Struggling with finances... Don't know what to do anymore
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Anonymous
I don't get the sense that OP passed the bar. |
Anonymous
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How is this Sallie Mae's fault in the least?
OP sounds like a decent person but lets be honest, what were she and her husband thinking??? Was the thought process, "We're definitely both going to get $$$$ lawyer jobs and pay off close to 400K in no time"? Even as a 22 year old I would have quaked in my shoes and run the other direction before signing up for that much debt. |
Anonymous
It's the same as these people who bought way more house or took on more loans than they cuold actually afford. Yes, they shouldn't have done it, but also, the lenders should never have taken that risk. There was something very wrong with the way the loan/risk/reward situation was set up. the people making the decision whether people could afford the loan were not the same people as those who would end up paying if the lenders defaulted. In the student loan situation, there is NO RISK to the lenders whatsoever as they would be reimbursed by the federalgivernment. So there was no reason for them to say "hang on a sec -- we're making a ton of $200,000 loans to people going to grad school/professional school -- surely all these people can't actually find jobs in their field and pay us off. Some will default so let's at least tighten up a bit." but they didn't do that and apparently they also lent money to students for things like living expenses. NOT GOOD. |
Anonymous
to OP's credit, she isn't the one talking about bankruptcy at all. She just wants advice on what to do to earn money given that apparently she's been laid off from whatever job she had. |
Anonymous
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I am the OP.
I passed the Maryland bar last year. I don't know why people think I'm blaming Sallie Mae... I never once blamed the student loan companies. I think another post suggested bankruptcy, but I already said that it's not an option. We only have $13,000 in credit card debt and I don't want to file over such a small amount. We've paid off similar debt before in 1-2 years (which is probably why we have no savings, but that's another issue). I want to reiterate: I do not blame the student loan companies; I don't even have loans with Sallie Mae! I took out a CitiAssist private loan my 1L Year and went Graduate PLUS during my 2L and 3L years. I plan on paying them back. I *have* been paying them back. In my defense, my law school claimed the median salary was $125,000 the year I enrolled, and my LSAT score was in the upper 10-25% of the incoming class, so I (mistakenly) assumed I'd do well. My husband's LSAT score (162) was in the middle of the incoming class and he ended up graduating near the top of the class. I graduated at the bottom. For those who asked: the reason we chose that particular law school was because my LSAT score was significantly higher than DH's, and we wanted to go to school in the same city. I think the admissions office used that as leverage to not give me a scholarship, because i found this website called www.lawschoolnumbers.com; literally EVERYONE with my LSAT score got scholarships of at least $20,000. Because they knew I was going there regardless due to DH (I foolishly wrote an addendum on all my applications explaining that we wanted to go to the same school), they didn't offer me a scholarship. Ironically, my DH blames ME for my unemployment and thinks I'm lying about not being able to find employment that pays more than childcare. I'm basically a SAHM now, but he thinks that's a "bullshit job" and that I'm just a bum. |
Anonymous
well your husband is an asshole. that is probably your biggest problem. I'm totally on your side - as I was the PP who posted that law schools are for profit and lie about their employment statistics. It was not unreasonable to think you could easily pay that debt off given the economy at the time you entered school and the lies your school was feeding you. You will find a job and you will do fine over time. The debt is going to be a hurdle and significantly lessen the quality of your life over the next 20 years. |
Anonymous
| I agree with the previous poster. A friend of mine graduated in the top 10% of Loyola Law School in Los Angeles. She was on law review and still did not find employment (not even part-time/temp work) for nearly two years. She found a job with a judge this month. Things improve. You just have to keep trying. |
Anonymous
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I think the majority of the people on this thread realize the OP is not trying to get out of the loans. There's a separate argument going on about the loans and who is responsible.
I'm with the other poster, your husband is being an asshole. You should go to your school and berate them into helping you find a job. Out of curiosity, what are they saying is the current salary average for a graduate? |
Anonymous
| If you're a barred attorney, you need to sign up with legal temp agencies. That should have been your first stop. To temp in DC you need to be DC-pending, and though it will cost $, file the papers to waive into the DC bar NOW. You just need to file the papers to be considered DC-pending. The legal temp (document review) market has picked up, I know quite a few people doing it. Just go sign up, be humble, you'll get called. Do this before hitting grocery stores for jobs and such, really. I've done this when times were tough in between jobs. The work is boring but pays a good $25/hr+, more if you have foreign language abilities and get on a foreign language document review. |
Anonymous
| I'm the OP. Just went on my alma mater's website. They longer post salary statistics on their website (LOL). Now they post a link to "employers who have hired our graduates" from the last five years as well as a list of how many graduates are "employed" out-of-state. They claimed that 50% of the class received law firm jobs (I know for a fact this is not true, unless they count part-time, temporary positions as "employed"). |
Anonymous
| OP here again... My husband is being an asshole because our friend from a fourth tier law school in Florida got PMF (Presidential Management Fellows), and another friend from a fourth tier law school got a job as a public defender. In his mind, this means there are "plenty" of jobs for lawyers and I'm just being lazy. |
Anonymous
| P.S. how do temp agencies work? Do you have to pay them money, or do they take part of your paycheck? |
Anonymous
I don't mean to be unkind, but are you really just now looking into doc review work? It just seems like you are really out of touch with the legal marketplace here--doc review is the go to work for unemployed lawyers in the area. Check and see if your law school has reciprocal agreements with law schools in the DC area--that way, you can go in and chat with a local legal career person and get some insight, because I have a feeling you are really behind the 8 ball because you apparently went to law school out of the area. Anyway, here is how it works. You sign up with agencies (check out the posse list, there are tons in the city and you can sign up for more than one). Then you get put on projects. You are paid by the agency, who in turn bills the law firm (with a markup, of course). You should expect between $25-35 per hour, depending on the project. More if you know foreign languages. You are employed by your agency, not the law firm, by the way. Some projects last weeks, some months and months. This should be enough to pay for regular childcare. |
Anonymous
Where did they get those jobs? Here in DC? What kind of connections did they have? |
Anonymous
| $370,000 in debt? How'd you get that much in the hole? |