Student Loan Repayment

Ed note: Cedar Ed Private Student Loan Consolidation products enable recent graduates to lower their private student loan rates and monthly expenses into one manageable payment. See more here.

The average debt load of law school graduates is well over $140,000. That’s roughly the cost of purchasing a Maserati, or 88% of your first-year Biglaw salary. Couple that with a notoriously grim employment outlook and law school grads often find themselves tethered to mortgage-sized repayment plans, minus the actual house.

One thing law school doesn’t teach you is the variety of loans that are available and the advantages and disadvantages of each loan type. With a little foresight, law school students can select the proper loan and create a repayment plan that is best aligned to their career and lifestyle post-graduation.

Let’s start by breaking down each type of loan to better understand consolidation after graduation…

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I shouldn’t laugh at this. A recent law school graduate got completely screwed by her own father and I shouldn’t find it so funny.

But I do. I find it goddamn hilarious. The student actually got a clue halfway through law school and decided to drop out. But her father convinced her to stick it out by promising to pay her tuition. She finished, she graduated, and when it came time to pay the bills, Daddy said, “Sorry, I lied.”

Ha. Hahahahaha. When will law students learn that EVERYBODY IS LYING. You know, except me. EVERYBODY ELSE IS LYING…

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Andrew Kravis, recent Columbia Law School grad and new millionaire.

Congratulations to Andrew Kravis. He graduated from Columbia Law School this past May, but he’s already earned enough money to pay off all his student loans.

And no, he doesn’t work at a hedge fund or private equity firm. He doesn’t even work in Biglaw. He’s a public interest lawyer, about to start a fellowship at Lambda Legal, the nation’s oldest and largest legal organization working for LGBT civil rights. He was honored upon graduating from CLS as one of two students “who have demonstrated outstanding achievement in the furtherance of lesbian, gay, bisexual, and transgender rights.”

So how did this outstanding do-gooder also do so well? How did he earn enough money to pay off all his student loans, and then some — a cool $2.6 million, to be exact?

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As we mentioned in Non-Sequiturs last night, JPMorgan Chase is getting out of the student loan business. The bank will stop accepting new student loan applications this October.

A spokesperson for the bank said: “Students and their families are increasingly relying on government-backed loans rather than private student loans, and as a result the market has declined by 75% in the last five years.”

My friends, this is a bad sign. JPM is just a minor player in the student loan game, but the fact that they don’t think lending money to students for education is a good business anymore should make us worried. The fact that the federal government has crowded out this private lender is not good.

It means that we’re one step closer to the whole student loan bubble bursting…

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Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Sarah Powell, author of Biglaw: How to Survive the First Two Years of Practice in a Mega-Firm (affiliate link), helps new associates face their own unrealistic expectations about life in Biglaw.

My last post focused on how much it can suck to be a junior associate in Biglaw today. In fact, much of what I say about Biglaw could be construed as a tad critical by the cynical and jaded (or sane).

So let me begin with a caveat: what I write is never aimed at my former firm, or any firm in particular. In fact, if you choose Biglaw, I have no doubt that my firm is one of the best places to practice. My crucial point, which is not controversial, is that Biglaw’s pathologies cannot be isolated to one or two crazy partners here or there. The problems of Biglaw are endemic.

So before we get too far down that Biglaw-bashing road, and especially for the folks gearing up for OCI, let’s look at what you can get from Biglaw if you decide to say “damn the torpedoes” and push ahead despite all warnings.

Continue reading at the ATL Career Center…

People ask me all the time, “Should I go to law school?” And I say “no,” and stare at them as if they just asked me if they should douse themselves with gasoline and light themselves on fire. Then they tell me all the things they’ve done to research their decisions — which invariably devolves into a discussion about whether they should be dousing themselves with premium or regular unleaded gasoline (or diesel if I’m talking to somebody who wants to go to Cooley). Then I say “please, don’t go,” and then I look away because I don’t want to be around when they light the match.

Everybody has their own specific situation, and I think that when people are trying to talk themselves into going to law school, especially a low-ranked or poorly regarded law school, they get very invested in the unique particularities of their situation. “Oh, I know it’s a bad idea for [everybody else], but I’m [a special snowflake] and it makes a lot of sense for me.”

Not everybody can get into Yale, or Duke, or Berkeley. I understand that. Therefore, as a public service, let me tell you how to choose an unheralded school in a way that makes sense. Or at least how to do it in a way that isn’t ridiculously dumb. If you are really thinking of going to a lower-ranking law school (and I’ll let the community determine what “lower-ranking” means), here is a checklist of five things you should do before you decide to roll the dice….

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Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, AdmissionsDean helps prospective law students better get to know the Associate Dean of Admissions at New York University Law School. This is the first in a series of interviews with admissions deans at the top 10 schools per ATL’s Law School Rankings.

Dean Kenneth Kleinrock received his BA from Queens College (CUNY), magna cum laude and Phi Beta Kappa (1975), his M.A.T. from Duke University (1977), and his Ed.D. from Teachers College, Columbia University (1987). In 1989, Mr. Kleinrock joined the admission staff at the New York University School of Law. He began as Director of Recruitment and Admission Services, and became Executive Director of Graduate Admissions in 1997. He was named Assistant Dean for Admissions in 1998 and became Associate Dean for Admissions in 2012. Currently, Dean Kleinrock oversees the offices of J.D. Admissions, Graduate Admissions, and Student Financial Services.

Read more at the ATL Career Center…

Now with the internet, you don’t even need to spring for a nice plate to panhandle.

In the before times, in the long, long ago, there was no internet. There was no Shark Tank. There were banks and capitalists. You had to go to them with your business ventures, beg them for start-up money, and that’s the way the world worked.

Now, anybody can beg anybody else for money. There’s no dignity anymore. There aren’t eight Jewish bankers who control everything. You don’t have to borrow money for your house from Mr. Potter. You don’t need to promise eternal salvation before passing the hat around. Now, any idiot with a dream and a keyboard can go on the internet and beg people for money.

Kickstarter is at least a place where ideas beg for money. A tipster sent us a link to “Upstart,” where individuals ask you to fund them in exchange for a percentage of their future earnings. So far, four people with J.D.s think they’re so special you should give them money so they can do what they want…

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* While Chief Justice of the United States John Roberts made a plea to keep funding for the federal judiciary intact, we learned that student loan default cases have fallen since 2011. You really gotta love that income-based repayment. [WSJ Law Blog (sub. req.)]

* Introducing the Asia 50, a list of the largest firms in the Asia-Pacific region. When it comes to the firms with the biggest footprints, only one American Biglaw shop made the cut. Go ahead and take a wild guess on which one it was. [Asian Lawyer]

* Congratulations are in order, because after almost a year of stalling, Arnold & Porter partner William Baer was finally confirmed by the Senate as the chief of the Department of Justice’s Antitrust Division. [Bloomberg]

* Our elected officials might not have allowed the country to fall off the fiscal cliff, but the American Invents Act was put on hold, so if you’re a patent nerd, you can still be mad about something. [National Law Journal]

* Remember when Rutgers-Camden Law said “many top students” were making bank after graduation? Yeah, about that: Law School Transparency just filed an ABA complaint. [Thomson Reuters News & Insight]

* Here are some law school trends to look out for in 2013. FYI, the applicant pool is smaller because no one wants to foolishly gamble on their careers anymore. [Law Admissions Lowdown / U.S. News & World Report]

* In the latest NYC subway shoving death, a woman was charged with second-degree murder as a hate crime, and allegedly bragged about other hate crimes she’s committed to police. Lovely. [New York Times]

* Next time you’re trapped on a plane that’s literally filled with other people’s crap for 11 hours, don’t bother suing over your hellish experience — you’re going to be preempted by federal law. [New York Law Journal]

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….

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