Student loan payments: get advice and actual numbers here Forum

[fearESQ]

$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?

2500/mo to get by? yeah, it sounds reasonable unless you bathe in Dom Perignon.

[Anonymous User]

Loans: 150K give or take
Monthly: 1800+
Income: 40K
Payment Plan: 10 years
Special Note: H's LIPP (LRAP) is no fucking joke. They cut me a check for a giant percentage (upper 90s) for my loans every 6 months.

[Anonymous User]

Debt: ~$180,000
Payments: so far, $3,500-4,000/month... 10 year plan payments are more like $2,200 or so I believe
Income: $160k

First year NYC associate; CLS/NYU grad with a small scholarship. Wish I had really considered that after COL, "CLS/NYU with a small scholarship" is probably about like going to MVP at sticker. $10-20k a year doesn't help as much as you think it might. Still, I feel fortunate to be able to service this debt, even if it means an eventual biglaw exit at roughly zero net worth. [PSA: BIGLAW DOES NOT MAKE YOU RICH UNLESS YOU ARE ALREADY RICH ENOUGH THAT YOU DIDN'T HAVE TO TAKE OUT LOANS IN LAW SCHOOL.]

[Anonymous User]

Debt: 80k. (includes 3K undergrad perkins loans and 7K of other undergrad loans at 3.4% interest).
Payments: 4,000/moth.
Income: 155K
Payment Plan: Aiming for 2 Years after using refund and birthday money on loans.

T6 Full Scholarship, but that NY COL is a bitch.

[Anonymous User]

Debt: 310k upon graduating in 2015 (undergrad and law school combined)
Big Law SA lined up for the summer. But can you really count on a full time offer? Almost nothing is even close to absolute in this economy.

Feelings? Scared

[Anonymous User]

Currently 2L at T20

Debt: $80,000 (parents paid for all COA of undergrad, a Master's program, and law school so as to avoid me having to take on interest. But I need to pay them back for tuition of MA program and law school, which amount to $80,000); I also have an informal agreement whereby I will pay back all other expenses incurred in my post-secondary education ($150,000+) if I make partner (or the equivalent).
Scholarship: Half tuition as in-state student of public law school
2L summer: splitting between two firms, V50 and one small boutique

Note: I cut it so incredibly close it's not even funny (I was only a hair above median after 1L). If it weren't for a little luck at OCI (exactly one biglaw offer through OCI) and the unconditional love and financial support of my parents I would be effed. I just throw up my hands and admit that my parents pretty much carried me all the way through my 20s. This is why I don't care if I hate biglaw SA next summer. I'm gonna work my ass off, nail that offer, and start repaying the debt that I owe them.

[Bronx Bum]

Pretty amazing how many people itt are either $160k biglaw secure or on the 10 year plan. I think I'm the only one fucked itt. Lol. Can't be representative.

[NanaP]

Pretty amazing how many people itt are either $160k biglaw secure or on the 10 year plan. I think I'm the only one fucked itt. Lol. Can't be representative.

You went to FU correct?....I assume you don't recommend the law school?

[Anonymous User]

Debt: $150k
Payments:$1700/mo
Plan: 10 year standard plan (for now)
Salary: $115k, big law in small market

Will be making my first payment at the end of this month, which is going to be more than my rent and car payments combined. Painful. I am torn between trying to aggressively pay off my loans ASAP, or just riding it out. I'm nervous about having debt for so long, but also nervous about putting most of my funds towards loans and then having nothing to fall back on. Big law doesn't exactly make me feel secure.

I live in a city with low COL so if I choose to go the IBR route I will use the extra money to save up and buy a house in 2 years. My school has an excellent LRAP program so there is also the chance that I take a lower paying job in the future after which my school will cover my loans. SoFi is also an option for me- Interested to hear from others who took the plunge into this.

This thread is invaluable, especially since I'm in a smaller market and feel like I'm surrounded by people who complain about 20k in loans…..

[Anonymous User]

Debt: ~$180k at the start of repayment (includes interest)
Payments: $4k/month. Will probably go up to $4500-$5k/month at some point over the next year or so. Will also put any/all bonus money into loan payments.
Plan: get rid of debt ASAP
Salary: first year BigLaw - NYC market

[Anonymous User]

Debt: about $56K (T14 full tuition scholarship, only Stafford loans, loans covered cost of living and out-of-town summer rent)
Payments: ~$650 minimum / $750 until I've paid off credit cards / $1250 afterward
Income: $63K (first-year clerk)
Plan: 10 Year / whatever is standard / I should have researched different payment plans before going into repayment
Important info:

• If you're clerking for more than year, take the bar anyway upon graduation and get admitted: you begin at one GS salary schedule as an unbarred new grad and bump up about $15K in annual salary after both being admitted to a bar and working for one year.
• If you're married or living with someone during law school and counting on their salary to cover cost of living, don't forget to have a backup plan for if you separate or if some other crisis happens that means you need to increase what you borrow. Don't mean to be a downer, and it likely won't happen to you, but the last moment that you'll want to figure out how to increase your previously rejected loan amount is as you're moving out of your home or watching your partner doing the same.

[rad lulz]

m

[Anonymous User]

Outlier here. Instead of taking a hefty T6 scholarship I opted for a near full ride ($24K to be exact) at a NE tier-II. Parents covered (COL roughly $90K). Will be working at the family firm (10 attorneys, they had 6 attorneys when I started LS). Pay is $125K but for five years $25K is earmarked to paying back debt. Like I said, outlier.

It is a bit surprising that not more people on TLS are headed to a family related firm — there were a few in my class but apparently they are not big internet posters.

[mandyjay11]

Outlier here. Instead of taking a hefty T6 scholarship I opted for a near full ride ($24K to be exact) at a NE tier-II. Parents covered (COL roughly $90K). Will be working at the family firm (10 attorneys, they had 6 attorneys when I started LS). Pay is $125K but for five years $25K is earmarked to paying back debt. Like I said, outlier.

It is a bit surprising that not more people on TLS are headed to a family related firm — there were a few in my class but apparently they are not big internet posters.

I'm not so sure most people have the luxury of going to a family related firm

[rad lulz]

m

[Void]

Outlier here. Instead of taking a hefty T6 scholarship I opted for a near full ride ($24K to be exact) at a NE tier-II. Parents covered (COL roughly $90K). Will be working at the family firm (10 attorneys, they had 6 attorneys when I started LS). Pay is $125K but for five years $25K is earmarked to paying back debt. Like I said, outlier.

It is a bit surprising that not more people on TLS are headed to a family related firm — there were a few in my class but apparently they are not big internet posters.

I'm not so sure most people have the luxury of going to a family related firm

This. It's not like lots of people are passing up nepotism because they'd rather have a harder life. Lol

[Anonymous User]

2L (graduating 2015)

Debt: will be around $130k (including all undergrad, law school, and compounded interest) upon graduation
Payments: Unknown
Job: Nothing lined up yet for sure

Note: I received a good scholarship in undergrad as well as in law school (though I did turn down full tuition and full tuition plus living stipends for a better school that is in the market I want with a bit over half scholarship - and still don't regret it). I have paid for my living expenses and school on my own and have worked during school and over the summers throughout (in addition to in between UG and LS). I've also lived frugally throughout (my monthly expenses are usually about $700, including rent, utilities, food, transportation, etc.).

I'm still in search of a 2L summer job that I really want (and that has a good possibility of leading to a job after graduation). I didn't do as well as I hoped grade-wise (just below top third), but I still got a lot of interviews (through OCI and mass mailing) - just nothing has worked out yet. I'm still hopeful and do have some possibilities, but I'm looking for a good 2L position that will help set me up to find something post-graduation.

[Void]

Pretty amazing how many people itt are either $160k biglaw secure or on the 10 year plan. I think I'm the only one fucked itt. Lol. Can't be representative.

You went to FU correct?....I assume you don't recommend the law school?

Once again, this is not the thread where 0Ls interview grads about their choice of school. PM him or ask this crap in the Fordham threads.

[Anonymous User]

Currently 2L at T20

Debt: $80,000 (parents paid for all COA of undergrad, a Master's program, and law school so as to avoid me having to take on interest. But I need to pay them back for tuition of MA program and law school, which amount to $80,000); I also have an informal agreement whereby I will pay back all other expenses incurred in my post-secondary education ($150,000+) if I make partner (or the equivalent).
Scholarship: Half tuition as in-state student of public law school
2L summer: splitting between two firms, V50 and one small boutique

Note: I cut it so incredibly close it's not even funny (I was only a hair above median after 1L). If it weren't for a little luck at OCI (exactly one biglaw offer through OCI) and the unconditional love and financial support of my parents I would be effed. I just throw up my hands and admit that my parents pretty much carried me all the way through my 20s. This is why I don't care if I hate biglaw SA next summer. I'm gonna work my ass off, nail that offer, and start repaying the debt that I owe them.

Your loans aren't due and you don't have an actual job yet bro

I know. First, plenty of 2Ls are posting here besides me. Second, I very well know that I don't have a job and shit can still happen any moment. That's why I'm not letting up until I have an offer in hand. I'll never forget that being able to work (any job) for money (or the prospect of money) is a privilege, not a chore. No matter how f'ed we think we are at any station in life, we are still better off than 90% of people in the world. The point of my post is that I didn't know what I was getting myself into w/ law school. A lot of us stumble around and I just happened to luck out getting over the first hurdle (getting SA). Any 0Ls reading this, I just hope you've done your calculations and are ready for what's coming. You need to come out fighting from day one.

Also, yes, this thread is definitely skewed because everyone to varying degrees likes to jerk it/humble brag ourselves. 0Ls need to keep that in mind reading this thread. However, that doesn't mean it can't be useful. My advice stands. Law school is for fighters; it is not ideal for a lot of artsy-fartsy liberal arts folks who end up in law skool only because they've reached a dead end doing temp work or composing sonnets (aka me). Law school has taught me to fight (without losing my soul, of course).

[A. Nony Mouse]

Void is right - this is a reference for 0Ls, but not a place for you to question individual users about their specific choices about schools. (Please note this is still the Legal Employment forum, where 0Ls are not supposed to post; you can ask questions here: http://top-law-schools.com/forums/viewt ... 4&t=220038.)

And rad lulz is also right - this is not a thread for 2Ls to post their projected debt. I appreciate people's willingness to share, but the thread is framed from the very first post as graduates posting their debt, income, and payments (on which kind of plan). I don't think it's as helpful to have non-graduates posting their projected debt without the income and payment information, which provides much more context. (More briefly: read the title. If you don't have actual numbers for your student loan payments, please don't post.)

[Anonymous User]

Pretty amazing how many people itt are either $160k biglaw secure or on the 10 year plan. I think I'm the only one fucked itt. Lol. Can't be representative.

Yeah, I am surprised as well - if you look at the % of people in this thread who have 160k salary vs. the % of law grads total with 160k income, this thread would be flipped upside down. I think that, even though anonymous, people with a high debt to income ratio are still going to be more willing to post when they are pulling in biglaw salaries.

Debt: 200k+
Salary: 70s, 1st year
Payment: 450/month via PAYE

Just started, will be living at home for a bit to get my feet under me somewhat (as much as that will ever be possible).

[californiauser]

Pretty amazing how many people itt are either $160k biglaw secure or on the 10 year plan. I think I'm the only one fucked itt. Lol. Can't be representative.

Yeah, I am surprised as well - if you look at the % of people in this thread who have 160k salary vs. the % of law grads total with 160k income, this thread would be flipped upside down. I think that, even though anonymous, people with a high debt to income ratio are still going to be more willing to post when they are pulling in biglaw salaries.

Debt: 200k+
Salary: 70s, 1st year
Payment: 450/month via PAYE

Just started, will be living at home for a bit to get my feet under me somewhat (as much as that will ever be possible).

I'm sorry if this is an inappropriate question, but what happens if your salary ticks up to mid-100s or even 200k+ and you're still on PAYE 10 years from now? Have you figured out at what salary point it is easier to just pay off loans?

[Anonymous User]

Pretty amazing how many people itt are either $160k biglaw secure or on the 10 year plan. I think I'm the only one fucked itt. Lol. Can't be representative.

Yeah, I am surprised as well - if you look at the % of people in this thread who have 160k salary vs. the % of law grads total with 160k income, this thread would be flipped upside down. I think that, even though anonymous, people with a high debt to income ratio are still going to be more willing to post when they are pulling in biglaw salaries.

Debt: 200k+
Salary: 70s, 1st year
Payment: 450/month via PAYE

Just started, will be living at home for a bit to get my feet under me somewhat (as much as that will ever be possible).

I'm sorry if this is an inappropriate question, but what happens if your salary ticks up to mid-100s or even 200k+ and you're still on PAYE 10 years from now? Have you figured out at what salary point it is easier to just pay off loans?

I don't find the question inappropriate, no worries. To be honest, I haven't gone and figured that out yet since at this moment, I just felt getting a job was this huge accomplishment haha (sadly). PAYE is 20 years, so I'm hoping to obviously have the financial ability to have them paid off before then, barring problems. I feel fortunate enough to have a job as it is.

[Void]

Pretty amazing how many people itt are either $160k biglaw secure or on the 10 year plan. I think I'm the only one fucked itt. Lol. Can't be representative.

Yeah, I am surprised as well - if you look at the % of people in this thread who have 160k salary vs. the % of law grads total with 160k income, this thread would be flipped upside down. I think that, even though anonymous, people with a high debt to income ratio are still going to be more willing to post when they are pulling in biglaw salaries.

Debt: 200k+
Salary: 70s, 1st year
Payment: 450/month via PAYE

Just started, will be living at home for a bit to get my feet under me somewhat (as much as that will ever be possible).

I'm sorry if this is an inappropriate question, but what happens if your salary ticks up to mid-100s or even 200k+ and you're still on PAYE 10 years from now? Have you figured out at what salary point it is easier to just pay off loans?

You would no longer be eligible for PAYE at that kind of income level.

[Anonymous User]

Debt: $68k
Salary: $160k + spouse's 45k
Payments: Start off with 2k to boost savings a bit, then do about $2.5k and try to kill it within 3 years
Important info: 75k scholarship at MVP plus frugal living in law school