Some of that is luck, though. Some people get computer science degrees and end up with crap jobs, while others create internet startups like Google or Facebook.
I think it’s a terrible idea. I think you think it’s a terrible idea. Fuck what your parents think. If they stop paying your student loans, you’ll survive. You survived on $30k/year, didn’t you? Your loan payments are $7k/year total, much of that tax-deductible interest, and you now make $38k/year.
The fact that you have a job you actually like is valuable enough that it shouldn’t be thrown aside lightly. And you never know where your career will go – you may end up finding a media position that leverages your journalism experience and pays as well or better than you’d have made as a lawyer, doing something you enjoy more.
I was going to post to give this calculation and then Giraffe said it while I was writing the post much better than I would have. Anyway, QFT.
I was also about to say what Giraffe said. I will add, if you stay at your job now, you can still go to law school in 3-5 years, this is not your last chance, ever, to leave journalism. And actually it sounds like a horrible time to leave because you just got a new job that you like and pays more. You’re on a positive trajectory, why not see where this goes? Maybe you’ll impress someone, or a really great freelance gig falls in your lap, and in 3-5 years you’re bringing in $50k? It could happen, maybe not at this exact job but one thing leads to another, especially if you keep your eyes open for opportunity.
ISTM the only reason to switch tracks now is because now your parents are willing to pay. That’s a horrible reason, you know that. You also have to think about what other strings they will add to their support. What about when they have opinions about what internship you should take, where you should live, etc. Do you think at that time they will trust your judgement to make the best decisions for yourself? Because it doesn’t sound like they feel that way now. Obviously it’s their money and they can put whatever conditions they want on it, but then you really have to think about what you’re signing up for.
But financially, yeah taking on more debt to avoid debt is generally considered to be an idiotic idea. Personally I don’t see any reason that this is the exception.
ETA: I know this comes off as a bit preachy, so just take this as questions to think about. But if I were in your shoes, as told in the OP, this is what I would think about.
That first article was one I was going to post after reading the OP. Make sure your parents see it. Law school is a total scam right now. Unless you have a full scholarship or you plan on being top of your class, it’s not worth it. You’ll be piling on more debt but not making enough of an increase in salary to make it worthwhile.
I hope to God that $615/mo is an unconsolidated figure. When I consolodated my loans I ended up paying less than 60% of what I had (or often hadn’t, to be perfectly frank) before that.
Since we have no idea what sort of loans the OP has or how much he(?) owes, we can’t run the numbers but here’s a calculator that helps figure out how much less consolidated payments would be.
:rolleyes: come on. The fact that you need to do well in law school to do well after law school (unless you go to yale etc) is no secret and it doesn’t mean that law school is a scam. There have just been some articles lately from whiny recent grads who are having a tough time finding a biglaw job (because of the economy, duh).
Do what makes you happy.
And Anderson Cooper makes $4 million a year in journalism. What’s your point?
Instead of going to law school, the OP should be Anderson Cooper. Assuming his parents approve.
Wait wait wait, why isn’t he first trying to be Mark Zuckerberg or Sergey Brin (as mentioned above) and then trying to be Anderson Cooper?
Read this paragraph ten times. Then cut the umbilical cord and live your life. There are plenty of other options for you that don’t include law school and crippling debt, plus you are enjoying the job you have right now. So keep working, consolidate/renegotiate those monthly debt payments, and keep your eyes open for other opportunities that don’t involve your parents’ fantasy of having a lawyer for a son.
'Cause you can only put one name on a law school application. Duh.
Hey, bigmac, if it makes you feel any better, I know exactly how you feel.
I graduated with my bachelor’s about seven years ago. Haven’t gone back for an advanced degree yet. The reason? I have no debt right now; I didn’t incur any to get my BA. I’m afraid that going for an advanced degree is going to incur some pretty substantial debt, and, moreover, what I’d want to study are things that don’t traditionally lead to a high-paying job. So, right now, I’m contenting myself with a lot of reading of those subjects on my own whilst I figure out whether going for the advanced degree’s worth it.
This would be fine, but my sister is constantly on about, “when are you going back to school?” It’s like, yes, that would be very fun, but unless I suddenly develop the inexplicable urge to teach, I’m going to end up with a very expensive piece of paper, and a financial burden that doubles as an anchor.
So your pain, I feels it. I say find out if you can get your loan repayments reduced. They usually will if you’re not making enough to cover it. Spending a fuckton of money on something you’re not even sure you want to do, however, is probably not a good long-term decision.
You’re already thinking like a lawyer, I can tell.
Why WOULDN’T they approve? That silver fox is a national treasure!
National Treasure was not a good movie.
Question. When you consolidate federal loans, do you have the option of paying extra each month? My standard loan payments are going to be somewhere in the neighborhood of $800/month, and I was wondering if it would be better to consolidate, however, I have this radical plan (not really radical, just frugal) that might enable me to pay them off in a few years. Would they freak out if I consolidated my loans and then made larger payments?
I don’t know about consolidated loans, I have regular stafford only - however they cheerfully accept my overpayments. In fact, most of my school debt was from lender A, but I had one small loan from a lender B, and I paid it in full within a couple months of graduation. It’s not like a mortgage. They don’t penalize you for finishing early.
You are single living at home have no responsibility to anyone else you make $40k/yr and you can only afford to pay $50/mo on your $600/mo student loan debt? And let your parents pay the other $550+?
Charmed life you live kiddo. :rolleyes: