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Friday, October 28, 2011

Drowning in a sea of debt?

Explaining New Federal Student Loan Rules

Is there hope on the other side of the graduation cap? Well, hope may be clouded by mountains of student loans (both law school and undergrad if you are lucky like me). I'm interested to see how this works/what it is going to cost the country/how I fit into the picture.

One of the most frustrating aspects of a legal education is figuring out how to finance it. It's a big commitment and the answer to that big question could ultimately determine where you decide to attend, where you live, and whether or not law school works out for you at this stage in your life.

What advice do you, my readers, have on the topic in general? It could be from the standpoint of a law student, graduate student, or recovering undergrad! (Post and let me know!)

For me, it's all about making sacrifices and looking at the long term. I had to save earlier so that the unknown would be a little more predictable now.

The moral of the story is, PLAN.

2 comments:

  1. Yes -- education has become a major financial commitment, on par with buying a house for many students! I think now more than ever it is important to reflect deeply on your decision to pursue higher education (whether that is at the undergraduate, graduate, or professional level) and ensure that a proper cost-benefit analysis points you to college. Students who go to college simply because they "were told to" or "think they should" but have no specific career goals in mind should take the time to think about whether or not college will actually benefit them. If they leave after four years with a diploma and $60,000 in debt, only to start a job making $30,000 a year, I am convinced they have made a poor choice. On the other hand, driven individuals like yourself can be confident that even if the road ahead is tough, you will come out of university with an invaluable education and your debt will be manageable!

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  2. Totally agree! I think more than ever we have to shrug off the "must do this because I've been told to" mentality simply for the fact that in order to be a responsible citizen going into this new economy we need to be real with ourselves and our financial situations.

    What does sadden me is the fact that undergrad (and everything else for that matter) continues to pull farther out of reach for people because while financial means are slow to rise tuition continues to sky-rocket. I don't agree that college is for everyone but I do think that if it is for you there should be opportunity to go.

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