Exit Counseling- NSR

[girlski0912]

Graduating from law school took an interesting turn for the worst this afternoon. In addition to taking finals and applying for the bar exam (which is like a goose chase in an of itself...every fucking parking ticket and speeding ticket that I have EVER gotten needs to be listed), I also had to go through exit counseling with the financial aide department at my school. Basically this entails finding out about your obligations once the loans come back into repayment, how/why/when to consolidate your loans, AND how much you have borrowed.

Hehehehe....I knew that I had borrowed quite a bit. I thought that I was prepared to hear just how much I borrowed. I puked in my mouth when I saw that amount at the bottom of my little personalized print out this afternoon.

Let me set the stage for this...They give the amount that you borrowed which is different that how much you owe. The amount that was printed out on my page was BEFORE interest and my bar loans were calculated.
Also, the counselors told us what the average amount borrowed was for my graduating class. 86K was the average...I almost did a dance because for the first time in my law school career I was above average! Uh, wait...that isn't a good thing.
The subtotal, before interest AND a 10K bar loan(through a private lender, so NO consolidation) was.....DRUM ROLL PLEASE....$116,000.

So maybe I won't be moving out to Utah to ski bum next winter...

[TheDingleberry]

File chapter 11. You'll be all good in 7 years.

[natty dread]

Strippers with graduate degrees can make bank. I knew one who had a masters in math who did really well, especially when math-savvy clients asked her to solve equations.
Good luck with that. My bro is graduating from med school in may, so I know where you're coming from.

[BakerBoy]

File chapter 11. You'll be all good in 7 years.

Sorry, the current administration just made sure that choice was nullified.

On the other hand, girlski as a stripper would be pretty rad. Do you do bachelor parties?

[Core Shot]

It could be worse.
You coulda borrowed all that money for a less bankable degree like a doctorate of history, theology or philosphy.

[GI JONG]

It could be worse.
You coulda borrowed all that money for a less bankable degree like a doctorate of history, theology or philosphy.

Or English....

[DaveTV]

Just do the webcam thing.. $1 per hit - pay it off in no time..

[zion zig zag]

Sorry, the current administration just made sure that choice was nullified.

On the other hand, girlski as a stripper would be pretty rad. Do you do bachelor parties?

I'm pretty sure there is still time.

[13]

Do you do bachelor parties?

Yours?

[girlski0912]

Yours?

Yeah...BB did you miss just how much I owe???? Like taking off my clothes for dirty and broke ski bums is going to get me ANYWHERE.

Before exit counseling I was totally resolved in not getting a legal job after taking the bar. But in reality, even the legal jobs that I have available to me given my experience would pay about the same as a restaurant job. At least waiting tables I would have a flexible schedule that would allow me to ski.

[fez]

I get my CS degree in a couple weeks and just had to do the same exit counselling and you just made me feel much better!!

I'm only at about a third of where you are.

The new bankruptcy law doesnt go into effect for about 6 months. But i do think bankruptcy already excludes student loans.

[skiguide]

Before exit counseling I was totally resolved in not getting a legal job after taking the bar. But in reality, even the legal jobs that I have available to me given my experience would pay about the same as a restaurant job. At least waiting tables I would have a flexible schedule that would allow me to ski.

so let me get this straight, you put yourself thru the torture of law school & got $116k in debt in order to ski bum ??

uh-huh...

(not that i don't get the season off mentality)

but there is a wonderful thing called FORBEARANCE. that'll get you through another 6 months if it's what you really want to do.

[morningdew]

I was in your shoes this time last year (more debt if it makes you feel any better) and had the same throw-up-in-mouth feeling at the exit thing.

I wound up deferring my public and private loans for this year. Deferring might not be a bad idea if you want to get a good ski season in next year- it might even allow you to save a little cash before repayment kicks back in.

[FollowMe]

I can't believe people are even suggesting bankruptcy. Whatever you do, don't pay back what you owe - - great attitude.

[girlski0912]

I was in your shoes this time last year (more debt if it makes you feel any better) and had the same throw-up-in-mouth feeling at the exit thing.

I wound up deferring my public and private loans for this year. Deferring might not be a bad idea if you want to get a good ski season in next year- it might even allow you to save a little cash before repayment kicks back in.

Skiguide- Yeah, the whole ski bumming thing was not the plan when I started...but the whole process sort of jaded me and that work that I thought I wanted to do (prosecution) ended up, after getting some work experience in the field, not being what I wanted. I am a little lost as to what area I would want to go into, and I am pretty burnt on the system in general.

As for the forebearance, I would consider it. I would want to do more research as to what that would do to my private loans.

And defaulting on my loans OR declaring bankruptcy are right up there with chopping my own legs off and stripping at BakerBoy's bachelor party on my list of things that I most certainly would never do.

[zion zig zag]

I can't believe people are even suggesting bankruptcy. Whatever you do, don't pay back what you owe - - great attitude.

I think people were just kidding.

[FollowMe]

Aaaahhhh, I see. Now it all makes sense.

[iceman]

I think people were just kidding.

Jesus, no shit. Many of our new friends seem to have undergone a humorectomy before they showed up.

edit: and some of the not-so-new as well

[morningdew]

yeah, definitely check out issues regarding timing and interest if you want to get a deferral or forebearance. with the government loans I opted for a one-year "economic hardship" deferral (no interest accrues on subsidized loans). with the private loan my only option was six-month forebearance (interest still accrues).

sounds like you need to ski next year. make it happen!!

[FollowMe]

Jesus, no shit. Many of our new friends seem to have undergone a humorectomy before they showed up.

Dude, go back to class man.

It's been a looooong day.

[TheDingleberry]

I can't believe people are even suggesting bankruptcy. Whatever you do, don't pay back what you owe - - great attitude.

I wouldn't follow you anywhere.

[FollowMe]

I wouldn't follow you anywhere.

Only cuz you couldn't keep up

I really thought you were serious 'bout that remark. I've been surprised how lightheartedly people I know have taken/view bankrupcy.

[iceman]

Dude, go back to class man.

It's been a looooong day.

I'm not trying to pick on you, but I sincerely have no idea what you're trying to say here. Help me out.

[TheDingleberry]

Only cuz you couldn't keep up

I really thought you were serious 'bout that remark. I've been surprised how lightheartedly people I know have taken/view bankrupcy.

No, because I would be ahead of you the whole time.

Dude bankruptcy is not the end of the world, much worse things can happen.

[FollowMe]

I'm not trying to pick on you, but I sincerely have no idea what you're trying to say here. Help me out.

Nothing logical man, forget it.

And Girlski...if you follow this thing through you'll be pulling down $200k annually in a few years, give or take. It'll pay off in the long run.