But some of you will still go to law school for the wrong reasons and pay rip-off prices. Ego, familial expectations, and peer pressure may play a role in your decision. So I want to finish the law-school-themed posts by issuing a warning to students and their parents about the consequences of graduating without a meaningful job and with six figure, nearly nondischargeable student loan debt….
Senators Marco Rubio and Mark Warner introduced a bipartisan student loan bill yesterday aimed at reducing default rates. The bill, called the “Dynamic Student Loan Repayment Act,” would limit all student loan repayment to 10% of discretionary income.
The plan is terrible for the poorest students. Currently, the federal income-based repayment program, called Pay as You Earn or PAYE, also requires 10% of discretionary income, but it calculates “discretionary” at 150% of the poverty line. The Rubio/Warner plan kicks in at $10,000… which is a lot less than 150% of the poverty line.
Also under PAYE, if you have more than $57,500 of debt after 20 years of repayment, PAYE forgives your loan. Under Dynamic Repayment, that goal post is moved to 30 years out. I guess the upside is that under Dynamic Repayment, there’s a better chance that you’ll die still owing money.
Again, if you are poor, this new plan isn’t great. But since when do Republicans or even Democrats care about the truly poor?
Senator Marco Rubio (R – Fla.) has often said publicly that he personally still owed more than $100,000 in student loans when he joined the U.S. Senate in 2011. He only paid off his nearly $150,000 in debt after law school with the proceeds of his autobiography in December of 2012. Rubio and fellow senator (and law school graduate) Mike Lee (R – Utah) are young enough to be personally aware of the miasma surrounding higher ed — and especially higher ed funding — in the United States. It makes sense that they would lead the way toward reform. Apparently, they are.
In the past few days, the lawmakers have been popping up in public, touting efforts to reform higher education. Let’s take a look at the reforms they suggest….
It’s time for the State of the Union again, which means it’s time to gather around the TV and thoughtfully discuss the future of the country play a sophomoric game based on the events that we expect to unfold over the course of the evening.
The terror you experienced when Senator Harry Reid crafted his clumsily constructed nuclear solution to the logjam over judicial nominations can marginally subside. Brave Americans like Senator Marco *pauses… takes sip of water* Rubio have managed to single-handedly stand up for your right to not allow a qualified black, gay guy to preside over federal trials.
Huzzah! Just what the Framers never intended. Well, actually keeping blacks and gays off the bench is probably exactly what the Framers intended, but I mean they never intended a Senator to be unilaterally blocking judicial nominees. Enjoy one more arcane senatorial rule that has no basis in the Constitution, but nonetheless hamstrings our nation….
Man, I need to write a book. At this point, it could be about anything. Law. Debt. Raising a baby who can take a punch. It doesn’t matter. I’ve known for some time that selling a book is the only way I’m ever going to pay off my massive law school debts.
What I didn’t know was that becoming a best seller was the only idea our nation’s political leaders have for paying off their own law school debts. Seriously, you’d think my book idea was a fanciful plan that is the cause of terrible financial planning. And it is. But I’ve written before about how our president, Barack Obama, didn’t pay off his law school debts and until he published a best-seller. It’s not exactly a sound financial plan, even though it does work out in some cases.
But this “just write a book” approach to law school debt knows no party lines. Today I found out that Republican Senator (and likely presidential candidate unless Republicans figure out that “Cubans from Miami” are not the same as “Mexicans living in Colorado”) Marco Rubio took the same path to paying off his law school debts.
So, I don’t know, maybe I shouldn’t feel bad about still having this much debt, and instead get busy writing, “How to Write a Successful Blog When Your Readers Kind of Hate You.” Because apparently, that’s how a leader approaches the vexing problem of educational debt….
Although lawyers make up 43 percent of Congress, and 60 percent of the U.S. Senate, according to Governing magazine, “[s]ince 1976, the number of lawyers in legislatures has declined by nearly a quarter, from more than 22 percent of all lawmakers to less than 17 percent.”
There, of course, is a natural path from lawyer to legislator. But the low pay, travel, time commitment, and mud slinging that we see on TV and the internet turn many lawyers away from public service.
The current political landscape also causes lawyers to be uninterested in participating in politics at any level, whether it means lobbying, running campaigns, fundraising, or attending political functions.
SOPA is getting pwned. Yesterday, all the uber players with their epic gear hopped on Vent and raided the SOPA base, and now the newbie Congress people who sponsored the law are running scared. As we mentioned in Morning Docket, the sponsors of the Stop Online Piracy Act have “renounced” their law. The New York Times reports that Senators and Congresspeople are abandoning this thing like it was a campaign promise.
Google, Wikipedia, Reddit, all of the big internet corporations flexed their muscles — and oh, by the way, this is what it looks like when corporations use speech for speech, as opposed to pretending that anonymous corporate campaign contributions magically count as speech.
In the wake of this victory, here’s a question: Is this what we want? Yesterday, the internet used its power for good (though I fear the movie industry will strike back by making you watch full-length Kevin James movies before you can download the next Batman preview). But what if in the future “the internet” wants something bad, something that is more than the mere protection of freedom?
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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