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Really, how bad is 200k of debt?
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Date: July 31st, 2012 10:43 AM Author: Cerise tripping generalized bond I think xoxo is too pessimistic with debt. 200k of low interest debt from school is really not that bad. If you think of it as a "life" debt and you're not concerned with paying it off as soon as possible, you can live quite lavishly with a low six figure salary from biglaw.
I dont' get why most people here are concerned with that. And yes even if you don't get biglaw, IBR is there and most people who buy houses technically have 800k or more of debt (if buying a standard 1million condo/apt in a large city).
Not to mention doctors who finish residency in their THIRTIES are fine with paying off their debt so why are you mid to late 20s dudes so scared of debt?
I know a girl who graduated from George washington law school with 200k of debt and she is just fine making 70k a year. She even goes out and drops a hundred or two on drinks/food at clubs. |
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Date: July 31st, 2012 10:46 AM Author: spectacular angry roast beef explain how long with ibr it will take to pay 200 k crushing debt over your shoulders (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222618) |
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Date: July 31st, 2012 10:48 AM Author: Cerise tripping generalized bond This is what I mean. Why are you so concerned about time and "when". Just live your life dude.
It really doesn't affect you. You live just as well with a few debt payments as you do without debt payments. You'll just blow that money elsewhere and probably on something dumb.
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Date: July 31st, 2012 11:10 AM Author: bronze stag film because we need to have savings for when we inevitably can't work anymore, and this is an increasingly larger number as we expect to live longer. there are a number of other things that require you to have large chunks of cash, like downpayment on a house, a car, major medical expenses, etc. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222802) |
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Date: July 31st, 2012 12:29 PM Author: honey-headed community account indian lodge yeah this guy sounds flame. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223368) |
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Date: July 31st, 2012 11:00 AM Author: Chest-beating Antidepressant Drug Sneaky Criminal ibr takes the same no matter what retard (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222706) |
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Date: July 31st, 2012 11:01 AM Author: spectacular angry roast beef elaborate please. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222713) |
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Date: July 31st, 2012 11:04 AM Author: Chest-beating Antidepressant Drug Sneaky Criminal 25 years at 10% of income.
You get nuked with a taxbomb at the end though. |
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Date: July 31st, 2012 10:51 AM Author: adventurous bawdyhouse hissy fit In fairness though, when you buy a house, you at least "own" an asset.
With a law degree you have 200k in debt and the potential to get a good job. |
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Date: July 31st, 2012 10:52 AM Author: Cerise tripping generalized bond You own a valuable degree which gets you a job that is yours, isn't that right? (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222645) |
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Date: July 31st, 2012 12:10 PM Author: Frum range boiling water *owns a job* (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223261) |
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Date: July 31st, 2012 2:02 PM Author: Vigorous citrine water buffalo nibblets I assume that you have been in a coma since early 2008? (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223955) |
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Date: July 31st, 2012 7:58 PM Author: Impertinent chad *Buys gas at $2.19/gal* (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226479) |
Date: July 31st, 2012 10:47 AM Author: adventurous bawdyhouse hissy fit I've been reading some dental boards and almost everybody there seems ok with up to 400k in debt.
And they also know they will need more loans to open up a practice, a mortgage, etc.
They just understand that they will have to be careful with money until 40 and then they can make shitloads of money for 20 years after that. |
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Date: July 31st, 2012 11:54 AM Author: magenta shitlib dentists have potential clients the minute they graduate. you don't need a lot of experience to clean teeth.
where are the clients for law grads? |
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Date: July 31st, 2012 1:19 PM Author: bat-shit-crazy scourge upon the earth Greetings, lol do you know how many dental grads have to go work at shitty dental places where they literally get paid by UPSELLING unnecessary services and LYING and CONVEYOR BELTING clients? I went to one once, unknowingly. Had a cavity. Told I needed a root canal. Was told, MID-CLEANING with my mouth full of spit and me lying down under a light, to sign some shit so they could do an additional procedure. Saw the actual dentist for about 10 minutes. Changed dentist to a good dentist, went again, the dentist LOLled at the root canal diagnosis, filled my cavity, shot the shit w/me for 30 minutes, and told me I didn't need an oral cancer screening because I'm only in my 20s. |
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Date: July 31st, 2012 8:02 PM Author: cobalt bonkers brunch electric furnace lol (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226508) |
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Date: July 31st, 2012 10:50 AM Author: Red Rambunctious Halford decent flame bro. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222638) |
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Date: July 31st, 2012 10:52 AM Author: Cerise tripping generalized bond 25 year old scared of 200k of debt when starting salaries are 160k
vs.
35 year old doctor not scared of 400-500k of debt when starting salaries for generalists are 100k and specialists 200-300k.
You're the flame. |
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Date: July 31st, 2012 11:14 AM Author: bronze stag film doctors are guaranteed to make that income for life though. biglaw is much shorter lived, and many face the prospect of unemployment. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222834) |
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Date: July 31st, 2012 1:53 PM Author: Floppy grizzly pit 200-300k for LYFE, at 35 hrs a WEEK
vs.
160k for 3-6 YEARS, at 70 hrs a WEEK |
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Date: July 31st, 2012 11:02 AM Author: Chest-beating Antidepressant Drug Sneaky Criminal depeneds.
for some 3.8+ GPA Ivy undergrad person (and these people make up the majority of HYS) they definitely fucked up by not doing finance and going into LS instead. Granted a good number of them probably don't have the charisma to get through the interviews, but banks are very forgiving with that pedigree. To them 200k debt is a horrible choice.
To your 3.4 splitter who lands in UVA, 200k debt is probably a much better choice. To them it wasn't a 100k banking job they were turning down, it was a 25k shitconsulting job. |
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Date: July 31st, 2012 11:04 AM Author: Cerise tripping generalized bond Dude not everyone can just "do" finance. Finance is so general, a majority (80 to 90%) of finance jobs don't pay more than law and never will.
You can't assume everyone is an ibanker or buyside dude who got there from ibanking. In this economy I have plenty of 3.9 harvard/yale/princeton/stanford kids who couldn't get those jobs and take accounting or back office roles. |
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Date: July 31st, 2012 11:08 AM Author: Chest-beating Antidepressant Drug Sneaky Criminal Maybe there are 3.9 asptards who HYP who can't get a job at a BB (or MBB consulting) but for the most part even ITE that was a lock. As bad as law school is it usually doesn't attract the real bottom of the barrel - the asians / indian kids who literally can't say a word to another human. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222779) |
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Date: July 31st, 2012 11:09 AM Author: Cerise tripping generalized bond Dude my friends are not incompetent. it's pretty hard to get BB ibd. did u see dealbreaker news? look at how many ibd positions are slashed or analysts being fired FIRST YEAR (almost unthinkable) just days before their bonuses.
I think you're out of touch with what's going on in the finance industry right now. |
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Date: July 31st, 2012 11:11 AM Author: Chest-beating Antidepressant Drug Sneaky Criminal I graduated from a non-HYP at the height of ITE. Maybe now it's even worse than it was a few years ago, but a few years ago you had to be a complete fuckup to have a 3.9 and not get BB. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222814) |
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Date: July 31st, 2012 11:17 AM Author: Cerise tripping generalized bond Okay and even if that's true, how many 3.9 kids are there?
So you basically have to be top 5% at a top .1% school? What about all the other bright kids? |
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Date: July 31st, 2012 11:21 AM Author: Chest-beating Antidepressant Drug Sneaky Criminal I dunno dude. I mentioned HYS in my original post because the median GPA at those schools are all around 3.9 and the vast majority of students come from Ivy or some other top background (Duke, Cal, Chicago) (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222887) |
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Date: July 31st, 2012 8:26 PM Author: Magical titillating toilet seat lol wtf? do you know what "median" means? (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226708) |
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Date: July 31st, 2012 11:10 AM Author: naked insecure round eye sex offender $200k would be fucked. I have $60k in debt on an $85k salary and my payments are manageable at $400/mo. I couldn't imagine them being 3x that amount. With $200k at 6.8%, you'd have to come up $1,300 every 30 days for the next 30 years of your life. That would be fucked. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222799) |
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Date: July 31st, 2012 11:11 AM Author: bronze stag film IBR bro (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222810) |
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Date: July 31st, 2012 11:21 AM Author: metal heaven useless brakes I'm a fed with 200k in debt. 103k salary. Payments are less than what you're paying thanks to ibr and in 7 more years everything is discharged tax free. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222885) |
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Date: July 31st, 2012 8:17 PM Author: big saffron gas station brother would you mind telling me a little more about your debt and repayment plans?
i'm graduating with only $50k debt so everyone seems to say i can still live a (relatively) 180 life with my glorious federal gov't salary and benefits. |
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Date: July 31st, 2012 11:11 AM Author: bronze stag film the problem is saving for retirement. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222812) |
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Date: July 31st, 2012 11:18 AM Author: Cerise tripping generalized bond That's what pretax 401k plans are for (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222864) |
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Date: July 31st, 2012 11:20 AM Author: bronze stag film even if you max your 401k every year for the next 40 years, that's not going to be close to enough. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222875) |
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Date: July 31st, 2012 11:21 AM Author: Cerise tripping generalized bond Why not? Are you assuming flat salaries for the rest of your life? Even in shitlaw or midlaw you'll be clearing mid six figures at some point. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222881) |
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Date: July 31st, 2012 12:21 PM Author: shivering plaza psychic flame, yes it will (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223325) |
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Date: July 31st, 2012 11:12 AM Author: Judgmental sick sweet tailpipe not so bad assuming it comes with a house. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222820) |
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Date: July 31st, 2012 11:14 AM Author: honey-headed community account indian lodge the fear is you get laid off year 1 or 2 and can't find another job since you have no skills. lawyers are risk-averse faggots.
also 7.9% is not low. |
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Date: July 31st, 2012 11:17 AM Author: bronze stag film titcr. also, retirement. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222858) |
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Date: July 31st, 2012 1:20 PM Author: bat-shit-crazy scourge upon the earth Greetings, Except lawyers don't have to retire since they are a knowledge profession. Link to a lawyer retiring before 70 and actually living beyond 75? |
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Date: July 31st, 2012 11:19 AM Author: Cerise tripping generalized bond Being laid off is rare and only happens if you obviously hate the job and show that through your work, or you are a horrible associate.
Even if u do get laid off, just go to midlaw and make 80-100k. |
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Date: July 31st, 2012 11:47 AM Author: massive lay hairy legs Is getting laid off in your first 3 years rare if you actually just do your job and put in the hours? Inquiring minds desperately want to know since everyone has made it sound like if you breathe the wrong way, you'll get laid off. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223086) |
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Date: July 31st, 2012 11:50 AM Author: bronze stag film if you consistently do shitty work and can't hack it, you'll be out in 2 years, maybe 1 if you're really shitty. if you have a bad attitude and don't work hard, same thing. otherwise, you'll last for 3-5 years, maybe longer. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223113) |
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Date: July 31st, 2012 11:57 AM Author: massive lay hairy legs Good attitude, average work, willingness to take on work and meet/exceed hours? Last 3 or 4 years? That's really all the time I'd need to pay off most debt, I think. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223171) |
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Date: July 31st, 2012 11:58 AM Author: Chest-beating Antidepressant Drug Sneaky Criminal Yes.
The big deal about ITE was that even that wouldn't save you. There just wasn't enough work to go around. |
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Date: July 31st, 2012 12:07 PM Author: massive lay hairy legs TYVM brother. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223243) |
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Date: July 31st, 2012 12:00 PM Author: bronze stag film yeah, and unless your practice area or firm are in bad shape, you're probably good for at least 5 years. years 3-6 are when you make the most money for the firm. that's when they want you, and also when you become marketable to go in-house or to other firms. that's why the salary jumps are the biggest during those years, and that's also why most people jump ship around then. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223196) |
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Date: July 31st, 2012 12:07 PM Author: massive lay hairy legs TYVM hermano, I appreciate the knowledge. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223247) |
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Date: July 31st, 2012 12:02 PM Author: Frozen Dysfunction TMF mad as fukkkk (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223206) |
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Date: July 31st, 2012 11:51 AM Author: Cerise tripping generalized bond How easy it is to get laid off is definitely xoxo flame. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223120) |
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Date: July 31st, 2012 12:06 PM Author: massive lay hairy legs Legit don't know if this is flame to take advantage of naive poster or if this is CR knowledge to naive poster. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223234) |
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Date: July 31st, 2012 11:52 AM Author: Khaki cerebral nowag old irish cottage (2005 flame) (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223129) |
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Date: July 31st, 2012 11:18 AM Author: Chest-beating Antidepressant Drug Sneaky Criminal The problem is for the vast majority of millennials boomers have so fucked over the economy and our job prospects that, mathematically, taking on 200k debt is still a better option than working at Macy's (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21222862) |
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Date: July 31st, 2012 11:33 AM Author: purple half-breed gay wizard The problem is "non-dischargability"!!!!
Have 150k in SL debt, make 150k and it is still soul crushing paying $1,500 a month.
To think otherwise is just plain foolish!! |
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Date: July 31st, 2012 11:59 AM Author: Passionate nursing home $200k debt is like 4 years in biglaw or maybe equivalent to 6-8 years in post-biglaw.
i know too many people with better jobs than biglaw to think its a good deal to buy into |
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Date: July 31st, 2012 12:14 PM Author: Violet institution It's not. OP, I agree with you.
BIGLAW or IBR, 200k is NBD. |
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Date: July 31st, 2012 12:17 PM Author: painfully honest hospital death wish $800K debt for a house is a lot different than $200K student debt. For one thing, the interest rate is half. And of course, a house is a tangible good that you can sell. You probably won't make a fortune flipping it, but you won't lose a lot either. You can't sell your law degree for $200K. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223302) |
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Date: July 31st, 2012 12:20 PM Author: Cerise tripping generalized bond Dude are you serious? You know how many houses are underwater? You can easily owe 700k of debt (pay off 100k) and suddenly own an asset thats only 600k down from 1million.
at least your job and your degree never depreciates. |
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Date: July 31st, 2012 12:22 PM Author: painfully honest hospital death wish Oh come on, nobody has $800K houses in Florida or Nevada. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223327) |
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Date: July 31st, 2012 12:23 PM Author: shivering plaza psychic lol (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223332) |
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Date: July 31st, 2012 12:23 PM Author: massive lay hairy legs Patently false. Both now and before the bubble. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223333) |
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Date: July 31st, 2012 2:06 PM Author: Vigorous citrine water buffalo nibblets You don't understand sarcasm? (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223990) |
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Date: July 31st, 2012 12:28 PM Author: Passionate nursing home your degree is not a transferable asset.
it buys you a ticket into upper middle class salary for 3-8 years but there may be better ways to get there than 3 years and $200k out of pocket.
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Date: July 31st, 2012 12:26 PM Author: honey-headed community account indian lodge it also doesn't make much sense to invest in anything but debt. of course you should always max your 401K and save 6 mo living expenses. but after that...what pays higher than 6.8%? (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223347) |
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Date: July 31st, 2012 12:29 PM Author: honey-headed community account indian lodge IBR is also a fucking scam with 200K. that interest is going to be accruing much faster than you can pay it off. that's 15K per year. unless you want to let it run, at a 45K job you're not making enough to justify 3 years of LS. that's assuming you get something a jd is required for. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223363) |
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Date: July 31st, 2012 12:48 PM Author: bronze stag film interest doesn't matter if you do IBR for the full term, and for gov't jobs that's 10 years (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223481) |
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Date: July 31st, 2012 8:16 PM Author: hilarious center goyim Also no tax bomb with govt jerbs (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226621) |
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Date: July 31st, 2012 1:46 PM Author: Floppy grizzly pit "low interest" LOL THANKS, GOOD ONE ASSHOLE
there is no low interest. but for sake of argument i would agree, if there was low interest, then debt would be NBD as far as being debt. of course, there would still be the issue of PAYING TWO HUNDRED THOUSAND FREAKING DOLLARS for something, debt or no debt. that's a very very serious and life altering thing to do unless you are quite rich and have a lot of free time. |
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Date: July 31st, 2012 1:57 PM Author: bronze stag film titcr. 8% is not "low interest". (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223914) |
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Date: July 31st, 2012 1:57 PM Author: razzle-dazzle skinny woman philosopher-king (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223920) |
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Date: July 31st, 2012 2:03 PM Author: Stimulating Public Bath Sandwich its not bad at all. it helps ensure a more equal society. (shitlib) (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21223962) |
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Date: July 31st, 2012 8:01 PM Author: self-absorbed swashbuckling spot jewess BIGLAW lawyer here --> 200K is pretty bad but not horrendous, the key is to lock down on spending your first 2 years so you can get it down and don't drown in interest. By years 3 and 4 you are making substantially more money and you can pay shit off very quickly.
The key is also to last in BIGLAW for at least 5 years. This goal varies in difficulty by practice area. If you're a patent litigator you can probably take more risks with your money because you'll always have a job. |
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Date: July 31st, 2012 8:23 PM Author: Deep maize base jap The funny thing is that back in say 2005ish having 200k debt from LS was insane. Tuition was only around 30k so it was more common to have around 120k-ish debt.
All that happened in between is a massive financial crisis but now you capitalist tools are saying 200k is all cool. In 5 years it will be 300k. You guys are tools. America is raping you. Protest |
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Date: July 31st, 2012 8:25 PM Author: self-absorbed swashbuckling spot jewess I graduated with 120K or so, yes. it was better a few years ago and we still make the same salaries now. however 200K is still doable if you get and maintain BIGLAW. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226694) |
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Date: July 31st, 2012 8:28 PM Author: diverse self-centered menage patrolman The prospect of making 160K starting salary causes people to go kind of insane, I think, and they're willing to take risks they wouldn't otherwise (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226724) |
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Date: July 31st, 2012 8:32 PM Author: painfully honest hospital death wish 160 + 7.5 < 125 + 45 in 2000 (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226753) |
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Date: July 31st, 2012 8:34 PM Author: diverse self-centered menage patrolman Regardless
You don't know how many people would murder their own countrymen to have a 6 figure job |
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Date: July 31st, 2012 8:15 PM Author: big saffron gas station i only have $50k in debt and a great job lined up and 90% of my fellow hastings bros are $150-200k in debt with no job.
feels good. |
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Date: July 31st, 2012 8:36 PM Author: coiffed cream reading party legend vault rank my brother? (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226790) |
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Date: July 31st, 2012 8:39 PM Author: big saffron gas station lol no firm. got a delicious fed guvment $75-80k type job. (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226810) |
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Date: July 31st, 2012 8:30 PM Author: Aqua Rigor fucking bad (http://www.autoadmit.com/thread.php?thread_id=2010251&forum_id=2#21226742) |
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Date: July 31st, 2012 8:35 PM Author: Topaz trip athletic conference trailer park not a big deal. had to forgo my G Wagon and M5 in the first year. But I lived in NYC so going without a car was pretty easy. After the first year I had paid off student loans and got the M5 and decided on a Range Rover.
$200k is really nothing, I'm about to put in a deposit on a 3.2 million dollar condo here, so basically my student loans were the equivalent to the ".2" knawmean? |