Chances for my investment to pay off, and go to a Top Law School eventually.

Chance Me / Match Me!
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<p>Ok, so my parents are rich however they are refusing to pay for my college education (I understand why, and I think they are teaching me a good lesson.) I have very good chances of getting into every school I applied to, Im a recruited athlete and URM with "good" grades- 3.8uw and 2200 sat (which after reading a few of these threads i realize ya'll dont think is very good), anyway I have received unofficial acceptances/likely letters from the following schools: Brown, Yale, Pomona, might also get into a few others. Anyway I plan on going to a top 5 law school after graduation where I would major in Economics or Political Science. This process would end up costing me about 70k for undergrad and then 100k law school, However If i am able to achieve a top gpa at a LA school like Pomona i should get into a school like Yale for law school, and theoretically starting salary is 130k, so I would be able to pay off my debt in 5 yrs or so if i only used half of my income and used the 2nd half towards paying off debt. 60k+60k+60k+60k+60k=360k which would be more than enough? Anyway how does this plan sound, im open to advice or criticism, however I have evvery reason to believe I will score well on lsats and do well in my undergrad.</p>

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<p>Law schools don’t care where you go to school. They care about how well you do on the LSAT and about your college GPA. Also, I’m not sure you can loan 70k in college without your parents signing with you for the loan.</p>

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<p>Well, my parents would co-sign and they have near perfect credit.</p>

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<p>??</p>

<p>How does this plan sound? It sounds like one from a naive kid who doesn’t know that if he makes $130k that fed, state, and SS taxes and other work-related costs will first take a huge chunk from that $130k so he will NOT have $60k per year to put towards debt. </p>

<p>PLUS…when you look at your parents’ assets, income, and income from rentals, you’re going to have a higher EFC than you think…and they’re not paying for any of it.</p>

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<p>2 things </p>

<p>1) You didn’t factor in taxes, at all</p>

<p>2) @mom2collegekids‌, its’ actually not a terribly unreasonable plan, numbers wise. Theoretically, 5 years with a $130,000 a year job (pre taxes) is enough to pay off $170,000 in loans. If you live frugally and put every extra penny towards paying off your debt. Realistically, it’s not gonna happen. You make a lot of assumptions. In addition, from a personal finance POV, never take more student debt than you’re expecting to earn in your first year.</p>

<p>Meaning, $170,000 in debt is too much for a $130,000 job. </p>

<p>Talk to your parents and try to convince them. If they have the means to put you through college, they should. Otherwise it’ll end up costing more than $170,000 and screw you over in the future. </p>

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<p><<<
Theoretically, 5 years with a $130,000 a year job (pre taxes) is enough to pay off $170,000 in loans.
<<<</p>

<p>The student will have borrowed more than $170k. 3 years at a top law school will cost over $210k…PLUS the debt from undergrad…plus all the accumulated interest.</p>

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<p>If the parents co-sign loans they will be co-responsible. Taking out big student loans is dangerous according to Suze Orman - in part because it is not bankrupt-able. If deferred, it is still churning interest. Yes if you have a big shovel (as Dave Ramsey says) it helps. However what happens if you finish law school and the job market is tight? Some lawyers then work at paralegals just to be working, at a reduced salary. Assistant DA’s, legal aid, etc don’t make great $$.</p>

<p>So I gather you are a HS senior.</p>

<p>Do your parents really want you to foot the bill for college, or are they afraid you will only put in good effort if you have ‘skin in the game’? Do they see you following through?</p>

<p>If you want to get into a ‘top’ law school, high GPA and high LSAT. Once in that ‘top’ law school, how you perform with the rest of your class. ‘Top’ employers do look at the ‘top’ school student rankings. Top salaries follow, with lots of work and ‘billable hours’. Working to attain law partner status.</p>

<p>Definitely need ambition and talent.</p>

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<p>Very interesting plan, but like someone said, it doesn’t really matter where you go undergrad. Top law schools won’t really take that too much into consideration, especially if they know you’re paying your undergrad tuition yourself. Idk what to tell you. It sounds like you have a far better sense of college financing than I ever will. Also, the people on this site say that a 3.8 isn’t good because you’re they competition in the admissions pool. They want to demoralize you so that you don’t apply to better schools. A 3.8 is very, very good. You sound like you have a real interest in economics and I think that any law school would be more than lucky to have you. Good luck!</p>

<p>Chance me back: <a href=“http://talk.collegeconfidential.com/what-my-chances/1721215-do-i-have-any-chances-at-anywhere-good.html#latest”>http://talk.collegeconfidential.com/what-my-chances/1721215-do-i-have-any-chances-at-anywhere-good.html#latest&lt;/a&gt;&lt;/p&gt;