system and it didn't bother me as much anymore.
Having a lot of debt sucks but I would say it's a hell of a lot better than the life my parents had to lead to give me the opportunities I have now. Plus, honestly - I don't have the luxury to do the things I want. I need to have a decent-paying job to take care of them as they get older.
Thank you so much for the response and suggestions. I feel like you definitely understand more where I am coming from. And 100% the idea of wanting desperately to be able to support my parents and family in old age. I am a man of incredibly simple pleasures and I love to work- not saying I will love big law, just saying I feel grateful when I have things to do.
I will take these recommendations into consideration.
The more I think about it the more I am convinced that I should pursue private sector work (not PI).
Thanks again for the help.
(I feel guilty about the low lying fat joke).
