Celebrating 10 years! 2007-2017

Law school with a $92,200 nine-month cost of attendance decides to make itself more affordable

http://www.lawyersgunsmoneyblog.com /2017/03/law-school-92200 massivemissive03/09/17
If you wanted to pay it off in 10 years you would need to as ichininosan03/09/17
I think you mean $2500 dingbat03/09/17
I think closer to $3500. If you plug in $315K and assume 6 p ichininosan03/09/17
You'd be a slave to the legal profession for years trying to kw6713a03/09/17
We are all slaves to the legal profession. Barely anyone lik cocolawyer03/09/17
Correct. I think this proves that even law school at Harvard kw6713a03/09/17
We are only slaves because of the debt owed to Uncle Sam or kretan18203/09/17
massivemissive (Mar 9, 2017 - 9:46 am)

http://www.lawyersgunsmoneyblog.com/2017/03/law-school-92200-nine-month-cost-attendance-decides-make-affordable

So if you pay full freight you'll be walking out of Harvard with $300k in debt. Insanity, even for a place like Harvard.

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ichininosan (Mar 9, 2017 - 4:00 pm)

If you wanted to pay it off in 10 years you would need to aside set $3,500 per month. What percentage of grads are still in Biglaw 10 years out (20%?). Even at Cravath's starting salary ($180K), your monthly salary is $9300, so that loan would be a pretty big chunk.

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dingbat (Mar 9, 2017 - 4:02 pm)

I think you mean $2500

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ichininosan (Mar 9, 2017 - 4:14 pm)

I think closer to $3500. If you plug in $315K and assume 6 percent interest that's the number you get. The total debt figure seems realistic to me if you assume more above-inflation tuition hikes and bar loans. Is 6 percent too high?

http://www.youcandealwithit.com/borrowers/calculators-and-resources/calculators/loan-repayment-calculator.shtml

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kw6713a (Mar 9, 2017 - 11:12 am)

You'd be a slave to the legal profession for years trying to pay that off. What if you don't like it? I mean I guess a Harvard graduate would have other options but still.

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cocolawyer (Mar 9, 2017 - 4:11 pm)

We are all slaves to the legal profession. Barely anyone likes it.

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kw6713a (Mar 9, 2017 - 4:27 pm)

Correct. I think this proves that even law school at Harvard is a piss poor idea.

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kretan182 (Mar 9, 2017 - 4:34 pm)

We are only slaves because of the debt owed to Uncle Sam or the banks. If the student loan burden was lifted, there would be a human tidal wave of attorneys leaving the profession for good.

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