Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
As far as not taking the bar exam, the average JD holder takes the bar exam within 2 months of having their degree conferred. Medical issues with someone else are an excuse for what amounts to an individual failure on his part.
Now, to the salary for lawyers vs the cost of law school. A 30 second search on Google shows that in WA state, lawyers/attorneys average around $95-105k, with 4-5% annual growth. Another quick Google search shows monthly take home pay in WA state for a $105k salary is $5,100. So even if he took the bar and was working as a licensed attorney, on average that is what he could optimistically plan on for net pay. What someone advertised vs what any of a dozen salary websites tell you is reality...well, those can be and are different. Shame on him for not doing basic research.
OK, so now we search student loan payback on his retarded 7.35% interest rate graduate loans. Had he taken just what was needed for his tuition and fees ($162k), his repayment is $1,910 monthly for ten years. Take the bar and actually gain employment as a lawyer, and while losing 40% of your take home sucks, 10 years later at 4% growth, your age 33ish take home is now $6500, and lookie....no student loans! But nope, he borrowed out the wazoo for slightly more than double what he needed for tuition and fees, and the repayment on his $347k under standard student loan 10 year programs is $4100. That sucks hard.
But wait...who took out twice the loans needed in the first place, under an optional high interest program? Who chose not to work during law school? Who chose not to take the bar for a number of years?
And final note - who chose to ignore the fact that WA is one of four states where you can take and pass the bar without actually attending law school, so long as you meet the apprenticeship requirements of working essentially 4 years worth of full time in the legal profession? Oh shizzle...you mean you can become a lawyer without law school debt AND while earning a wage with an actual job? And some IT schlep on the Internet figured that out with 30 seconds of research, while a future wannabe lawyer couldn't figure it out in the last decade? Huh...odd.
Sorry, but he made a rather long string of stupid financial decisions, and I have exactly ZERO sympathy for him. None whatsoever.
The problem with people is that they see the now and are not too worried about the later… A classic case of laugh now, cry later.
This person will not admit it, but they wasted a good amount of pizza, beer and other “stuff” not tied to their education.
Sorry, but I do not feel any pity for people like this or feel that the American tax payer needs to bail them out of their self inflected stupidity of wasting money on BS, other than on their actual education.
Many had to work full-time or part-time while in school or others, like me, are or have used the G.I. Bill after serving in combat for this country.
Nothing is free and people need to remember that before taking out legally binding loan contracts to plan and spend wisely.
Get the federal government out of the student loan process! Tuition will drop like a rock, when this happens!
For the unfortunate soul who took out $347,000 in loans, you signed on the dotted line. There is no one else to blame but yourself. Have fun for the next thirty years...
Agreed on both points. Debt sucks, but no one forced you to sign that dotted line or run up that credit card.
The problem is we live in a society where folks claim "student loan debt is good debt" and "you'll be poor if you don't go to college." I finished my college education, paid for by the Air Force, and didn't need to rack up $347,000 to do it.
She's recently been promoted to "senior economic policy reporter" for a supposed "Business" media outlet. She only has her journalism degree, not any sign of economics expertise.
Student loan debt, she's determined is her specialty. Not repayment mind you, but reporting on efforts to forgive it or promote ideas that lay the blame for student loan on any entity other than students.
Sounds as though she has found her niche. The Eternal Victim.
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.
I want to sleep, eat, and workout, but no one is going to pay me enough money to do it.
One should choose something they want to do AND make sure it's enough to earn a decent living.
I don't know if this is also a state by state thing, but when I worked for a vet, you could bypass school (where you practice giving injections on stuffed animals), and work towards being a vet tech at an actual clinic. You get real experience, have a job, and no loans to pay back. Then you can decide if you want to advance. (Or, like me, realize you have to deal with far too many humans who don't listen to instructions, and you can't take it anymore as the animal suffers for it.)
There were a lot more hands on programs back when I went to school. I didn't go to a college for my degree but enrolled in a hospital program where we worked the floor when we weren't in class. They also had a nursing program and a surgical tech program. Now you have to go to a college to get this certification and they cost a heck of a lot more than an interned program at a hospital without the amt of hands on hours we had.
There were a lot more hands on programs back when I went to school. I didn't go to a college for my degree but enrolled in a hospital program where we worked the floor when we weren't in class. They also had a nursing program and a surgical tech program. Now you have to go to a college to get this certification and they cost a heck of a lot more than an interned program at a hospital without the amt of hands on hours we had.
Professional licensing is just another government racket. Big government and big education have teamed up to make getting a job cost big bucks.
He grew up working class and had to wonder where his next meal would come from??? If you live in the USA and you are working class and you are working diligently, that should not happen. I have been working class all my life and never once did I have to skip a meal. I had to give up vices like smoking and not drink much, but I never went hungry. Sometimes, people like to blame their own misfortune on circumstances beyond their control because it makes them feel better.
I agree, hard working people should not have to skip meals. Of course “working class” could mean a lot of things. A teacher, skilled trade, nurse or a good quality factory job are all examples of working class. Those people are well paid and obviously can feed themselves. However if “working class” means turning burgers at a fast food joint then one may truly struggle. Of course that depends on where one lives and if they are willing to work a second job. It almost always comes down to personal choices. If your job does not pay enough to live a responsible person will get a better job or get a second job. Others will choose to stick their hands out and blame the world for their plight.
There's 82 attorney jobs listed in his town on Indeed right now.
I agree. Once he gets his foot in the door that $347k can be paid off in a few years.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
