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How do you plan on paying for Law School?

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  • sillllyxosillllyxo Alum Member
    edited August 2017 708 karma

    @Mellow_Z said:

    @tringo335 said:

    @kkrystyna said:

    My perspective is - If I don't get a scholarship I'm not going, and I advise anyone to do the same.

    I agree student loans is the least ideal situation but if that's what you have to do follow your dreams do it -- with caution. Don't get into it blindly. Understand what your monthly payments will be and compare them to your anticipated income.

    It depends largely on your career goals, whether or not it makes sense to finance law school via loans.

    As @kkrystyna said, having a family/children definitely complicates things. Some people might be able to live off ramen and beans for 3 years while scrapping by in LS, but obviously this isn't a possibility if you have other mouths to feed.

    And, if you have interest in big law, it's probably slightly more acceptable to finance your schooling through loans versus wanting to do public interest. PI comes with a pretty measly salary, whereas biglaw would allow you to cover your cost of living and chunk your student loans down pretty quick.

    and yes my comment above does mostly pertain to cautioning if you plan/if there is a chance you will have children because then you REALLY feel the burn of those student loans- if you are single it's a totally different story but even if you take on all of this debt and plan on having children 10-15 years from now and can't pay it off it will burn you then too.

    It's easy to just take on debt as it comes and just be like whatever happens happens because it's such an abstract concept that's why I caution against it especially if you plan on starting a family

  • sillllyxosillllyxo Alum Member
    708 karma

    @tringo335 said:

    @kkrystyna said:

    My perspective is - If I don't get a scholarship I'm not going, and I advise anyone to do the same.

    I agree student loans is the least ideal situation but if that's what you have to do follow your dreams do it -- with caution. Don't get into it blindly. Understand what your monthly payments will be and compare them to your anticipated income.

    as a high school student taking on undergrad debt that def. wasn't on the agenda - lol

  • TheTipsyFeministTheTipsyFeminist Alum Member
    19 karma

    Selling my not-so vital organs. I don't really need a kidney to practice law right?

  • vanessa fishervanessa fisher Alum Member
    1084 karma

    Great question. I'm in Canada so it is slightly different here. We don't have as many scholarships, but also school is generally way less here. Our top school, UofToronto, is 32K a year. Still way too expensive, but not the 50 or 60K a year at Harvard or Yale. I have a dream of going to Yale, but even if I got in I'm not sure the debt is worth the trade-off, even despite their generous repayment program. I've even been considering going to Calgary instead of staying in Toronto because tuition there is only 12K a year and its a great school.

    School prestige is not a thing here like it is in the U.S. We regulate our law education a lot more, so anywhere you go you get a good education. I still feel it might be worth going somewhere with slightly less prestige to not have to pay the 32K a year at UofToronto. Will see.

    Either way, I'm having to take out loans. And as someone that took 10 years to pay off my student loans from undergrad, I'm definitely pretty debt averse

  • Natalia B.Natalia B. Alum Member
    52 karma

    @tringo335 said:

    @"Natalia B." said:
    I'm currently paying off my student loans using the Dave Ramsey plan. I work two jobs and study for the lsat so it's a bit stressful. I am scheduled to have my student loans paid off by next summer. Then I'm going to continue working for two years and save up for law school. I'm trying for $50,000 in my savings. A merit scholarship and my savings should cover most of tuition since I am trying to go to a state law school. Tuition is about $27,000 a year. My boyfriend of two years also just landed a really good job so we're planning on cash flowing whatever is left through him. If it somehow doesn't work out, then I guess I'll take out loans but I feel pretty good about my plan. I'll be going to law school at 26, but Obama went to law school when he was 27, so I guess I'll be okay. :)

    We did Dave Ramsey to pay off all our debt last year ... it wasn't fun but it was worth it! All we have left is that annoying student loan payment lol.

    I'm glad to know it works! My feeling is why work so hard to pay off this debt to go back into a worse amount of debt? It just frustrates me when I think about it. I mean if I have to take out a small amount of loans, then I guess I'll do it, but I'm not about to take 100k in loans. I know some people who have done that, and that doesn't look fun to deal with... AT ALL. Much luck to you!!

  • Natalia B.Natalia B. Alum Member
    52 karma

    @tams2018 said:

    @"Natalia B." said:
    I'm currently paying off my student loans using the Dave Ramsey plan. I work two jobs and study for the lsat so it's a bit stressful. I am scheduled to have my student loans paid off by next summer. Then I'm going to continue working for two years and save up for law school. I'm trying for $50,000 in my savings. A merit scholarship and my savings should cover most of tuition since I am trying to go to a state law school. Tuition is about $27,000 a year. My boyfriend of two years also just landed a really good job so we're planning on cash flowing whatever is left through him. If it somehow doesn't work out, then I guess I'll take out loans but I feel pretty good about my plan. I'll be going to law school at 26, but Obama went to law school when he was 27, so I guess I'll be okay. :)

    How cool to meet DR fans. I am also paying my loans on the plan (on BS2). You have a great plan.

    Thanks @tams2018! I love meeting DR fans as well. My dad constantly jokes that I've joined a cult and he gets a little frustrated that I've postponed law school for four years after undergrad, but I think it will be so worth it to be debt free during the entire time if possible. I wish you luck on BS 2!! It's quite the process, huh? Haha.

  • AnthonyScaliaAnthonyScalia Alum Member
    330 karma

    Are there any equivalents to surrogacy for males? Not like procedures for guys to do it, but other highly involved practices that yield a lot of money? Certain kinds of donations come to mind, but having some alternatives would be nice...

  • dishwasherdishwasher Member
    34 karma

    Cooley offered me a full-ride plus room and board, so there's that. Now whether or not to take that....

  • LindsMitchLindsMitch Alum Member
    589 karma

    @dishwasher said:
    Cooley offered me a full-ride plus room and board, so there's that. Now whether or not to take that....

    Did you apply many other places? What would you ideally like to do with your law degree?

  • LCMama2017LCMama2017 Alum Member
    2134 karma

    @"Alex Divine" said:
    I've decided I will auction off my kidney. The going rate in the US is around $250k on the black market. That should cover the bulk of the law school expenses I will incur.

    What! Damn - I'll do this just for the $250k! Who needs a kidney anyway?

  • Trust But VerifyTrust But Verify Alum Member
    432 karma

    Queues Dave Ramsey theme music

  • sillllyxosillllyxo Alum Member
    708 karma

    @"vanessa fisher" said:
    Great question. I'm in Canada so it is slightly different here. We don't have as many scholarships, but also school is generally way less here. Our top school, UofToronto, is 32K a year. Still way too expensive, but not the 50 or 60K a year at Harvard or Yale. I have a dream of going to Yale, but even if I got in I'm not sure the debt is worth the trade-off, even despite their generous repayment program. I've even been considering going to Calgary instead of staying in Toronto because tuition there is only 12K a year and its a great school.

    School prestige is not a thing here like it is in the U.S. We regulate our law education a lot more, so anywhere you go you get a good education. I still feel it might be worth going somewhere with slightly less prestige to not have to pay the 32K a year at UofToronto. Will see.

    Either way, I'm having to take out loans. And as someone that took 10 years to pay off my student loans from undergrad, I'm definitely pretty debt averse

    that's how a lot of Europe is too with law schools (eastern europe) it doesn't matter where you go just get in - which is great

  • AlexAlex Alum Member ⭐
    23929 karma

    @LCMama2017 said:

    @"Alex Divine" said:
    I've decided I will auction off my kidney. The going rate in the US is around $250k on the black market. That should cover the bulk of the law school expenses I will incur.

    What! Damn - I'll do this just for the $250k! Who needs a kidney anyway?

    If I had a buyer lined up right now, and a trusted medical professional, I'd be cutting out that sucker right now. Long as I got 1, I'll be fine.

  • smseraj3smseraj3 Alum Member
    162 karma

    @danielznelson said:
    Someone from University of Michigan was telling me that his tuition was practically paid for by student teaching. Not sure how much his tuition was or how much he was making (or if the university just deducts).

    What did he teach? How does this work? Sorry I don't know much about it

  • shanedridershanedrider Alum Member
    156 karma

    I plan on winning the lottery/all of my gambling picks being perfect. ¯_(ツ)_/¯

  • dishwasherdishwasher Member
    34 karma

    @LindsMitch said:

    @dishwasher said:
    Cooley offered me a full-ride plus room and board, so there's that. Now whether or not to take that....

    Did you apply many other places? What would you ideally like to do with your law degree?

    Not at all. I applied to a few schools here and there mostly as a joke, since my score was lackluster at best, so I'm taking LSAT again in Feb 2018.

    Ideally, I'd like to work in international human rights, sort of like what Amal Clooney does (minus marrying a celebrity of course, though I might make an exception for my girl Emilia Clarke).

  • LindsMitchLindsMitch Alum Member
    589 karma

    @dishwasher said:

    @LindsMitch said:

    @dishwasher said:
    Cooley offered me a full-ride plus room and board, so there's that. Now whether or not to take that....

    Did you apply many other places? What would you ideally like to do with your law degree?

    Not at all. I applied to a few schools here and there mostly as a joke, since my score was lackluster at best, so I'm taking LSAT again in Feb 2018.

    Ideally, I'd like to work in international human rights, sort of like what Amal Clooney does (minus marrying a celebrity of course, though I might make an exception for my girl Emilia Clarke).

    Well it sounds like you aren't thrilled about the offer if you are already planning on the Feb 2018 date ...are you thinking about applying again next cycle or are you set on going Fall of 2018?

  • zanesbitzanesbit Alum Member
    102 karma

    Hopefully scholarship, loans, and I plan to work as long as I can, if possible. I am trying to pay off my vehicle now and some other debts (home equity loans, credit cards, etc.). Also, may sell my house and rent for a few years if I have to move. My kid is heading to college next Fall too, so I'm throwing that in my PS somewhere and praying for mercy! Prayer!

  • tringo335tringo335 Alum Member ⭐
    3679 karma

    @zanesbit said:
    Hopefully scholarship, loans, and I plan to work as long as I can, if possible. I am trying to pay off my vehicle now and some other debts (home equity loans, credit cards, etc.). Also, may sell my house and rent for a few years if I have to move. My kid is heading to college next Fall too, so I'm throwing that in my PS somewhere and praying for mercy! Prayer!

    Very cool! When do you plan on applying to law school?

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