{ "media_type": "text", "post_content": "Here’s a fun Friday night game: let’s see who owes the most in loans after law school! For those of you who have paid them off: how much did you have, how long did it take you and how did you do it?", "post_id": "5ed18cd5cdbc80002a9bf471", "reply_count": 184, "vote_count": 18, "bowl_id": "552d1d24dc1c586b09d2d052", "bowl_name": "Law", "feed_type": "crowd" }
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Here’s a fun Friday night game: let’s see who owes the most in loans after law school! For those of you who have paid them off: how much did you have, how long did it take you and how did you do it?

likefunnyhelpful
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~$250k once compounded when repayment started in 11/2016. Did a joint JD/MBA (4 years), and had scholarships to both programs, but clearly not full rides. I'm down to $200k now despite working in startups instead of biglaw or corporate America, an early-career layoff/no steady income for ~6 months, and a few medical emergencies. Plan is to pay them off in full within 3-4 years if I keep my current job, keep expenses low + stay healthy. I paid off the highest interest rate loan in full in 07/19; just a few thousand on the next highest rate loan, which I'll wipe out with savings before 0% rates expire, and apply another big chunk toward the remaining 6 loans after that... 😬

likesmartfunny

when I consolodated, the TERM was also extended (I think to 30 years, like a home mortgage). This also reduced the monthly payment significantly (but also increased overall interest paid over the term).

I had $350k in loans after 2009 graduation. I had some scholarship money but took out max to live and eat and stay sane during law school.

Took a while to get a job that was worth paying the loans. I deferred some. I ignored a few years and the compound interest kept growing and growing. I was doing Income based but didn’t matter. It got the point where paying $1500/m wasn’t even touching the principal. Really paralyzing stuff. But I had to pay it monthly to keep credit score up and to live.

While the debt kept piling up I had to have money to live in NYC, pay for a wedding and still vacation at least once a year.

Finally the cases started coming in and I hit on a couple of big ones and was able to pay it off.

Was it rewarding? Tremendously. Was it depressing? Yup. That’s a home down payment. But was it worth it? Well. I’m in my late 30s and debt free. I think as a lawyer in the field I’m in - with no ceiling, before I’ve hit my professional peak....worth it.

My advice is to do what is good for you. Personally. There is no right way to handle it. You can’t starve to knock off a few bucks and ruins a couple of years. If you can take big chunks off at a time, I would do that.

Otherwise. You have 1 life. Don’t let the loans dictate it.

likeuplifting

That’s our gameplan at this point. Half of each bonus for my husband and I go to loans and the other half gets saved. His payouts are bigger as a PI attorney and more often since he gets referral bonuses. Feels like we haven’t made a dent yet but up until 2018 we were saving to buy a house so we just paid minimums on loans.

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Pssh peons....296K

likefunnyhelpful

I started with 180k in 2017. Paid them off this February. I was down to 120k when unfortunately my father passed away. He was always worried about me getting my loans paid off, so to honor him I used some of the life insurance proceeds to pay off the rest. Probably the worst way to do it, but I’m sure he’d be happy to know I’m done.

likeuplifting

Just under 390k total. Undergraduate, MBA, & law degree. My mistake was going back to school for my law degree during the 1st recession. I only had $46k worth of loans when I went to law school. But the compounding interest on my pre law school loans plus the expense of law school plus the compounding interest since then has really gone out of control.
Pretty sure I "win".
😬😬😬

likeupliftinghelpfulfunny

Associate 3, what do you do?

helpful

I’ll start. I owe 160k in loans and have not made a dent in it despite making regular payments over the last three years! Cheers!

like

Ditto. Only time a payment has gone to principal is when they put the interest rate at 0 due to covid. I did pay off my private undergrad loans though. I’m doing PSLF. I have about 200k in federal loans and I make $65,000. But I have an infant in daycare and a mortgage so even if it made sense to pay more (with PSFL you pay IBR amount) I really can’t afford to.

Graduated 2015 with 150k. Paid off in 2019. Refinance your loans- I used SoFi. Had a good deal on rent so I was able to put a lot of my paychecks and all of my bonuses to payments

like

Really I think they’re interested in your pay stubs

likehelpful

Private DC school. 10 years later owe over $200K. Will pay interest until 25 year forgiveness.

like

First Republic stopped offering student loan refinancing in May 2020.

150k down to 131k...I sometimes ask myself whether it was worth it.

likesmart

“Everyone listened” is a blessing to have these days.

like

$210,000. I’ll keep them as government loans forever while paying the minimum I can and just pray one day we get a president who extinguishes them. Wishful thinking.

likeuplifting

This is also what I’ve been thinking.

likeuplifting

$180k in 2014, $33k now. I’ve had help but I also put 30% of my take home pay into the loans every month.

likesmarthelpful

Go to first republic!!!! My husband and I refinanced in 2017 at 2.35% interest rate!! We’ve been hulking $3300/mo. in order to get them down...we’re at $116k now down from $250k and expect to pay them down in the next year!!

likeuplifting

First Republic stopped offering student loan refinancing in May 2020.

I graduated with appoximately 250k....after 2 years and thousands of dollars worth of payments, I proudly state that I now owe 290k. Fuck uncle sam, Obama's bullshit fed govt interest mandate and the federal reserve. I cannot wait for loan forgiveness, so uncle sam can treat my principal as income and tax me accordingly, so i start back off where i started, only now i'll actually be privy to the IRS. Once again, fk our system, man.

likehelpful

285k

likesmart

$213k. Down to $133k after 5 years. My first job out of law school was so low paying I qualified to pay $0 on income based payment. Been hustling once I started making more money. But 3 kids in the last 5 years have made it tough!

likehelpful

Wow, with kids that’s really tough! That’s awesome!!

like

210k when I graduated last year. 191k at the moment.

likesmart

I had about $125k. Paid it off last year (11 years post-graduation).

like

205k after bar exam in 2018, down to 150k now

likesmarthelpful

$297k just law school... paid off undergrad before I went. I had a house and mortgage so I borrowed the max for a “better life”... I might never pay these off!

likehelpful

287

likehelpful

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