I know people go in with varying levels of debt, but assuming one has $150K in law school debt, how long will that take to pay off?
-If you're working in biglaw?
-If you're in mid-law?
-If you're in small-law?
-Or even completely outside of law?
Would I be able to get married, buy a house, and have a family within 5 years after law school? ...What is it like?
How are you law graduates managing your debt?
How Long Will It Take to Repay Law School Debt? Forum
- scifiguy
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Re: How Long Will It Take to Repay Law School Debt?
I believe the standard is a 10 year repayment plan. At 150k in debt, you're looking at 120 payments of about $1,700.
It adds up to about 20k a year, so take your annual salary, subtract 20k, and that's your real salary.
You should have enough left over to start your life.
It adds up to about 20k a year, so take your annual salary, subtract 20k, and that's your real salary.
You should have enough left over to start your life.
- dingbat
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Re: How Long Will It Take to Repay Law School Debt?
It all depends. Do you go partying like a rockstar, or do you aggressively pay down debt? Do you live in a big apartment in an expensive city, or do you have more meager accommodations? Do you go in an extended repayment plan? Do you quit your job because it sucks?scifiguy wrote:I know people go in with varying levels of debt, but assuming one has $150K in law school debt, how long will that take to pay off?
-If you're working in biglaw?
-If you're in mid-law?
-If you're in small-law?
-Or even completely outside of law?
Would I be able to get married, buy a house, and have a family within 5 years after law school? ...What is it like?
How are you law graduates managing your debt?
It's possible to pay off your loans within 5 years, and it's possible for it to take a quarter century.
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