Those who go to Law school have different things to consider when it comes to managing their loans. Most have undergrad degrees from multiple spectrums from history buffs to business grads. Others have gone to grad school and decided to transition to Law school with the dream of being a prosecuting or defense attorney. Some even have a life-long dream of being a judge one day.
Being an attorney with debt is different from those in the medical field. In many instances an attorney will not work in the public sector. There are a few that will work in the public defender’s office and they will qualify for PSLF if they choose to stay in the public sector for 10 years. Just like the doctors this is a great option.
However, many attorneys don’t want to go into the public sector but they still have great options on managing their debt.
Attorneys typically have lower income coming out of school. Many have a hard time finding a job because there are more attorneys coming out of school each year then there are positions available. Those who have not passed the bar have an even more difficult journey. If the bar has been passed but work has not been found yet most are overqualified for legal assistants or aids and many find themselves struggling. Of course this is not the case for all as some go on to run great businesses that have a beginning salary of six figures or more.
The key to successfully managing these loans in either scenario is to set them up right away in a reduced repayment program depending on their needs. If they do this prior to beginning work, they can achieve a zero payment for the first year after graduating. The second year of repayment will also be a reduced payment since their payment amount will be based on their most recently filed tax return.
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*Above excerpted from Take Back Control: Manage Your Student Loan Debt.