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Anyone know any bad Law school debt situations?
Posted on 1/23/15 at 12:58 pm
Posted on 1/23/15 at 12:58 pm
Where one graduated law school, struggling mightily to pay off debt, can't get a good legal job etc. I hear about law school people being in massive debt, but I've never heard a story of anyone actually struggling with that situation or not being able to get a job right out of law school.
11
Posted on 1/23/15 at 1:00 pm to tiggerthetooth
Seems like it would be worse if you flunked out or left late second year or third year.
Posted on 1/23/15 at 1:01 pm to tiggerthetooth
I doubt many people (especially lawyers) are going to broadcast that they f*cked up this badly -- even to their friends.
Posted on 1/23/15 at 1:01 pm to tiggerthetooth
I know of a couple of people that couldn't pass the bar and wound up doing something non-law related. They each had six-figure student loan debt.
Posted on 1/23/15 at 1:02 pm to tiggerthetooth
A good friend of mine is a very well paid corporate lawyer in NOLA, but lives frugally because of his law school debt. He's 44, and just now getting close to paying all of it off.
Posted on 1/23/15 at 1:03 pm to tiggerthetooth
Many people from lower-tier law schools have had a very tough time finding jobs in the past couple of years. They've had to really hustle.
Conversely, a lot of people from higher-ranked law school refuse to live anywhere but New York or San Francisco. Thus, they end up living with their parents and complaining about how unfair the world is.
Conversely, a lot of people from higher-ranked law school refuse to live anywhere but New York or San Francisco. Thus, they end up living with their parents and complaining about how unfair the world is.
Posted on 1/23/15 at 1:03 pm to tiggerthetooth
I know of recent law grads applying for receptionist positions at law firms.
Posted on 1/23/15 at 1:04 pm to Shexter
quote:
A good friend of mine is a very well paid corporate lawyer in NOLA, but lives frugally because of his law school debt. He's 44, and just now getting close to paying all of it off.
That doesn't' sound bad at all. Pretty smart actually. I'll be paying loans for quite a while. That being said, I only have federal loans and they're locked in at right around 3%, so it's not horrible.
Posted on 1/23/15 at 1:04 pm to tiggerthetooth
Not this baw, baw.
Posted on 1/23/15 at 1:05 pm to Shexter
Seriously? Isn't law school like 30k a year? Should be pretty easy to pay down
Posted on 1/23/15 at 1:06 pm to Dr. Shultz
quote:
Seriously? Isn't law school like 30k a year? Should be pretty easy to pay down
More like $45k in many parts of the country. Add in another $10-15k for living expenses and things can get out of control in a hurry.
Posted on 1/23/15 at 1:08 pm to tiggerthetooth
The only "bad debt" I went into in law school was a $12k Bar Study loan from Sallie @ 13%. I freaked out because I quit my job to study for the bar and ran out of dough. The money sustained me totally for several months while job hunting. It was dumb; I should've used a credit card or begged family for cash. Its paid off now.
Posted on 1/23/15 at 1:08 pm to MikeyFL
quote:
More like $45k in many parts of the country. Add in another $10-15k for living expenses and things can get out of control in a hurry.
Plus the fact that law salaries are not as high as the law school brochures make them seem. You wind up with 1L tier 3 students thinking they'll graduate and make $160,000 right out of law school.
Posted on 1/23/15 at 1:09 pm to tiggerthetooth
I know a guy working admissions at a university after graduating law school and deciding he doesn't want to be a lawyer. 6 figures of debt making around $40K/yr. He went to a very good law school too and graduated pretty high.
This post was edited on 1/23/15 at 1:30 pm
Posted on 1/23/15 at 1:11 pm to Bmath
quote:
Seems like it would be worse if you flunked out or left late second year or third year.
Well of course. I was thinking more towards those who completed law school and struggled.
Posted on 1/23/15 at 1:12 pm to Dr. Shultz
Tulane Law - closer to $50,000 before books, but he had a job waiting as soon as he graduated.
He'd been out of school for 10 years before coming anywhere close to that salary.
I love how schools inflate exit salaries - ALL engineers graduated and start out at $90K
quote:
thinking they'll graduate and make $160,000 right out of law school.
He'd been out of school for 10 years before coming anywhere close to that salary.
I love how schools inflate exit salaries - ALL engineers graduated and start out at $90K
This post was edited on 1/23/15 at 1:15 pm
Posted on 1/23/15 at 1:21 pm to Shexter
Well...not all engineers, but a good portion of chemical/mech make that or close to it right out of school. Hell one of my friends makes 6 figs in his second year out
Posted on 1/23/15 at 1:27 pm to tiggerthetooth
There aren't many excuses anymore. The collapse happened in 2008, everyone should know by now that the days of mid tier law school students getting big law jobs are long, long gone.
It's still fine as long as you go to a school in the top 50, do pretty well and have appropriate expectations.
It's still fine as long as you go to a school in the top 50, do pretty well and have appropriate expectations.
Posted on 1/23/15 at 1:48 pm to Shexter
Tulane is an expensive private school. I guess to be top notch lawyer you need to go to a big private expensive law school huh?
Lsu or something like that is closer to 40k with living expenses included.
A lot of dental schools are getting up close to 80k+ per year. Shits crazy
Lsu or something like that is closer to 40k with living expenses included.
A lot of dental schools are getting up close to 80k+ per year. Shits crazy
Posted on 1/23/15 at 1:53 pm to tiggerthetooth
? Everything I have heard is that it is a saturated market and a lot of people can't find lawyer jobs
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