Here at Above the Law, we frequently address law school loan debt and the many ways it has screwed over various members of the legal profession, including some of our own editors. As many of you know, both Elie and I graduated from law school with six figures of loan debt. And although we both have a seemingly insurmountable pile of debt to pay off, we’ve gone about doing so in different ways. He’s been paying collection agencies not to break his knees since 2007, and I’ve been paying my loans like a good little indentured servant since 2010.
But I’ve got to admit, that wouldn’t even be possible if it weren’t for income-based repayment (IBR), the magical plan that caps your payments at 15 percent of your discretionary income. With IBR, I’ve been able to continue making interest-only payments for about two years, gleefully awaiting the day that I’ll finally be able to dig into the principal amount — which will likely never happen, but hey, a girl can dream.
The pesky thing about IBR is that you have to reapply each year to tell your loan servicer that yes, you’re still ridiculously poor, and no, you still can’t afford to pay those insane amounts they’d expect you to fork over otherwise. I sent in my reapplication packet more than a month ago, specifically so that I’d know what my new payment amount would be for the upcoming bill’s due date.
So you can imagine my COMPLETE AND UTTER shock when I opened my mail this morning to see that with my glamorous “entry-level journalism salary,” I’d apparently been kicked off of my IBR plan.
* Our annual Law Revue Video Contest is still a few months away, but if you like making legally themed videos, keep an eye on this contest (more details forthcoming, including info on the prizes). [Federal Bar Association]
* Speaking of contests, we welcome your votes in the ABA Journal’s Blawg 100 (under “News/Analysis”). [ABA Journal]
* And speaking of Above the Law, the deadline for applying for our writer/editor position and our internship is tomorrow — so act now if interested! [Above the Law]
Ed. note: Gradenfreude is a new series chronicling a recent law school graduate’s life after attending an unranked school. Feel free to email the author at TristanTaylorThomas@gmail.com, and he’ll respond ASAP. After all, it’s not like he has anything better to do.
When President Obama was debating Mitt Romney, he patted himself on the back because of the strides he took to give young people the chance to get an education by making student loans available. I guess making loans available is all that really matters, because after all, who cares about having the loans paid off? That’s the one thing that he didn’t mention: once you accept the loans, you’ll be bent over a barrel for the rest of your life — unless, of course, you’re able to become a Senator and then write a couple of best-selling books.
I think that most students realize they’ll spend the vast majority of their lives paying off the loans they took out to further their educational pursuits. What many may not realize is just how ridiculous the government is when it comes to getting their money back. Their tactics and terms fall just short of being classified as Mafia-like. On the bright side, if there is one, at least no one’s broken my legs yet.
Although the government may allow for a deferment for economic hardship, if you have a full time job, it’s likely that you won’t meet the strict requirements to attain that deferment. Because even when you work a job that only allows you to live in your parents’ basement, essentially as dependent upon them as you were in high school, the fine United States government still expects timely repayment.
That’s right: I currently make too much money to qualify for an economic hardship deferment, and I work for just over minimum wage. Earning the least amount of money per hour that I ever have in my life, I am making too much money to earn the government’s pity….
* When Dewey tell the world that we’re dead, but not yet buried? The firm filed a notice with the New York State Department of Labor listing its closing date as yesterday. And what’s their reason for doing so? “Economic.” [Am Law Daily (sub. req.)]
* Dewey have anyone left in the Office of the Chairman? Apparently not: Charles Landgraf has moved on to greener pastures. There is no longer a captain at the wheel of the S.S. Dewey. [The Hill]
* “The continuing loss of revenue-generating partners and Dewey’s debt load has culminated in the imminent demise of Dewey.” Damn, the PBGC certainly doesn’t mince words. Meet the firm’s latest lawsuit. [Reuters]
* A judge reinstated Le-Nature’s $500M case against K&L Gates for failure to detect fraud. Hope the firm has a half-billion lying around — they haven’t been doing too well with the whole honesty thing lately. [Businessweek]
* You stay classy, DSK! Your aggravated pimp hand is strong! Dominique Strauss-Kahn filed a $1M countersuit against Nafissatou Diallo because she “ruined his life, personally and professionally.” [Wall Street Journal]
* Conspiring to price fix? There’s an app for that! A federal judge denied Apple’s and several book publishers’ motions to dismiss a consumer class-action lawsuit about e-book pricing. [Media Decoder / New York Times]
* Like FernGully in reverse? A judge refused to dismiss Chevron’s racketeering and fraud lawsuit against New York attorney Steven Donziger for his work done in Ecuador. [New York Law Journal]
* Thomas Jefferson Law will be the site of the next solo incubator. This is a great way to keep your grads from suing you (not to mention a great way to increase your employed-at-nine-months rate). [National Law Journal]
We write about depressing news for law students and law school graduates all too often these days, which is a very, very sad thing. We know that you don’t want to be reminded about the impending doom you may soon face. We really do wish that we had more positive news to report. But in this economy, it’s just not possible.
Gone are the days when earning a JD meant having automatic employment prospects. Gone are the days when having student loans wasn’t completely debilitating. These days, the JD has taken on a new meaning. It doesn’t just mean Juris Doctor anymore. These two are a little more fitting: Job Dilemma and Jumbo Dumbass.
The Connecticut Law Tribune has come out with an informative piece just in time for new 1Ls to realize that they may have embarked upon a six-figure mistake….
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
Whether you’re fresh off the bar exam or hitting your stride after hanging a shingle a few years ago, one thing’s for certain: independent attorneys who start a solo or small-law practice live with a certain amount of stress.
Non-attorneys would think the stress comes from preparing for a big trial, deposing a hostile witness, or crafting the perfect contract for a picky client.
But that’s nothing compared to the constant, nagging, real-life kind, the kind you get from the day-to-day grind of being a law-abiding attorney.
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