100K of debt when done with law school, how do you get credit/loans with such a huge debt?

Question

Okay, I'm considering going to law school next fall. After the 3 years of law school, I have calculated that my school debt will be nearing 100K. How is one supposed to get any credit (car loans, home loans, etc.) with so much debt over there head?

Answer 1

Once you actually have your law degree the banks and loan companies will be lining up outside your door to give you credit. How much you owe won't be nearly as important to them as your earning potential.

Answer 2

Yes debt to income ratio is the main thing creditors look at. If some one owes $100k but they make $85k a year.. no problem.. but if you owe $100k and u make $25k... um you probably are screwed! lol typically a lawyers road to wealth is years after they finish law school beause you are being paid for skilled educated services. I would really ask myself if law is what I want to do.. maybe even try to get an internship doing paperwork at a law firm. At least so you have atcually office experiance even if it is just asking questions and listening. The investment is in yourself and you are the chief investor.. are u willing to sacrifice and is it worth it? good question..

Answer 3

One thing you can do, if you haven't already,is consolidate your student loans. Even though you have a large debt, lenders will see that you are actively paying on a $100 k and will be more than happy to give you credit.

Answer 4

Potential Lenders look at your monthly income as compared to your monthly debts..The overall balances dont matter as much as the debt to income ratio.

Answer 5

The average starting salary for a lawyer is about 90K in the NY/NJ area. The best and brightest start at 110K. Once you get the job, you will be able to afford it.