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Posted on 2/1/16 at 8:58 pm to yellowfin
I don't know if I would do it again. I'm happy to have the degree, but I don't know if it is worth the debt I've incurred. To be completely honest, I didn't have the undergraduate grades to attend a good public university, so the private route was my option. Only time will tell if it was a good choice. Many students are banking on receiving a $1,000,000 case within their first 10 years of practice and will be able to pay their debt off from the proceeds generated from that case or cases.
Posted on 2/1/16 at 9:03 pm to ElPresidenteGrande
quote:
I don't think that a mass loan forgiveness program is the answer, but what I would like to see is a percentage of my principal and interest payments toward my debt be tax deductible against my income taxes.
Interest is deductible for MAGI's under $80k/$160k single/married up to $2,500 per year.
Posted on 2/1/16 at 9:05 pm to ElPresidenteGrande
quote:
don't know if I would do it again. I'm happy to have the degree, but I don't know if it is worth the debt I've incurred. To be completely honest, I didn't have the undergraduate grades to attend a good public university, so the private route was my option. Only time will tell if it was a good choice. Many students are banking on receiving a $1,000,000 case within their first 10 years of practice and will be able to pay their debt off from the proceeds generated from that case or cases.
We are Rome.
Posted on 2/1/16 at 9:06 pm to Schwartz
loans are not unjust, but the interest rates sure are.
Posted on 2/1/16 at 9:08 pm to slackster
Did OP debate anyone in here or just kind of pat himself on the back and duck out of the thread?
Posted on 2/1/16 at 9:10 pm to Jones
I don't think anyone said that their loan debt was "unjust", so there wasn't much to debate.
Posted on 2/1/16 at 9:12 pm to Gevans17
quote:
loans are not unjust, but the interest rates sure are.
What should be a competitive interest rate on a loan with no collateral?
Posted on 2/1/16 at 9:16 pm to Schwartz
The only angle you can take is that the bank shouldn't be loaning vast amounts for shitty returns.
They ought to loan money based on potential major and the loan should need approval each year. If you say you are in pre-med then switch to art history, then boom. No more loan. $25 and a ham sandwich for your art history major.
That is about the only angle you can take. There aren't any checks in place to stop people from taking insane loans for worthless degrees.
I would also add that you shouldn't be able to run up more than the cost of tuition and a stipend for books.
Having said that, anyone taking the money is still 100% responsible. 100%. Bank is just locking in stupid money they know they won't lose because Uncle Sam stamped the loan.
They ought to loan money based on potential major and the loan should need approval each year. If you say you are in pre-med then switch to art history, then boom. No more loan. $25 and a ham sandwich for your art history major.
That is about the only angle you can take. There aren't any checks in place to stop people from taking insane loans for worthless degrees.
I would also add that you shouldn't be able to run up more than the cost of tuition and a stipend for books.
Having said that, anyone taking the money is still 100% responsible. 100%. Bank is just locking in stupid money they know they won't lose because Uncle Sam stamped the loan.
This post was edited on 2/1/16 at 9:22 pm
Posted on 2/1/16 at 9:21 pm to yellowfin
quote:
Eta: unless it was a top 20 law school and you finished near the top of your class
For that amount of debt, I'd agree. Wouldn't want that kind of debt unless I knew my resume would beat most other first job applicants right off the bat.
That said, you definitely do not need to finish near the top of your class at a top 20 school to land a good paying job right out of school.
I went to a top 40 law school and I only knew a handful of people who didn't have jobs right out of school. Obviously most aren't making 6 figures year 1, but most are making around or above the average 1st year lawyer's salary.
Posted on 2/1/16 at 9:26 pm to Schwartz
Dealing with a heap of student loans for my wife. They aren't unjust. They just exposed the stupidity if an 18-22 year old blonde. Taught her a hell of a lesson in fiscal responsibility. If you're smart enough to go to college, you should be able to understand compound interest. It's as simple as that. Not thinking about paying them back, or thinking you're going to be some big shot and aren't are not excuses. I can't go buy a car and then say, we'll I thought I was going to get this sweet job and everything......I didn't realize that I was going to have to pay this note in 2 months. You get no sympathy there, so why should you with student debt.
Posted on 2/1/16 at 9:31 pm to KG6
quote:
If you're smart enough to go to college, you should be able to understand compound interest.
Wait. Do you think that student loan interest is compound interest? Or are you talking about opportunity cost?
Posted on 2/1/16 at 9:39 pm to lnomm34
I kinda agree with Trump on this one. I don't believe student loans are something the government should make money on.
Posted on 2/1/16 at 9:50 pm to Grandioso
quote:
I kinda agree with Trump on this one. I don't believe student loans are something the government should make money on.
Sounds good except for the fact that the money has to come from somewhere so as a taxpayer I'd appreciate the government making something on it.
Posted on 2/1/16 at 9:51 pm to Schwartz
I'm not reading this whole thread, but here's my take on it.
The bank is giving me money (with high interest) even though I'm worthless. I have no savings, no property, no credit, no nothing. On what planet am I supposed to expect to not have to pay that back?
The bank is giving me money (with high interest) even though I'm worthless. I have no savings, no property, no credit, no nothing. On what planet am I supposed to expect to not have to pay that back?
Posted on 2/1/16 at 11:09 pm to Schwartz
hmmm, 7 years of undergrad and law school, not one cent of student loans taken out. so, no worries about any justice.
Posted on 2/1/16 at 11:10 pm to Schwartz
No but it still blows. I paid over $2k in interest alone in 2015 
Posted on 2/1/16 at 11:22 pm to Schwartz
Mine is just. I made an informed decision,signed the papers and took out the loans.
Posted on 2/1/16 at 11:49 pm to slackster
quote:
What an idiot. That article was tough to read.
quote:
Although the hefty amount I owe is unusual, my experience is not: Motivated by an idealistic view of education and career and vulnerable to predatory, disingenuous, or at least negligent institutions, young people and their families too often take on large amounts of student debt.
Predatory is such a ridiculous buzzword for "I'm a fricking idiot someone protect me from myself."
It's the same argument the brokerage houses used regarding the toxic securities that they were invested in when they received their bailouts.
Posted on 2/2/16 at 12:32 am to Schwartz
I paid my shite
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