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Debt

I am struggling with the idea of taking out student loans. I'm fortunate to have none for undergrad, but I'm so concerned that taking out loans of $110,000 will ruin my life and financial future.....SOS. At this point I feel like I shouldn't even go to school unless it's free :(

Any advice to get more comfortable with taking this debt on?

Comments

  • KaterynaKateryna Alum Member
    984 karma

    There is no "good debt". If you do not feel comfortable, do not take it. It will be very difficult to pay off in a couple years. Most likely it will take a decade after you graduate. If that is not something you are interested in, make sure you apply to schools that are likely to give you scholarships

  • _oshun1__oshun1_ Alum Member
    edited May 2018 3652 karma

    get a good lsat score, apply broadly, negotiate, and only accept the school that gives you a full ride.

  • FixedDiceFixedDice Legacy Member
    1804 karma

    I assume this means you chose Davis?

  • LSAT_WreckerLSAT_Wrecker Legacy Member
    4850 karma

    Everyone has their own tolerance for debt. You have to feel comfortable where you are. I can tell you, as someone who's family has a good deal of debt (mortgage and wife's first doctorate), as long as your service it regularly (make the payments and get ahead when you can), its just a part of life and fades into the background.

    However, I do understand the concern. I would probably feel much differently if I was in my early 20's without a pension or spouse whose profession is in high demand.

  • stepharizonastepharizona Alum Member
    3197 karma

    The debt is stressful. BU had a good calculator that helps give realistic expectations. They shared it with us at ASD and ironically a big reason why I decided to withdraw. It factors in loan fees and interest. http://www.bu.edu/law/admissions/financial-aid/financial-planning-calculator/

    We each have our own debt limits. Mine stopped me from going to what may have been the best choice for me and my goals. But we have to see that our education is both an investment and a bit of a gamble if we're not at a T14 (and even then there are still no guarantees).

    Even with my current full ride I'm still looking at $73k in debt (with fees/books/room/board and other COA) and that helped put things in perspective. So a full ride isn't the end all and be all. You'll still other COA items.

    I should probably be taking on more debt than I'm willing to but we each have our limits. I don't want more than a $1200 loan payment (in a 10 year plan) as I've equivalent to what I've already paid off within 10 years. And while it becomes common to make that payment it doesn't really fade into the background you're still responsible for it and it's not dischareable.

    Do the math, and find your comfort zone. Know that 100,000 in loans will be more with interest and origination fees figure out that number and then determine the repayment options.

    It is a lot to take on but manageable. Know about the different types of repayment plans and you'll feel more confident about your loans.

  • Simple ManSimple Man Alum Member
    448 karma

    Have you considered enrolling in a part-time program? That way you can still be making an income to fund your tuition, living expenses, or offset any loans you might take out.

    It also depends on the area of law you want to practice and on the ROI you can expect from that field. If you were to make six figures doing Big Law right after graduation that 100k debt would just be a drop in your financial bucket. If you became an assistant DA making $46k, those debts start to look daunting. It just depends on any scholarships you get, where you go to school, and ultimately where you land when you get out.

  • Seeking PerfectionSeeking Perfection Alum Member
    4423 karma

    Everyone does have their own tolerance and line for debt.

    For me I either wanted a full tuition scholarship or to be some place in the Top 14 where I could be confident of using Big Law to pay off the debt.

    If you feel like your current offer is comfortable do it. If not, retake and reapply next year with more experience and a better LSAT score. You'll have more savings and get a better offer. Waiting isn't going to be forever.

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