Student loan payments: get advice and actual numbers here Forum

[Anonymous User]

Debt: ~$120,000 (this includes $15,000 from undergrad that I consolidated with my law school loans); I also have a $7,000 bar loan

Payments: $570 per month on my federal loans; $70 per month on my bar loan

Income: $68,000 (federal clerkship) (I'm married, but my spouse is a student and has no income, which affects my IBR payment calculation)

Plan: IBR

One thing I wish I had taken into account when figuring out my law school finances was tuition increases. It was important to me that I stay under $100,000 in law school debt, and I would have done it if my school hadn't raised tuition significantly between my 1L and 2L years.

[Anonymous User]

Here's my info:

Debt: about $118,000 (despite paying in-state tuition for 2L and 3L and having an 8k/yr scholarship. "Dat COA is no joke.")
Payments: about $850/month on 25 year, $1391/mo for 10 year.
Income: ~$110k (spouse starts a new job soon, household income will be > $150k)
Plan: Extended (paying on standard pay scale payments on the extended plan, because I want the option of lower payments in case something comes up)
Important info: None.
Bonus points: Did not take COA loans for Spring 3L because my spouse was working full time and I worked 20 hrs/wk at a firm.

[Anonymous User]

Total debt: 190k (sticker at public school minus ~45k scholarship (2L/3L; for grades) plus 20k interest plus 23k undergrad loans (2.3 %, god bless you obama))
Salary: 68k federal clerkship
Monthly payment: 0 (took a 6 month forbearance to pay off about $9k credit card debt. Hubby has been unemployed almost a year now. Will take the maximum allowable forbearance on undergrad loans)
Plan: currently putting $1.5k/month into debt. Will shoot for $3k when I start biglaw.

[Anonymous User]

For vets out there

Debt: 0 - full scholly, tuition assistance, student loan repayment program, and GI bill save me. Plus income from reserves.

Income: 85k mid-law

Comment: I hope this information let's a vet/reserve member know you can do law school for free.

[Anonymous User]

Debt: ~$120,000 (this includes $15,000 from undergrad that I consolidated with my law school loans); I also have a $7,000 bar loan

Payments: $570 per month on my federal loans; $70 per month on my bar loan

Income: $68,000 (federal clerkship) (I'm married, but my spouse is a student and has no income, which affects my IBR payment calculation)

Plan: IBR

One thing I wish I had taken into account when figuring out my law school finances was tuition increases. It was important to me that I stay under $100,000 in law school debt, and I would have done it if my school hadn't raised tuition significantly between my 1L and 2L years.

THIS. Particularly if you get a "full ride" or "near full ride" scholarship that's expressed as a dollar amount.
SURPRISE. They usually won't raise that dollar amount for you when they jack your tuition 2L year.
And jack it again for 3L.

[Anonymous User]

Debt: about $98,000 ($72k scholarship + $45k from parents). Enjoy COA and interest, kiddos

Payments: about $1,150

Income: $70,000.

Plan: Standard (10 yrs)

Bonus points: Job can have large bonuses ($10k-$20k). Will sink most of those into loans. Lived with parents while studying for the bar which enabled me to get on my feet by saving

0Ls, this shit is not a fucking joke. I consider myself very lucky. Take home after loans is like $34,000. Tybg for no state income tax.

school rank?

Why the fuck would that be important. If you looked at LST, the GULC calculator, and used some common sense, you'd see how easy it is to rack up $98k by the time repayment hits. From any school.

Just some quick math - a full scholarship to GW (random school I picked) will STILL put you $100k into the hole at repayment

Dat tyranny of the 8%.

-98k anon

I wanted to know what you job expectations were when you selected your school/took on that debt.

[thewaves]

Debt: about $98,000 ($72k scholarship + $45k from parents). Enjoy COA and interest, kiddos

Payments: about $1,150

Income: $70,000.

Plan: Standard (10 yrs)

Bonus points: Job can have large bonuses ($10k-$20k). Will sink most of those into loans. Lived with parents while studying for the bar which enabled me to get on my feet by saving

0Ls, this shit is not a fucking joke. I consider myself very lucky. Take home after loans is like $34,000. Tybg for no state income tax.

school rank?

Why the fuck would that be important. If you looked at LST, the GULC calculator, and used some common sense, you'd see how easy it is to rack up $98k by the time repayment hits. From any school.

oops accidentally hit anon- no need

Just some quick math - a full scholarship to GW (random school I picked) will STILL put you $100k into the hole at repayment

Dat tyranny of the 8%.

-98k anon

I wanted to know what you job expectations were when you selected your school/took on that debt.

oops didn't mean to respond anon

[Anonymous User]

Debt: about $98,000 ($72k scholarship + $45k from parents). Enjoy COA and interest, kiddos

Payments: about $1,150

Income: $70,000.

Plan: Standard (10 yrs)

Bonus points: Job can have large bonuses ($10k-$20k). Will sink most of those into loans. Lived with parents while studying for the bar which enabled me to get on my feet by saving

0Ls, this shit is not a fucking joke. I consider myself very lucky. Take home after loans is like $34,000. Tybg for no state income tax.

school rank?

Why the fuck would that be important. If you looked at LST, the GULC calculator, and used some common sense, you'd see how easy it is to rack up $98k by the time repayment hits. From any school.

Just some quick math - a full scholarship to GW (random school I picked) will STILL put you $100k into the hole at repayment

Dat tyranny of the 8%.

-98k anon

I wanted to know what you job expectations were when you selected your school/took on that debt.

But why is my situation of special interest to you rather than anyone else's in this thread

-98k anon

[wiseowl]

could we maybe, just once, not aspie up an important thread on this board?

[Dr. Review]

could we maybe, just once, not aspie up an important thread on this board?

[rad lulz]

m

[Anonymous Associate]

Debt: about $66,000
Payments: about $250 per month
Income: $160,000
Plan: Standard (10 yrs) - but see below

Additional Info: I put an additional ~$25k towards my loans in a bit more than a year. I hope to pay them off in 3 years from graduation.

[Anonymous User]

Debt: about $150K
Payments: about $1100 a month
Income: $32K
Plan: extended

Additional Info: I am still just a law clerk with a firm trying to find something (at least I have a job, I try to think of it that way). I have a couple of interviews at which point I hope to get off the 25 year plan and pay it off asap. Luckily for me, I live with my S.O. who did not choose law (and has no student loan debt). Otherwise, I would be in a world of trouble. Had a partial tuition scholarship to private school out-of-state so it didn't do much.
Buyer beware.

[Anonymous User]

Debt: ~250k (undergrad + T14 at sticker)
Payments: 2,300 minimum on my plan
Income: 160k
Plan: 10 year
Note: Do I win the thread?

[Anonymous User]

Debt: ~250k (undergrad + T14 at sticker)
Payments: 2,300 minimum on my plan
Income: 160k
Plan: 10 year
Note: Do I win the thread?

i still think this is serviceable. i'll have about 210k myself after graduation, and it can be done with NYC biglaw in 5 years. If you don't make it that long, you still exit with a reasonable dent in the debt load, and regular payments on that debt actually does pretty good things for your credit. is it as easy as 100K? no. but it's not that much of an issue.

[Thatnightguy]

Debt: Undergrad ~45K @ 1.75% (the benefits of the 2004 debt consolidation law); Law School ~62K @ ~6.8% (Includes any accured interest)

Payments: ~$230/month for undergrad and ~$600/month for law school

Income: $160K plus $85K from wife.

Plan: Undergrad was put on a 25 year plan in 2004, has had deferal (but some payments made) during law school. I'm in no hurry to pay it off, will only make the monthly payment. Law School debt should be paid off by the end of 2014.

Notes: we used my law school loans to "pay" off wife's undergrad loans because Law loans were at better interest rate.

Advice: Don't mortgage your life, only go to law school after you're married and you have someone who will support your costs of living. I see too many students who want to live like they are actually employeed (some want to live like they are actually employeed at $160K).

Edited--Law school didn't teach me the differance between your and you're.

[thewaves]

The waves seems like one of those 0Ls who wants to feel smug that he will never have so much debt and make so little. Waves will go to a T14 school and make $160k and be all hunky dory

What waves doesn't realize is that $100k is avg or below avg debt and a $70k firm job (I assume based on pay/bonuses) is an above avg outcome

No, sorry, I don't mean to come off smug just genuinely curious. I think this is a great thread and appreciate you guys adding your stats.

[fearESQ]

Debt: was $165k for law school, including living expenses. borrowed the max each semester.
Payments: they were about $2150/mo on the standard repayment plan.. 6.8-7.9% federal interset
Income: 52k + commission based on fees generated + wife's income + bonuses for referrals
Plan: standard
Important info: was lucky enough to make good money my first year out and paid off a decent chunk -- also was lucky enough to 'inheret' a house.. sold house, moved, used the cash from the sale to pay off ALL the loans, then took out a mortgage on a new house, which was double the principal of the student loans, but @ 3% interest, the payments were considerably less (even on a 15 year mtg)...so 1 year out and all loans are gone

[Anonymous User]

2L at NYU at sticker. I estimate I'll graduate with $280K in debt. Would love to hear from anyone who was in the same boat, is working at Biglaw now, and how that's been working out with payments.

[fearESQ]

2L at NYU at sticker. I estimate I'll graduate with $280K in debt. Would love to hear from anyone who was in the same boat, is working at Biglaw now, and how that's been working out with payments.

It's going to be crushing, depending on where you live. the math is easy enough. 280,000 @ probably 7.5% over 10 years is about $3,300/mo.

location is just going to make it that much tougher if you live in an area with a high cost of living. :\..or if you have a car.. or need to pay health insurance.. or anything else.

[Anonymous User]

Debt: $210K (dat sticker...)
Payments: $600/month under IBR, currently moving to PAYE for $400/month, Standard Payment Plan: $2,400/month (Um, nope, can't do that...)
Income: $90k (that's before taxes kiddos!), PSLF eligible job.
Plan: currently transfering from IBR to PAYE.

Misc info: Fed gov job (but not BIGFED), started trying to repay under the standard plan (almost $30k per year), decided that living like a hobo wasn't worth it, now I'm on the 10 year PSLF PAYE plan...

[Bronx Bum]

Debt: $190k

Income: $68k

Plan: Don't even know, just deferred another year.

Life: Ruined

Height: 5'9

[Total Litigator]

Debt: $190k

Income: $68k

Plan: Don't even know, just deferred another year.

Life: Ruined

Height: 5'9

...Why are you deferring instead of getting on IBR or PAYE? (I am assuming you are eligible for at least one of those)

[Amity]

$120K direct school related
$9K High Interest COL related
Bar: Paid by firm
Est. $2.5K Mortgage (or rent)
Income: $140K (gross) – Est. $90K Net

My thinking is to wipe out my high interest loan first (mainly COL credit card) and then tackle school debt @2.5K a month with the hope of paying it off in 5 years. After housing this should leave me around $2.5k a month to get by. Sound reasonable?

[Bronx Bum]

Debt: $190k

Income: $68k

Plan: Don't even know, just deferred another year.

Life: Ruined

Height: 5'9

...Why are you deferring instead of getting on IBR or PAYE?

Not eligible for PAYE. What's the point of IBR at this point? So I can get tax bombed in 25 years? Don't want to consolidate anyway.I'm just throwing money at it trying to keep it at $190k (jfc it increases like $80 a day lol) until my salary increase to $68k once I'm admitted then do all I can do to pay it down.

IBR is really the worst option you can have. It's 25 years at 15% and you are going to get MURDERED by the tax bomb at the end. In 25 years the total will be like $500k if I IBR. Also, once you get married it's 15% of both salaries. Might as well hit the bottle for a while, keep it at bay, then man up and pay it.