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Possible to repay 260k on NYC Biglaw in 5 years?
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Date: May 20th, 2012 8:09 PM Author: peach orchestra pit Market paying v20. Is this doable. Describe my lifestyle during said time. (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20732328) |
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Date: May 20th, 2012 8:55 PM Author: Doobsian yellow center pervert I can't speak directly to NYC lifestyle, but it can be done if you live thrifty.
First, 260 x .068 means you're going to have to pay down 18k of interest in that first year, and, obviously, that number will fall gradually. Quick guesstimate, you're going to need to pay about 320k in 5 years, so you're looking at 60k/year, or 5k per month in student loans. You're not going to be able to max your 401k, but you can do some IRA contributions. Probably going to need a roommate. Learn to cook for yourself, and keep yourself on a cheap entertainment budget. Taxis will quickly eat away at your cash, so you need to be on the ball with public transit. It's not impossible, but it can be done. |
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Date: May 20th, 2012 10:08 PM Author: Navy parlour double fault explain this. why .068? (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733303) |
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Date: May 20th, 2012 10:15 PM Author: Ocher pungent university Jesus really? 6.8%. I'm no math master man, but... (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733360) |
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Date: May 20th, 2012 10:17 PM Author: Glittery territorial legal warrant titcr (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733375) |
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Date: May 20th, 2012 10:20 PM Author: Flesh arrogant piazza alpha GradPLUS loans are 7.9%, and if he has $260k that's going to be the bulk of his loans. Staffords are 6.8%, but you can only borrow $20.5k per year in those. the rate on GradPLUS used to be 8.5%; dropped to 7.9% in 2011, so if he's just graduating he'll have 1L loans at 8.5%.
he can get a 0.25% rate reduction via autopay, and probably another 0.25% with 36 months of consecutive payments. |
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Date: May 20th, 2012 10:21 PM Author: mustard aromatic rigpig This is insanity. (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733395) |
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Date: May 20th, 2012 10:22 PM Author: Ocher pungent university Holy shit. What a fucking nightmare. Law school is a huge scam. (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733400) |
Date: May 20th, 2012 8:59 PM Author: Mildly Autistic Fuchsia Library Rigor UG debt? (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20732677) |
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Date: May 20th, 2012 9:34 PM Author: Glittery territorial legal warrant would you do law over again if given the choice? (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20732955) |
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Date: May 20th, 2012 10:21 PM Author: Flesh arrogant piazza alpha i am not OP but i graduated with $210k of debt and emphatically the answer is no. (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733394) |
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Date: May 20th, 2012 10:24 PM Author: Glittery territorial legal warrant i will graduate owing my parents like 50k, rest was schollies/savings, am a 2l, and my answer too is no. (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733413) |
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Date: September 29th, 2012 4:46 AM Author: cordovan church building giraffe (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#21683960) |
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Date: September 30th, 2012 10:55 AM Author: bright 180 garrison If you actually survive for 10+ years its a decent income for someone who has no real talent or skills.
But I would only go to a top 5 school. HSY, CLS, maybe Chicago, maybe NYU. That's it. $250k in debt to go to UMich is just not worth it any more. |
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Date: May 20th, 2012 10:16 PM Author: mustard aromatic rigpig lol, just lol at law school and this profession. (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733367) |
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Date: May 20th, 2012 10:17 PM Author: Flesh arrogant piazza alpha no (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733373) |
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Date: May 20th, 2012 10:24 PM Author: Nubile vermilion theatre Yes, but not worth it.
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Date: May 20th, 2012 10:30 PM Author: Flesh arrogant piazza alpha 5 years? i don't think it's even possible. interest his first year alone is $20k. (http://www.autoadmit.com/thread.php?thread_id=1953104&forum_id=2#20733467) |