Ranking Over Money

Demosthenes49
Fri, 29 Jan 2016 15:41:13 +0000

@spayurpets: Even if you somehow get away with only borrowing 150,000 (which is far from borrowing it all–150k may cover tuition, maybe, but you still have to eat), you’re still looking at payments of [url=https://www.law.georgetown.edu/admissions-financial-aid/office-of-financial-aid/loader.cfm?csModule=security/getfile&pageid=61621]1300[/url] minimum on the 25 year plan. 1300 a month is 15,600 per year, after taxes. Assuming a person is single with no dependents, and lives in a state with no income tax, 75k after taxes is about 60k, so your loans take up a full quarter of your after tax income.

Of course, most lawyer jobs don’t pay 75k starting out. They either pay biglaw market (or thereabouts) or pay small law rates (30-40k).