Student Debt Crisis

[mamba]

I have like $5k in subsidized loans, but law school will likely be the real killer.
I may have to avoid Georgetown and either jump on the Northwestern train (that 150k scholarship for ED is GOAT), or take a fellowship at OSU-Mortitz.
I'm not going to be one of the lawyers drinking myself to death because I owe $200k to a bank

Take the scholarship/fellowship route, breh. You don't want to fool with $200k debt.

The problem with grad school debt is that it only factors in costs like tuition, housing, health plan, etc.

What about all the other costs such as trips with classmates, dinners, etc? That shyt can get hella expensive fast if you really want to fully experience the program.

 

[Mr swag]

I'm about to finish my masters degree and will walk out with around 5,000 in loans.

 

[EndDomination]

I owe 160k fkrom undergrad and grad school. Most of it is from undergrad + interest

*insert Michael Jordan crying with hand over mouth smiley*
I hope that grad school was medical school or engineering breh

 

[mamba]

I'm about to finish my masters degree and will walk out with around 5,000 in loans.

That's great, breh! How'd you do it?

 

[EndDomination]

Take the scholarship/fellowship route, breh. You don't want to fool with $200k debt.

The problem with grad school debt is that it only factors in costs like tuition, housing, health plan, etc.

What about all the other costs such as trips with classmates, dinners, etc? That shyt can get hella expensive fast if you really want to fully experience the program.

Georgetown is only going to give me like $50k, all of their financial aid is merit based, and the scholarships are competive as hell (my GPA is garbage, its my LSAT score and being Black that have saved me)
And I was a commuter + younger than average during undergrad so I'm really going out of my way to experience the program fully.
I'm definitely going to check out the Fellowship programs, every school I'm applying to has a substantial list that I want to explore.
There are also some AA focused outside programs that may help me out too, I'm really going all-in here.
Thanks for the advice

 

[mamba]

I owe 160k fkrom undergrad and grad school. Most of it is from undergrad + interest

Breh, what field are you in, now?

That shyt has to be over $200k by now.

 

[EndDomination]

It will be the death knell on your financial freedom for a good 10-15 years afterwards, if not longer. But your earning potential is uncapped.

If you don't want to work at a firm, aim for a government agency. But even govt legal jobs are as competitive as private firm jobs.

The exact same qualifications for both
At least you can limp into BigLaw from a T-14, the government jobs have a GPA/experience threshold regardless of whether you went to Yale or Emory
That 15-year PI commitment that pays off all your loans is tempting as hell.
I have so much to think about before I even finish this application cycle

 

[EndDomination]

Lemme set the record here. Guys daughter, for just a bachelors, 240,000. Seriously, 240,000. For a music degree.

All people need to know about student loans is that they give 18 year olds with no job and no assets loans of tens of thousands. Stay out of debt brehs. Borrowers are slaves to the lenders.

I pray that she went to Julliard, NYU, Vanderbilt, Duke, or Oberlin
Sounds like NYU with their 65k a year tuition and pitiful scholarships

 

[GodinDaFlesh]

I have like $5k in subsidized loans, but law school will likely be the real killer.
I may have to avoid Georgetown and either jump on the Northwestern train (that 150k scholarship for ED is GOAT), or take a fellowship at OSU-Mortitz.
I'm not going to be one of the lawyers drinking myself to death because I owe $200k to a bank

Take the scholarship/fellowship route, breh. You don't want to fool with $200k debt.

The problem with grad school debt is that it only factors in costs like tuition, housing, health plan, etc.

What about all the other costs such as trips with classmates, dinners, etc? That shyt can get hella expensive fast if you really want to fully experience the program.

Yeah law school is such a gamble, I would definitely take that scholarship. I have a friend who graduated from Harvard Law, and although she's making $160k starting in Big Law (in high cost of living San Francisco), she regrets choosing Harvard over a full ride at Columbia because tuition alone at Harvard is like $180k, and that's not including other expenses with can easily balloon up to $250k. Big Law salaries are awesome, but the job can notoriously be depressing and many tenures don't last more than 3-5 years. To me all that debt for so much uncertainty isn't worth it.

 

[William F. Russell]

The exact same qualifications for both
At least you can limp into BigLaw from a T-14, the government jobs have a GPA/experience threshold regardless of whether you went to Yale or Emory
That 15-year PI commitment that pays off all your loans is tempting as hell.
I have so much to think about before I even finish this application cycle

Real talk, your mindset should be T-14 or Howard. Those schools give you the best chance at landing at big law. And if not that, then a T1 school that offers you the most money. Anything else is vulgar and will set you up for failure.

And if you do go to law school, NETWORK your ass off...professors, school alumni, clerkship supervisors, BLSA, family friends, whatever. It's not always your grades but who you know.

Best of luck, bruh. I like seeing black men go to law school. I'm sure you'll make the right decisions at all the right times.

 

[mamba]

Georgetown is only going to give me like $50k, all of their financial aid is merit based, and the scholarships are competive as hell (my GPA is garbage, its my LSAT score and being Black that have saved me)
And I was a commuter + younger than average during undergrad so I'm really going out of my way to experience the program fully.
I'm definitely going to check out the Fellowship programs, every school I'm applying to has a substantial list that I want to explore.
There are also some AA focused outside programs that may help me out too, I'm really going all-in here.
Thanks for the advice

That's your best bet, man. Get that free money so you can have some liquid cash to immerse yourself in the program.

A lot of the experience involves networking with classmates. You can't do that if you're eating TV dinners and staying at home on weekends playing Madden, trying to stay on a hella tight budget.

Meanwhile, your classmates are networking over dinner and drinks after class and having weekend trips.

That's what I mean by fully enjoying the experience. The classroom experience is only a small part of the total experience at these elite graduate, professional programs.

A lot of Black students miss out on the full experience and the networking involved because we're in tough spots, financially.

 

[mamba]

Yeah law school is such a gamble, I would definitely take that scholarship. I have a friend who graduated from Harvard Law, and although she's making $160k starting in Big Law, she regrets choosing Harvard over a full ride at Columbia because tuition alone at Harvard is like $180k, and that's not including other expenses with can easily balloon up to $250k. Big Law salaries are awesome, but the job can notoriously be depressing and many tenures don't last more than 3-5 years. Too me all that debt for so much uncertainty isn't worth it.

Harvard Law is definitely expensive.

Tuition is going to be $180k.

Housing for those three years has gotta be in the $50k range. Other expenses can easily push that total above $250k for a person living modestly.

For the Harvard Law student who fully participates in the experience, you're talking probably $300k.

Add in the opportunity cost of three years of lost wages, the total cost of the program is almost $500k for a student!

Of course, the payback potential is high for Harvard Law. But, nothing is ever guaranteed.

 

[William F. Russell]

Harvard Law is definitely expensive.

Tuition is going to be $180k.

Housing for those three years has gotta be in the $50k range. Other expenses can easily push that total above $250k for a person living modestly.

For the Harvard Law student who fully participates in the experience, you're talking probably $300k.

Add in the opportunity cost of three years of lost wages, the total cost of the program is almost $500k for a student!

Of course, the payback potential is high for Harvard Law. But, nothing is ever guaranteed.

I'd rather go in debt because of a Harvard degree than most other places.

The doors that the name by itself opens...

 

[DonRe]

The struggles of C students huh.

I got a scholarship at a great school in ny that even provided book stipend every semester.

Must be tough

 

[mamba]

I'd rather go in debt because of a Harvard degree than most other places.

The doors that the name by itself opens...

It really depends on the debt, breh. A reasonable amount of debt is worth taking on for that Harvard name.

Let's not confuse the doors Harvard opens for upwardly mobile cacs with the doors it opens for Black people!

If Stanford or Yale Law gives you a full ride and Harvard gives you nothing, you'd be a fool to take on that Harvard debt--especially in the face of uncertainty!