~500k Combined Debt- Manageable or Catastrophic? Forum

[Otunga]

I've applied to each of BC and BU and unless you get their full PI scholarships, which are rare, you're not going there on a full offer. My stats are a good amount above the 75ths and I didn't get one at either (not that I'm going for PI). However, I agree with the general idea being suggested that either school at a relatively affordable price is better than Georgetown at sticker, not only financially, but for your relationship also.

I would have to disagree. I got 80% tuition offer from BC and 100% from BU (I think it was 40/yr Dean scholarship and 6/yr need-based). Didn't apply for PI or anything. I was >75 GPA and >50 LSAT

totally anecdotally, but from what happened with my IRL friends and those schools, the boston schools seem pretty homer-y when passing out the money

I thought my experience was representative, but maybe not. I have almost a full tuition offer at one of BC and BU but it wasn't an initial offer. I'm a local.

[d cooper]

She should have gone CCN w/ $$$ and let the splitter pay sticker.

[BlakcMajikc]

She should have gone CCN w/ $$$ and let the splitter pay sticker.

real love

[FanOfPosner]

/

[Tiago Splitter]

I've been struggling with this as well. Significant other and I managed to be at the same university (he started last year, I'm starting in the fall), but we're looking at a combined debt of ~$400k by graduation, which seems absolutely insanely large. I want big law and he wants ophthalmology (med student), so I feel like our earning potential is large, but that debt number is just so big.

It really doesn't make much difference. It's no different than you both going on your own and each racking up 200k in debt. Shitty, but not the end of the world. The reason why it's such a problem for OP is that he wants PI but his wife's biglaw salary could force him to make larger PAYE payments and will definitely cause him to lose out on some LRAP money.

[ManoftheHour]

She should have gone CCN w/ $$$ and let the splitter pay sticker.

180

[hellomellow]

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

Lolololol these threads make my night

[hellomellow]

Don't go to law school. you have a sugar momma.

Haha

No, but seriously. If you want to be a lawyer someday, you should do it BUT obviously be smart about it. Don't go for sticker unless you have to and it seems that you wouldn't need to in order to carry out your goals. enjoy your life, and obviously be cautious about your decisions but do what will make you happy now and ten years down the line.

[crazycanuck]

OP do not go to law school. That amount of debt is unmanageable. End of story.

My wife got a social sciences degree, 3 years later she's doing project management and making 65k. Just because there aren't any opportunities for you now does notean that there won't be opportunities in the future. Do not under any circumstance go to law school unless you really really have a fervent desire to be a lawyer, know what lawyers do, and wouldn't be happy doing anything else. That is the only scenario where 500k of debt might be remotely worth it.

Let's talk actual holy shit numbers here.
500k over a year period at 7% in payments of 3.8k per month. For 20 fucking years. That's 46k a year. For 20 fucking years. If you want to cut it down to 10 years it's 5.8k a month. Just walk away. If you do this, kiss the relationship good bye. She will resent you when she hates her big law job but can't quit because of debt while you are doing work you like.

[jbagelboy]

She will resent you when she hates her big law job but can't quit because of debt while you are doing work you like.

This, especially if you strike out from Georgetown and can't pay off the debt yourself (which is not that unlikely).

[Gungnir]

Let's talk actual holy shit numbers here.
500k over a year period at 7% in payments of 3.8k per month. For 20 fucking years. That's 46k a year. For 20 fucking years. If you want to cut it down to 10 years it's 5.8k a month. Just walk away. If you do this, kiss the relationship good bye. She will resent you when she hates her big law job but can't quit because of debt while you are doing work you like.

Holy shit is right. I withdrew from Georgetown before the deposit deadline, feels like I saved my life. I still want to go to law school, but only if it can make sense for me. I'll see what happens with the WLs, but I'll probably be reapplying next cycle. Hopefully I can squeeze big money out of somewhere decent despite my GPA, and if not, maybe I can find another direction for my life. Thanks for the input TLS.

[crazycanuck]

Let's talk actual holy shit numbers here.
500k over a year period at 7% in payments of 3.8k per month. For 20 fucking years. That's 46k a year. For 20 fucking years. If you want to cut it down to 10 years it's 5.8k a month. Just walk away. If you do this, kiss the relationship good bye. She will resent you when she hates her big law job but can't quit because of debt while you are doing work you like.

Holy shit is right. I withdrew from Georgetown before the deposit deadline, feels like I saved my life. I still want to go to law school, but only if it can make sense for me. I'll see what happens with the WLs, but I'll probably be reapplying next cycle. Hopefully I can squeeze big money out of somewhere decent despite my GPA, and if not, maybe I can find another direction for my life. Thanks for the input TLS.

You're making the right choice and don't let anyone tell you otherwise.

[Nebby]

Done fucked. Debt ain't real. It's the man holding you down.

[spleenworship]

Let's talk actual holy shit numbers here.
500k over a year period at 7% in payments of 3.8k per month. For 20 fucking years. That's 46k a year. For 20 fucking years. If you want to cut it down to 10 years it's 5.8k a month. Just walk away. If you do this, kiss the relationship good bye. She will resent you when she hates her big law job but can't quit because of debt while you are doing work you like.

Holy shit is right. I withdrew from Georgetown before the deposit deadline, feels like I saved my life. I still want to go to law school, but only if it can make sense for me. I'll see what happens with the WLs, but I'll probably be reapplying next cycle. Hopefully I can squeeze big money out of somewhere decent despite my GPA, and if not, maybe I can find another direction for my life. Thanks for the input TLS.

I think you made the right call. You should be able to get a scholly somewhere good. If not, best of luck to you.