| Topic Name: |
after undergrad and before law school |
| Message Name: |
That's my point |
| Date Posted: |
01/06/2002 |
| In Reply To: |
everyone's moaning about law school debt, but how is law school debt that much worse than undergrad debt. I'm already coming out of undergrad with a pile full of loans that need repaying. When I get out of law school, at least I'll potentially have better earning power than I do as a recent undergrad. Am I missing something? |
| Message: |
I would like to know what you are basing that assumption on. I would bet that it's the infamous US News and World Report rankings, along with supposedly legit salary info.
Please understand - you say you are coming out of undergrad with lots of debt. Ok. That's understandable. Sometimes mom and dad can't help or you didn't get scholarships or whatever...
Anyway, realize that if your debt is from the Federal Government, it *cannot* be discharged via personal bankruptcy (like credit cards). The men in Washington closed that loop long ago. Also, even personal bankruptcy may soon be a thing of the past for credit cards if the highly-paid corporate lobbyists get their way (IRS 'necessities' test - so result, in English, NO ONE gets off....)
Let's take a hypothetical example:
$30,000 in loans (undergrad) at 5 percent interest. Roughly, this comes out to about 450/month or 5,500 per year over 10 years. Not too bad. But what about law school? How does $85,000 at 6 percent interest sound? Over 10 years, that's about 1,300/mo!! Wow! Most people can't hack that with a 30-40K/yr job, so they consolidate out to 30 years for lower payments. This way, you are paying *much more* in interest because you are letting interest grow on interest (the 'magic' of compound interest, only now working against you - you OWE) and you are, in effect, stuck with the loans, perhaps for life.
Does this sound like a pretty picture to you? If it does, you have serious issues other than employment.
The scenario above has happened to countless law graduates and other graduates as well who, like myself and bob-d, naively bought into the hype the educational system sells. It's all about the *money* for the schools. They are there to make *money* and survive. What happens to you is *not* important.
As for those salary statistics schools love to boast about, most of the numbers have been inflated. Remember, it's a sales job. The schools need students for money (loans). They need and want them dreaming, not *thinking* about what their true chances are of landing that super, high-paying BIGLAW job.
Yes, law students do get those jobs. Those MOST LIKELY to get them will have graduated from a Top 14 or better ranked law school, made Law Review (top 10 percent of the first year class). Wow! Long odds. The statistics the law schools quote are *far* and away, well, lies. Their numbers are either sheer bs or very misleading. Statistics don't lie, but liars use statistics...
If you don't believe me, try this simple test. Go and call some BIGLAW firms (15 to 20) and ask what their hiring standards are for entry-level Associates. Some won't tell you just because they're assholes. Some will. I will wager that what I have said is true. If you look on the Internet, some BIGLAW firms may even detail their hiring standards on the site.
In summary, law school for many does NOT add value. You may very well foreclose other avenues of employment by going to law school. Undergrad salaries are not lower and, in many cases, are HIGHER than JD salaries (ie Computer Science majors) with better growth potential.
Don't be so quick to believe what people tell you. They are, after all, either ignorant of the truth or trying to sell you something. Either way, that spells trouble for you because you'll be the one paying in the end, not them.
If you already have debt from undergrad, I'd be more than a little hesitant to willingly take on more.
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