~500k Combined Debt- Manageable or Catastrophic? Forum

[cotiger]

The problem is if you need LRAP and she has a big law salary, that doesn't work.

They can just not get technically married. Problem solved?

people are really into being married for some reason

You can still be married for all everyday life purposes, and have the ceremony and everything, but just not sign the marriage certificate. And while I don't know anything about the tax code here, I do know that for instance Justin Wolfers and Betsy Stevenson didn't sign a marriage certificate bc of the tax implications.

Of course not everyone would feel comfortable with this, but then again not everyone would feel comfortable going half a million in debt. It's at least something to consider if they're deadset on going to these two schools.

[Kimikho]

defer 3 years, get her to pay for your school w/ her biglaw job, then break up with her

outside of that last part I feel like this might be the best response (though most schools will only allow you to defer for a shorter time). You can work so her loans are less, you skip having an LDR during a really stressful year for both of you, and then you reapply at the end as a better applicant/three more years removed from that GPA.

[patogordo]

alternatively, don't go to law school. live on her biglaw salary and do whatever PI shit you feel like doing without a law degree.

[ManoftheHour]

alternatively, don't go to law school. live on her biglaw salary and do whatever PI shit you feel like doing without a law degree.

This. Starting off 500k in the hole is INSANE.

If not, seriously go to BC/BU for free.

[Gungnir]

Thanks for all the input. I don't feel great about GULC at sticker to begin with, and I think everyone is right-- 500K combined debt would be a terrible way to start a life. I got too wrapped up in wanting to go to law school this fall and GULC seemed like my best offer, but I think I'm going to withdraw and hope for $$ off a WL or reapply next cycle.

[twenty]

Yeah, if she's already going to Harvard, it's probably worth sitting out the year, (hopefully retaking the LSAT) and going to BU for free. The ED full ride is pretty predictable. Plus, you can save on expenses living together.

[bk1]

Do people really think that OP would get significantly different offers in a different cycle? A full ride to BU/BC seems unlikely for such a low GPA and it's not like OP submitted late (I doubt that OP's Nov/Dec apps were detrimental).

Plus I'm not entirely convinced that waiting would be easier on their lives. As students they will have the most free time they will ever have, especially if one of them goes into biglaw. If they wait until she gets a job, then he's limited to wherever she gets a job or they do long distance while she's a biglawyer (not to mention the fact that if she gets a clerkship she may very well be living in some random ass city for a year or two). Even on the financial side it doesn't seem like waiting offers a significant advantage. If he waits to start school until after she graduates, she will still probably have around 150k debt after he finishes school (3 years of biglaw or 1 year of clerking + 2 years of biglaw) and as noted above, it's not like there's a good chance he can get a full ride to a strong regional school.

I'm not saying that 500k debt isn't terrifying and that it shouldn't be avoided, I'm just saying that the proposed solution of waiting seems to provide more pros than cons.

[patogordo]

waiting is the best option because it increases the odds that he just won't go

[Elston Gunn]

Do people really think that OP would get significantly different offers in a different cycle? A full ride to BU/BC seems unlikely for such a low GPA and it's not like OP submitted late (I doubt that OP's Nov/Dec apps were detrimental).

Plus I'm not entirely convinced that waiting would be easier on their lives. As students they will have the most free time they will ever have, especially if one of them goes into biglaw. If they wait until she gets a job, then he's limited to wherever she gets a job or they do long distance while she's a biglawyer (not to mention the fact that if she gets a clerkship she may very well be living in some random ass city for a year or two). Even on the financial side it doesn't seem like waiting offers a significant advantage. If he waits to start school until after she graduates, she will still probably have around 150k debt after he finishes school (3 years of biglaw or 1 year of clerking + 2 years of biglaw) and as noted above, it's not like there's a good chance he can get a full ride to a strong regional school.

I'm not saying that 500k debt isn't terrifying and that it shouldn't be avoided, I'm just saying that the proposed solution of waiting seems to provide more pros than cons.

Yeah, but if he waits, he may decide he likes whatever job he finds in Boston and not to go to law school at all because he can have the PI career he wants without a law degree. A much better outcome.

[bk1]

Then everybody should be telling him that not going is the best option instead of some stupid run around "oh you should wait because it's better for X, Y, and Z reasons."

I mean that honestly seems like the best option. OP gets a non-legal public interest job (so he gets the career that he is interested in) while living with his gf who is taking out near sticker and then (presumably) going into biglaw. They have have sub 250k debt (since OP will be working and helping with living expenses while his gf is in school) and when she gets into biglaw they are taking in somewhere between 200-250k with sub 250k debt.

[Danger Zone]

Too painful to the male ego to have the wife be a bread winner. OP would not agree if we phrased it that way.

[bk1]

Too painful to the male ego to have the wife be a bread winner. OP would not agree if we phrased it that way.

This is stupid and you should feel bad.

He wants to do PI where he certainly would not be the breadwinner. Plus he'll technically be the breadwinner while she's in school if he's working.

[Danger Zone]

I agree it's stupid, but no need to feel bad if it's true.

[bk1]

I agree it's stupid, but no need to feel bad if it's true.

It's stupid because whether or not it's true, it isn't applicable to this situation for the reasons I stated.

If OP doesn't want to listen to advice then that's his prerogative. People should at least be honest in their advice.

[patogordo]

Then everybody should be telling him that not going is the best option instead of some stupid run around "oh you should wait because it's better for X, Y, and Z reasons."

I mean that honestly seems like the best option. OP gets a non-legal public interest job (so he gets the career that he is interested in) while living with his gf who is taking out near sticker and then (presumably) going into biglaw. They have have sub 250k debt (since OP will be working and helping with living expenses while his gf is in school) and when she gets into biglaw they are taking in somewhere between 200-250k with sub 250k debt.

that's exactly what i said though like three posts ago

[BlakcMajikc]

Yeah, if she's already going to Harvard, it's probably worth sitting out the year, (hopefully retaking the LSAT) and going to BU for free. The ED full ride is pretty predictable. Plus, you can save on expenses living together.

Honestly, if you do want to be a lawyer, this (BU/BC) sounds like a pretty solid plan.

[NYSprague]

Even if he just pays living expenses they will minimize debt. I feel a Ldr would work when she is in biglaw because she won't have time. He could stay in the NE corridor and they will be fine.

[bk1]

that's exactly what i said though like three posts ago

Haha yeah I had quoted your post to agree with it and parse the numbers slightly, but I think I accidentally removed the quote when elston had also replied.

[Gungnir]

Yeah, it's really not a breadwinner insecurity issue here. I'm very unsure about the idea of not going at all... even if that's the most financially sound advice, I do want to be a lawyer and I don't see much opportunity to do what I want without a JD. Maybe I haven't looked hard enough though. Plenty of time to figure that out, I suppose, if I wait until at least next cycle.

A side question about BU/BC: I don't want to stay in Boston. Do these schools have the national reach to allow me flexibility in choosing between DC/NYC? I was under the impression that they don't do well outside Boston, but maybe that's mostly just for BigLaw?

[ManoftheHour]

I agree it's stupid, but no need to feel bad if it's true.

It's stupid because whether or not it's true, it isn't applicable to this situation for the reasons I stated.

If OP doesn't want to listen to advice then that's his prerogative. People should at least be honest in their advice.

This. We don't know if OP is an insecure man or not. That issue is irrelevant. I'm just going to assume he's not because he's not asking for advice on that part.

[bk1]

Yeah, it's really not a breadwinner insecurity issue here. I'm very unsure about the idea of not going at all... even if that's the most financially sound advice, I do want to be a lawyer and I don't see much opportunity to do what I want without a JD. Maybe I haven't looked hard enough though. Plenty of time to figure that out, I suppose, if I wait until at least next cycle.

A side question about BU/BC: I don't want to stay in Boston. Do these schools have the national reach to allow me flexibility in choosing between DC/NYC? I was under the impression that they don't do well outside Boston, but maybe that's mostly just for BigLaw?

I think that is a good point about waiting, it gives you more time to figure things out (including going down a non-law school path).

BU/BC are Boston-centric but they do have at least some pull on the East Coast generally. While they may not be as ideal for NY as Fordham or DC as GW, I think at a full scholarship they are a reasonable choice even if you want to end up in NY/DC.

[Danger Zone]

This. We don't know if OP is an insecure man or not. That issue is irrelevant. I'm just going to assume he's not because he's not asking for advice on that part.

The study above was about men in general, not simply insecure men.

Either way, just don't go to law school unless it's BU/BC for free.

[ManoftheHour]

This. We don't know if OP is an insecure man or not. That issue is irrelevant. I'm just going to assume he's not because he's not asking for advice on that part.

The study above was about men in general, not simply insecure men.

Either way, just don't go to law school unless it's BU/BC for free.

They're not mutually exclusive. I think most men that I encounter are insecure about that "issue." You'd have to be insecure if your self esteem is lowered because your romantic partner, the person that you love makes more money/performs better than you do. If someone feels less of a man because of something like that, he's insecure.

But yeah, BC/BU for free is 180 here.

[McAvoy]

Going to Boston right away then subsequently doing BU/BC would probably be a good idea for the relationship, too.

Maintaining a happy marriage with one person in law school is supposed to be challenging -- maintaining an engagement while both people are 1Ls in different cities sounds really difficult and really not fun. Would you guys get to see each other even ten times a year? That sounds really hard.

[ManoftheHour]

Going to Boston right away then subsequently doing BU/BC would probably be a good idea for the relationship, too.

Maintaining a happy marriage with one person in law school is supposed to be challenging -- maintaining an engagement while both people are 1Ls in different cities sounds really difficult and really not fun. Would you guys get to see each other even ten times a year? That sounds really hard.

I was too lazy to type that out, but yeah. Definitely.

Either way, just don't go to law school unless it's BU/BC for free.

TITCR


OP, check this out:
http://www.top-law-schools.com/forums/v ... 1&t=220431