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CURIOUS OF STUDENT DEBT AND LAWSCHOOL


qsizzle

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Hey all,

I am just curious of where we stand in terms of debt and starting law school. I'll have over 50k from my undergrad. I am wondering if other people are in a similar situation?

I am mostly wondering for income contingent loans and financial need. Most people I talk to are going in with low or 0 debt.

Thanks!

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Pendragon
  • Lawyer
24 minutes ago, qsizzle said:

Hey all,

I am just curious of where we stand in terms of debt and starting law school. I'll have over 50k from my undergrad. I am wondering if other people are in a similar situation?

I am mostly wondering for income contingent loans and financial need. Most people I talk to are going in with low or 0 debt.

Thanks!

How do you go into law school with low or 0 debt unless you worked throughout undergrad/after undergrad or had your tuition paid off through family money or scholarships? 

You won't get an income contingent loan unless there are exceptional circumstances, like you are a single parent with children. Law schools expect that most people would be able to access a professional student line of credit. 

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1 hour ago, Pendragon said:

How do you go into law school with low or 0 debt unless you worked throughout undergrad/after undergrad or had your tuition paid off through family money or scholarships? 

Exactly those reasons lol

1 hour ago, Pendragon said:

You won't get an income contingent loan unless there are exceptional circumstances, like you are a single parent with children. Law schools expect that most people would be able to access a professional student line of credit. 

Interesting, thanks!

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Turtles
  • Law Student

As a point of reference, Osgoode expects (for the purposes of bursary allocation) that 1L students already have 20k in debt, 2Ls 50k, and 3Ls 75k. They still give bursaries if you fall under those amounts, but it's considered normal to fall around those thresholds.  

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7 hours ago, Turtles said:

As a point of reference, Osgoode expects (for the purposes of bursary allocation) that 1L students already have 20k in debt, 2Ls 50k, and 3Ls 75k. They still give bursaries if you fall under those amounts, but it's considered normal to fall around those thresholds.  

Thanks.

So I am likely eligible as I am already passed 2L debt threshold?

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QueensDenning
  • Articling Student

I'm wondering about this too. I went into law school with zero debt (undergrad scholarships and parental help), but will likely graduate with around 40K or so. Most people I know are in the same situation, but I also know lots with 120K+, which are generally people who did not have much parental help in undergrad and following it. 

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