Reply to Taking on Debt for Law School

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[quote=Anonymous]If your DC is set on being a lawyer and understands what that entails, sure. I wouldn't do it to go to a crappy law school but unless he or she gets stellar LSAT scores and thus scores a scholarship, some debt is inevitable.

My biggest piece of advice is to make sure your child understands what he or she is getting into with the financial commitment. Especially for people who go straight through from undergrad, it can seem a bit like funny money with the guarantee of big bucks on the other side of the bar exam. There are so many variables at play and that scenario just isn't reality.

I have six-figure debt and make $150k/year in DC. My life is great. Do I have the financial freedom of my friends whose parents paid for law school or who work in big law? Nope. But I like my job, I own my home, and I am able to pay for childcare for my 2 small kids. I am on an income-based repayment plan and try to think of my loans as just another bill rather than getting all panicked about it. It is what it is, and I took it on with my eyes wide open. I don't have regrets but if my kids want to go to law school, I will make sure they fully understand what they are getting into. [/quote]

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