I have $400k in student loans, half of which are private. I want to quit my job and this career entirely but there’s nothing I can possibly do to make these damn loans go away without strangling myself financially for the rest of my life or literally dying.

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Have you looked into some of Dave Ramsey’s YouTube videos? He gives some pretty solid advice when it comes to paying down debt and prioritizing monthly expenses.

But in the short term, my advice would be to spend time looking for a new job that you would enjoy and has an equivalent or higher TC to your current one to help pay down the loans. Don’t waste time doing something you hate. Life is way too short. You got this!

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The problem with Dave Ramsey is that his discount rate is negative.

For most people, debt/savings rate, should be use used to smooth out consumption over their lifetime. You should be comfortable insuring some debt in your 20s to up skill and just enjoy life, then pay off that debt in your 30s and 40s, amping up savings rate as you hit your 50s.

It isn't maximizing life too eat nothing but ramen for 40 years then retiring a multi millionaire. Shifting some of that consumption to your 20s will leave you with less money, absolutely. But your life will be better and that is why most people have a discount for future consumption vs current consumption. Dave has a zero or negative discount for future consumption, which again some people need but most don't.

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jfc mate 😱
Sending support n good wishes ur way

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What was your thought process before you took out the loans?

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3rd year Corporate - pub co, m&a, v/c financings type stuff.

Holy cow. It should be criminal to let students take out loans like that.

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I had $50k from undergrad and that was hard enough when I first graduated. Yeah, lawyers make good money, but not *that* good. At least not for a while!

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Get into big law and pay it off in 2 years. Or go into service for 10 years and have it forgiven. Or pay the rest of your life. Really the only 3 options. Good luck.

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Only way out is some NFT minting

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I’m sorry, but I would have told my parents to kick rocks. That’s super sad that they would rather you have some arbitrary title like doctor or lawyer than be happy and not drowning in debt. If they weren’t paying for it, what right did they have to demand it?

I know it’s most likely a cultural thing so people might get offended, but I think it’s ridiculous. I couldn’t imagine telling your child that you’ll cut contact just because they don’t pick a certain job. Like, if you don’t love me enough to want to see me happy in some other perfectly good job, I don’t think I’d mind not having contact. ✌️

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Also where the heck did you go to school that you were able to accumulate $400k in 7 years? 😱

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Dropping that much on undergrad was a poor decision - Ivy League or not. You likely could have gone to a state school for a fraction of that. Also, did you work during undergrad to contribute towards tuition?

Anyways, based on the additional info I agree with the others that best course of action may be to grind it out in big law for a few more years so you can pay off the loans quickly and then you can pivot into whatever your heart desires.

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If you work in public service for 10 years you can get the public loans forgiven

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Plenty of ways to get it covered while working less hours, but OP doesn't want that. They just want to whine to us about how hard they have it while they simultaneously refuse to leave big law for a pay cut.

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I don’t think half of y’all are reading- forgiveness/etc do not apply to private loans of which half of mine are. Appreciate the sentiment though.

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This amount of debt seems so irresponsible. Marry rich, that’s my advice. Or go into public service for the loan forgiveness.

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Omg thats like a mortgage!

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There are strict requirements for forgiveness on these loans. They don’t apply to any private loans and also only apply to a certain type of federal loan.

Look elsewhere and start setting boundaries. They will squeeze you dry if you don’t. Take work apps off of your phone. Don’t check email after a certain time. Set status to away and give yourself some space. Don’t kill yourself for a client.

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You don’t want to find a solution or take any blame for taking on a ridiculous amount of debt or hating all three jobs you’ve had as a lawyer or not paying down any principal since graduation.

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Have you looked into becoming a JAG or joining another program that helps you with student loan payoff? Sorry you're going through this, your workplace sounds super toxic. You can consider pivoting to working at one of the big 4. Pay is not equivalent to big law but wlb and culture hopefully should be better. There's a ton of attorneys working in the tax practice.

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Sounds like it's maybe not the career you hate but rather the work place. I'd start looking for other firms, you may even get a pay bump if you switch which will only help you further.

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If you aren't hell bent on living in America
Then can you declare bankruptcy and clear the loans?
Let your score tank and just leave to another country like Canada, UK, Spain or Dubai, Bali, Malaysia- you cans tart a new life here ans potentially apply for citizenship

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Bankruptcy doesn’t clear student loans.

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Damn, I have $60k and I’m struggling too.

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Do you at least make bank?

Live way below your means for a few years and pay off the loans.

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What kind of law do you practice, OP?

Refinance to a lower rate asap if your loans are private, that’ll help a bit!!

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