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Post #9 is spot-on. Also, it matters where the person went to law school. Without connections, it’s going to be hard to land one of those high paying jobs graduating from a school ranked over 100 (not a good thing). Then the nonsense about not being able to pass the bar because someone else was sick? These stories where people owe hundreds of thousands in student loans always have several aspects that don’t pass the smell test.
Why anyone would choose a degree and field based on others saying it would be high paying and all, is beyond me. One should choose something because they want to do it.
Second, I have a feeling he used some of his loans to pay other expenses.
Go to college, get your degree, then earn a living with it, before you go $200,000 more in debt to try and get your masters. I wonder what he spent his tuition on, $347,000 is a lot more than just a simple law degree.
Very often it is 'who you know' that matters in the legal field.
Wrong! If you don't come out of a 'name' law school often your chances of getting a job are slim.
But he'd still have the same level of success at getting a job as he has done so far. He could always form his own office and do ambulance chasing or "injury law".
First of all, the tuition at that school per year is $53k. Include all of the other expenses, including room and board, and he is in for $82k annually, or for a standard 3 year law school stay, is $246k, which is $100k less than his loans. So right off the rip, he borrowed $100k beyond what covers even living expenses estimated by the school itself.
But he claims his loans were just for tuition. So back that down to $162k. Because Seattle U School of Law right now, for 2022-2023 academic year tuition + fees annual = $53,800, and I rounded up to $54k. Still absurd, but for the 3 year course of study, still $185k less than what he borrowed.
If we take it that he ONLY used it for tuition, you are using tuition at the 2022 rate, not back in 2014-2017 when he went to school. It is very likely it was less.
It sounds like he hasn't made any payments, or very minimal payments. So with that and assuming the interest and base amount. If we compound the interest daily. After 5 years (Summer 2017 to Summer 2022) with the original balance of around 162K, he would only owe about 236K, over 100K less than what he says he owes.
It would actually take an original balance of around 250K to get to the amount he says he owes now.
So there is probably a lot more not being said as to how the funds he borrowed were used.
As someone who spent a few years after college contemplating whether to go to law school, eventually went to law school, and elected to take on some considerable debt to go to law school, my thoughts are:
A lot of people go to law school for the wrong reasons. "I will make lots of money" is one of those wrong reasons since many attorneys don't, including many that are successful in their fields. If you don't enjoy the work for the work's sake, please go elsewhere.
"Simply" going to law school is meaningless from a career perspective - where you go matters and you need to be aware of that. Also, what was your GPA, where you an editor in the law review and were you on your school's moot court team, etc.
Law is not a field where most get immediate returns. Yes, some do. Most don't. You have to gain the experience, do the work. And if you are among the "fortunate"(?) ones like myself to start in "big law", your decent starting salary will involve you being completely wed mind, body and soul to your job for at least 4-6 years until you decide what your path is after that point.
If you get past the 6-10 year range intact, please understand that you will still be expected, if you want to earn a salary of $170K+, that you will spend most of your time, effort and energy, serving your clients in one way shape or form.
Truly, anyone who enters law for the money only has not done their research. It is a lot of work for the returns, for 90% of attorneys. And people need to do their research and not complain when they rely on some generalized and removed career projections. Working as an attorney is serious work. Don't realize that? You could have asked - that's a long known given.
He could always form his own office and do ambulance chasing or "injury law".
1. Personal injury success depends on a lawyer's ability to get clients through referrals, ads or referral services.
2. Personal injury law practice involves paying litigation costs and overhead fees until a recovery comes in. That could take years.
I find it hard to believe that he can't find a job. But delaying taking the bar was his own fault. Why these borrowers don't refinance is beyond me. You can find so much better rates.
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He could always form his own office and do ambulance chasing or "injury law".
