Step one to pay off law school debt, is to reduce law school debt. That is, take out fewer loans. Though it doesn’t seem like you can do much to improve your debt while you’re in school and not working, but there you’re wrong. There are lots of strategies to decrease the loans you take out, and thus decrease your debt burden when you graduate. Here are the seven strategies I used to reduce my debt by tens of thousands of dollars while attending school.
I managed to save $65k over two years for law school, but I did so in a dodgy way. I utilized tax savings and retirement accounts to up my savings. Did I miss out on huge growth?
Paying for higher education is a huge obstacle these days – and graduate school is the worst. Graduate education typically does not have the scholarships or need-based aid given in undergrad. This leads to graduate students typically borrow three times what undergraduates do. I knew I was on my own saving for law school. Thus, I worked after college and saved $65,000 to pay for law school. However, my method of saving was a bit dodgy/controversial. Read on to see if you think this was the right approach.
I was fortunate enough to graduate from college debt free. Then I had to go and attend law school where I racked up $112,000 in student loan and credit card debt. So you can add this to the unremitting list of “student loan debt payoff” stories. I will admit that my story is more boring than most:
My secret is that there is no secret: I got paid a salary that made it possible to pay off the debt while living a reasonable lifestyle. There are no magical tricks herein. My story is completely mathematically realistic.
The high income was the most important key to paying off my debt. Still, there were a few basic guidelines I followed that helped me pay off the debt.* Continue reading “How I Paid off $112,000 in Law School Student Loan Debt in 18 Months”
At 11am on a nondescript Monday in February, I noticed that nothing unpleasant had happened yet. That was unusual. And noting that peculiarity seemed like reason enough to quit my law firm job.
I tell people it was a spontaneous decision. There was no particular day in my mind, but I knew that day I couldn’t do it anymore. Rereading my journal, however, I came across this entry:
I just can’t continue on at my job. It’s never-ending [work]. I’m constantly stressed and crying and there’s no relief in sight.
I wrote this in March of 2017, almost two years before I gave notice.
They say it takes decades to become an overnight success, so maybe it’s also true for overnight failure. I remember for so long actually liking my job that I failed to look around and notice, hey I don’t like this anymore. This is the true story of why I quit my law firm job.
Personal finance is different for each person, and that’s especially true for women lawyers. Factors like giant student loan debt, no work life balance, lack of financial confidence, the glass ceiling – are just a few things that make navigating finances as a woman attorney different from others.
It’s called personal finance because the principles are not universal. There are many unique financial challenges for female attorneys. If you’re a lawyer, you will likely accrue a lot of debt and no earnings while attending law school. If you’re a woman, you are likely to experience career breaks and disproportionate family burdens.
You might ask why this site focuses on women lawyers. It’s because female lawyers face unique financial challenges that male lawyers or women in other professions might not, due to a variety of systemic problems and societal norms. These differences are not necessarily night and day from other people’s experiences, but it’s different enough to warrant different advice. Below I explain some of the financial challenges for female attorneys.