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Student debt is an absolute dumpster fire and it sucks. And people don't like talking about it because personal finance chat is taboo.
Getting out from under it and managing student loans isn’t fun. Most people graduate from law school in that dumpster fire of a situation. And we want to help get people out of the flames so you can rise from the ashes as a veritable dumpster phoenix.
A couple weeks ago I ran a poorly constructed poll to try and figure out what a guide to student loan debt should look like. There was nothing in there that was particularly surprising. Law students tend to have a lot of debt. Nearly 20% of you said you have no idea what you’re going to do about that debt. But you should take some comfort in knowing that you’re not alone in a lot of your anxieties about managing the debt and balancing it against being able to buy a house or start a family later.
I was fortunate enough to have one of my fellow mods from /r/law reach out and let me know that they literally do financial planning for attorneys for a living. He runs biglawinvestor.com. He also did an AMA a while back.
What’s going in the guide:
- Stuff about various IBR and similar plans
- PSLF
- Debt forgiveness information
- Refinancing
- Buying a house while managing debt
A lot of people in the survey said they plan to refi and pay off loans ASAP. Talking to Josh about it, he let me know that you can actually negotiate better deals with lenders if you’re referring more people over to them. So /r/lawschool can use its weight to save people some money and get cash back and stuff. Obviously refinancing is not the best thing for everyone but we should be able to help people save some money who do need that option.
If there's certain items you want to see in a guide or programs you think should be highlighted plop them below.
To the person that simply wanted a list of non-extradition treaty countries: that's probably not a good idea. But I like your outside the box thinking.
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