topic Accept or Decline in Student Loans

Accept or Decline

TULO30 — Wed, 13 Jul 2011 15:31:36 GMT

I have been accepted to law school. The cost of tuition is $83,000 for four years for a part-time program.

I currently have a Masters degree and a fantastic career that I plan to continue.

My sole concern is the cost of tuition. Acquiring $83,000 in debt for a degree does not feel like a smart thing to do. I don't know how anyone can afford to go to college these days!

What do you think about this opportunity? Would you recommend a decline or acceptance?

Re: Accept or Decline

laz98 — Wed, 13 Jul 2011 16:46:30 GMT

i guess it depends how bad you want to be a lawyer! that is certainly a lot of money, but lawyers aren't exactly poor, either. good luck to you either way!

Re: Accept or Decline

castlefox — Wed, 13 Jul 2011 19:58:25 GMT

Why are you looking at law school if you currently have a Masters degree in a fantastic career you plan on continueing?

Well congratz on getting accepted. Did you get into a 'top' law school? Maybe apply to some "B" schools to save to money? 83K at 4 years to complete (if done on time) equals 332,000. At that cost I should seriously think about opening up a law school myself.

Would the the cost of going to school be cheaper if you went to school full time for 2 years instead of 4 years part time?

I personally would decline because im not ready for law school at this time in my life EXP because I just got out of debt and I couldnt live with knowing I got 332,000 in debt.

Re: Accept or Decline

laz98 — Wed, 13 Jul 2011 20:00:24 GMT

i thought the OP meant that 83k was the total for 4 years, not the cost of each year?

Re: Accept or Decline

castlefox — Wed, 13 Jul 2011 20:02:44 GMT

Well 83k total would be a big difference.

My secound cousin was going to med school and it was 78,000 per year so I figured it was in the realm of being accurate.

lefoxRe: Accept or Decline

TULO30 — Wed, 13 Jul 2011 20:03:31 GMT

Castlefox - you misunderstood my post. It is 83K total for 4 years total. It is NOT 83K per year.

Re: lefoxRe: Accept or Decline

castlefox — Wed, 13 Jul 2011 20:11:00 GMT

Ahhh Well thanks for that clerfication, lol.

What kind of law would be thinking of doing > Public defender, insurance company, or what?

Maybe figure out what payments on 83K per month would look like so you can guestimate what the min amount you would need to make as a lawyer to pay down that loan.

Re: lefoxRe: Accept or Decline

TULO30 — Wed, 13 Jul 2011 20:22:05 GMT

I will be going to law school part-time and will continue to work in a career that is going very well. I don't plan to leave my current profession, but a law degree would complement my career and open doors that would otherwise be closed to me.

I can afford to make the payments following law school. It's just that $83K feels like it is too much debt to incur for a degree so it has caused me to pause and wonder if I am making the right decision.

Re: lefoxRe: Accept or Decline

castlefox — Wed, 13 Jul 2011 21:16:40 GMT

Maybe you could put off going back to law school part time so you could save up a lot more cash so you dont have to take out so much in student loans.

Re: Accept or Decline

mazinaige — Thu, 14 Jul 2011 13:28:43 GMT

There is a website called 'Equal Justice Works' where you could pose your question to lawyers and law students who have experience with this sort of decision. Those who have graduated with law degrees would be in the best position to tell you if their education was worth it or not.

Re: Accept or Decline

castlefox — Thu, 14 Jul 2011 14:40:49 GMT

+1 to mazinaige. I wish I new of more resources like that