Entering law school in US, how should I finance my law school education?

I'm starting law school at the end of the month, and thinking about whether I should fully take out student loans or not. The school I'm going to costs about $55k a year with tuition books and other fees. But the school gave me a $20k annual scholarship.

I applied for federal student loans, but the basic unsubsidized loan comes to 6.5% interest with a 1% origination fee. The grad plus loans are 7.5% with a 4% origination fee. I was approved for the grad plus loan, but now I'm considering whether it really makes sense to take it out given my financial situation.

Assuming I can keep my scholarship, and I intend to, I would need to cover about 10k per semester out of pocket without the loan, and its a 6 semester program. I have at my disposal

>8k cash
>90k in stocks, 35k of which is in a Roth IRA
>5k from retirement contributions at my last job
>4k from deferred compensation from my last job

I'm starting to think it doesn't really make sense to take out the additional grad plus loan, and I should just liquidate my assets bit by bit to keep my debt burden down to a more manageable level of around $75k instead of approaching 150k. Especially since I'm not really looking to join a big white shoe law firm when I graduate. But on the other hand, I really hate to sell when the market is down, and I really think it's going to turn around.

What do you think?

  1. 1 week ago
    Anonymous

    Imagine paying for education.
    You should leave to a civilized first world country.

  2. 1 week ago
    Anonymous

    >What do you think?
    I think you should go back

  3. 1 week ago
    Anonymous

    Hahahaha what anon, why are you going to law school. Are you at least at a T14?

    • 1 week ago
      Anonymous

      >why are you going to law school
      I want to be a lawyer. I was very unhappy at my old bureaucrat job as an auditor of truck and bus companies, and want something more intellectually stimulating and challenging. I also want to feel like I'm advancing my station rather than just treading water.

      no it's not T14, but I'm not looking to go biglaw. I'd rather continue to work in the public sector or for a nonprofit advocacy organization. I'm not really sure yet exactly.

      • 1 week ago
        Anonymous

        Post gpa and lsat

        • 1 week ago
          Anonymous

          took the LSAT once, got a 160 which was 75 percentile

          Cumulative GPA 2.8, degree granting institution GPA 4.0

          Why do you ask?

          • 1 week ago
            Anonymous

            CAS gpa. Although it sounds like yours is fucked. And I know the percentiles, 160 is trash. And I’m not saying this to be mean, but if you’re applying for law school and concerned about finances you need to be LSAT-maxing for scholarship money.
            Mostly it sounds like you haven’t done much research on law schools and you’re gonna get fleeced by a TTT.

            • 1 week ago
              Anonymous

              I say let him get fleeced. He doesn't even want to make money with his degree. He's actively avoiding all of the opportunities that exist to allow him to get a return on his investment.

              He's a retarded idealistic kid, he's going into law for all the wrong reasons, and he won't listen to anyone telling him to stop.

            • 1 week ago
              Anonymous

              I'm already in bud.

      • 1 week ago
        Anonymous

        >I'm not looking to go biglaw. I'd rather continue to work in the public sector or for a nonprofit advocacy organization. I'm not really sure yet exactly.
        you're a fucking IDIOT
        t. lawyer

        • 1 week ago
          Anonymous

          Unimpressive. If you're an actual lawyer then give some meaningful advice instead of a one word insult.

          • 1 week ago
            Anonymous

            Is your scholarship conditional?

        • 1 week ago
          Anonymous

          I am also a lawyer, and I agree.

      • 1 week ago
        Anonymous

        Just go and do something intellectually stimulating instead of racking up all this debt in law school. You clearly have enough assets to liquidate and live off for a while, so do that while you pursue something intellectually stimulating.

  4. 1 week ago
    Anonymous

    I'm gonna piggyback off OP because I'm in a similar situation. I got into a better school than OP so my biglaw chances would be better, but I'd end up graduating with $150k of debt. I'm starting to think that's stupid, and maybe I should just go into software development/engineering. I know enough people that networking wouldn't be a problem, and I know it would be a while before I found a job (as in a couple years, and I'd still be at the bottom rung). But either way I would be working toward getting a better job than the shitty one I had. What should I do?

    • 1 week ago
      Anonymous

      Think about the trade off between cs and law - the latter being three years and lots of debt and unless you’re t14 you might not get biglaw. Once you’re in biglaw, you’re working 80 hour weeks for a few years at least. If you aren’t incompetent you should do a side by side outcome analysis on excel.

      • 1 week ago
        Anonymous

        I've thought about it a lot tbh. I've spoken to several friends and people who work in tech about my dilemma, and they have all been helpful. Most have said just to do what I think is best. One told me to drop everything I was doing and self-study/bootcamp it for a year and a half and that at the end of it after I had some projects I could find a well-paying gig. I'm coming from a non-tech field, so I'd be starting at the ground floor basically. My gut right now tells me that I should just say fuck it and learn javascript. I have enough money to float me for about a year and a half (maybe longer), and if I stick to a strict schedule for 18 months then it seems feasible.

    • 1 week ago
      Anonymous

      I would suggest getting decent grades, going biglaw for like 2-3 years, slacking off the entire time. You'll be "counseled out" (fired), but then you can use your tech background (assuming you have one) to go in house to a tech company.

      It's a pretty sweet gig, you'll probably max out comp-wise around 250k but that's not bad at all.

      • 1 week ago
        Anonymous

        I’m studying for the LSAT now and have a very technical background (CS and Engineering degrees and professional experience). 250k as the pot at the end of the rainbow sounds fairly ass to slave 80hr weeks for 2 years. How do I comp max as a lawyer?

        • 1 week ago
          Anonymous

          What's your GPA? I assume you haven't taken the LSAT yet, right? Cross-check your GPA against the T14 schools and see where you land. If you're on the lower side (25th percentile), then you need to max out your LSAT score as much as possible. Why does this matter? Because unless your rich grandma is going to finance your law school education, then falling in the medians will mean you probably won't get much scholarship money, which means schools can charge you tens of thousands of dollars and push you deep in debt. The more debt you accumulate, the longer you'll have to stay in biglaw to pay it off (or most of it off). This is also assuming that you can get biglaw. You have an engineering degree, which is nice because you can take the patent bar, which can make you a lot more money and land you better job prospects. $250k with a ton of student loan debt and a HCOL area (most biglaw is in New York, SF, Chicago, LA, DC, some in Texas, you'll find branches elsewhere but that's mainly where they are) really isn't all it's cut out to be. After biglaw, you could go in-house for all kinds of firms (your CS/engineering background would help), but a lot of them max out at $200k. The hours also vary (I've heard some are more relaxed, but others can be as much as biglaw without as much pay). You could also go for partner at your big firm, but you're going to need to pray to allah every night that they don't just dump you after your second year because you're not billing enough hours. All this is to say, try not to take on a lot of debt. If you really want to be a lawyer making bank, study for the LSAT so some lower T14 gives you a full-ride and you can tell biglaw to fuck off when you're sick of working 80hr weeks.

          • 1 week ago
            Anonymous

            thanks for the input, GPA was a 3.15 so my strategy is to do well on the LSAT, currently can score comfortably and consistently score mid-low 160s even if I fuck up a logic game or two but 170 feels in reach for me. I might have to take it twice to get there though since I only have a week left before I take it. I have Basque family members so I checked the Hispanic box so that probably can score me some scholarship monies. I also dated a law student who did teaching to avoid debt but she had no life while in school and ideally I’d like to have the time to score some lawyer bitches while I’m there.

            • 1 week ago
              Anonymous

              You need a 170 at least, and that's at the low end. Hispanic might get you some URM points, but not as much as you expect. In the past splitters have gotten into good schools, but the past two years have been brutal for them. There might be a return to pre-2019 admissions results (lower GPAs and LSAT medians), but I wouldn't count on it. Anyway, good luck.

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