Comments on: Law Students in Debt and in Doubt – Spread the Word http://toughmoneylove.com/2008/10/22/law-students-in-debt-and-in-doubt-%e2%80%93-spread-the-word/ The Hard Truth about Money and Personal Finance Fri, 19 Mar 2010 02:03:20 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Jason @ MyMoneyMinute http://toughmoneylove.com/2008/10/22/law-students-in-debt-and-in-doubt-%e2%80%93-spread-the-word/comment-page-1/#comment-3426 Jason @ MyMoneyMinute Wed, 01 Apr 2009 21:53:03 +0000 http://toughmoneylove.com/?p=139#comment-3426 Sorry I'm so late to the party on this one. I passed the bar in 2006 with student loans slightly more than crushedbyloans has above. I'm also married to a lawyer and she has nearly the same amount, give or take 10 or 20 grand. Both our loan balances individually exceed our mortgage. With our student loans on 30yr terms now, we like to joke that we have 3 mortgage payments, but only 1 house. Thank God we got a hold of our finances and have a plan to pay those 30yr loans off in 7 years (5 more to go!). You are spot-on with your analysis, ToughMoneyLove. I try and discourage people from going to law school unless their heart & wallet is in it. I entered into the law because I was fascinated by it, not because it was a financial or status move. I did, however, know plenty of people in law school that were using it as a time to continue their undergrad partying ways. Most on the outside think we're all loaded. They wouldn't believe you if you told them that the median starting salary was less than $60k. Not to mention the excessive alcoholism & depression that saturate our profession. My wife is sharp & pretty marketable (licensed in CA & TX) and has forged a great start to her career. I'm the nomad who hasn't found what I'm looking for quite yet. For now I'll continue to look to develop my career while thanking my lucky stars I at least have some contract work to keep the bills paid. Sorry I’m so late to the party on this one.

I passed the bar in 2006 with student loans slightly more than crushedbyloans has above. I’m also married to a lawyer and she has nearly the same amount, give or take 10 or 20 grand. Both our loan balances individually exceed our mortgage. With our student loans on 30yr terms now, we like to joke that we have 3 mortgage payments, but only 1 house. Thank God we got a hold of our finances and have a plan to pay those 30yr loans off in 7 years (5 more to go!).

You are spot-on with your analysis, ToughMoneyLove. I try and discourage people from going to law school unless their heart & wallet is in it. I entered into the law because I was fascinated by it, not because it was a financial or status move. I did, however, know plenty of people in law school that were using it as a time to continue their undergrad partying ways. Most on the outside think we’re all loaded. They wouldn’t believe you if you told them that the median starting salary was less than $60k. Not to mention the excessive alcoholism & depression that saturate our profession.

My wife is sharp & pretty marketable (licensed in CA & TX) and has forged a great start to her career. I’m the nomad who hasn’t found what I’m looking for quite yet. For now I’ll continue to look to develop my career while thanking my lucky stars I at least have some contract work to keep the bills paid.

]]> By: Considering Law http://toughmoneylove.com/2008/10/22/law-students-in-debt-and-in-doubt-%e2%80%93-spread-the-word/comment-page-1/#comment-2998 Considering Law Sun, 15 Mar 2009 04:38:28 +0000 http://toughmoneylove.com/?p=139#comment-2998 The issue I have is this. Engineering I could do. Tragically all of the engineers I know work in exceptionally small cubicles and lack the social skills to carry a conversation. I'm currently a Real Estate agent, and am confounded by the illitericy of the profession.Most agents can hardly muster through writing a check let alone a contract for purchase. Law seems the logical choice for me. I can work contract law,which I love, avoid the blundering, uneducated masses, and hopefully have a life outside a cube. Your thoughts are appreciated. DC The issue I have is this. Engineering I could do. Tragically all of the engineers I know work in exceptionally small cubicles and lack the social skills to carry a conversation. I’m currently a Real Estate agent, and am confounded by the illitericy of the profession.Most agents can hardly muster through writing a check let alone a contract for purchase. Law seems the logical choice for me. I can work contract law,which I love, avoid the blundering, uneducated masses, and hopefully have a life outside a cube. Your thoughts are appreciated.

DC

]]> By: Mr. ToughMoneyLove http://toughmoneylove.com/2008/10/22/law-students-in-debt-and-in-doubt-%e2%80%93-spread-the-word/comment-page-1/#comment-1640 Mr. ToughMoneyLove Thu, 11 Dec 2008 01:52:10 +0000 http://toughmoneylove.com/?p=139#comment-1640 Crushed by loans: Wow - your student loan debt is enormous. I am sorry that you are now burdened by it and that your law school seems oblivious to it. It is gratifying to hear that you like your work. So many young lawyers become disillusioned in a hurry but their student loans keep them bound to a career that they really don't like. Crushed by loans: Wow – your student loan debt is enormous. I am sorry that you are now burdened by it and that your law school seems oblivious to it. It is gratifying to hear that you like your work. So many young lawyers become disillusioned in a hurry but their student loans keep them bound to a career that they really don’t like.

]]> By: crushedbyloans http://toughmoneylove.com/2008/10/22/law-students-in-debt-and-in-doubt-%e2%80%93-spread-the-word/comment-page-1/#comment-1639 crushedbyloans Thu, 11 Dec 2008 00:50:03 +0000 http://toughmoneylove.com/?p=139#comment-1639 I consider anyone who graduated from law school with only $70,000 in student loan debt one of the lucky ones. With tuition around $40,000 a year --these students have support from parents, a spouse, etc. I graduated in 2007 with $176,000 in student loans (JD and a masters). Although $13,000 of that amount represents interest that accumulated while in school. If I could do it over again I would find a way to pay the $360/month of interest that was accumulating while I was in school and find a way to get some of the money another way. My monthly payments are $1258/month and I make $70,000 a year. Loans and taxes take the two biggest bites out my salary leaving me with the equivalent of a $35,000 salary. And then what does my law school do -- they send me letters asking for MORE! I can be grateful for the fact that I really enjoy practicing law -- it is just too bad I had to shell out so much to get here. I consider anyone who graduated from law school with only $70,000 in student loan debt one of the lucky ones. With tuition around $40,000 a year –these students have support from parents, a spouse, etc. I graduated in 2007 with $176,000 in student loans (JD and a masters). Although $13,000 of that amount represents interest that accumulated while in school. If I could do it over again I would find a way to pay the $360/month of interest that was accumulating while I was in school and find a way to get some of the money another way. My monthly payments are $1258/month and I make $70,000 a year. Loans and taxes take the two biggest bites out my salary leaving me with the equivalent of a $35,000 salary. And then what does my law school do — they send me letters asking for MORE! I can be grateful for the fact that I really enjoy practicing law — it is just too bad I had to shell out so much to get here.

]]> By: richgirl http://toughmoneylove.com/2008/10/22/law-students-in-debt-and-in-doubt-%e2%80%93-spread-the-word/comment-page-1/#comment-904 richgirl Fri, 24 Oct 2008 17:55:16 +0000 http://toughmoneylove.com/?p=139#comment-904 I found a great article about some more realities of working as a lawyer. Hint: don't expect to have a life outside of work. http://www.bcgsearch.com/crc/weekend.html I found a great article about some more realities of working as a lawyer. Hint: don’t expect to have a life outside of work.

http://www.bcgsearch.com/crc/weekend.html

]]> By: Mr. ToughMoneyLove http://toughmoneylove.com/2008/10/22/law-students-in-debt-and-in-doubt-%e2%80%93-spread-the-word/comment-page-1/#comment-882 Mr. ToughMoneyLove Thu, 23 Oct 2008 20:45:54 +0000 http://toughmoneylove.com/?p=139#comment-882 Matt: Yeah - its rough out here. Things in my specialty (IP law) are OK and bankruptcy law is booming but if you are a real estate or M&A lawyer, it's terrible. My Journey - I would enjoy reading a follow-up. Let me know and I will link to it from this post. Matt: Yeah – its rough out here. Things in my specialty (IP law) are OK and bankruptcy law is booming but if you are a real estate or M&A lawyer, it’s terrible.

My Journey – I would enjoy reading a follow-up. Let me know and I will link to it from this post.

]]> By: My Journey http://toughmoneylove.com/2008/10/22/law-students-in-debt-and-in-doubt-%e2%80%93-spread-the-word/comment-page-1/#comment-881 My Journey Thu, 23 Oct 2008 20:17:10 +0000 http://toughmoneylove.com/?p=139#comment-881 POWERFUL ARTICLE! Considering I graduated Law School in 2006, it truly hit home for me. I may have to write a follow up post, about my experience. POWERFUL ARTICLE! Considering I graduated Law School in 2006, it truly hit home for me. I may have to write a follow up post, about my experience.

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