<p>Prosecutor's salaries vary. Massachusetts may have just upped the starting salary of prosecutors, but it was roughly $35,000/year... in a high cost-of-living area. Some states pay almost double that. Either way, do seriously consider that, even without loans, it is hard to make ends meet in Boston on $35,000/year. </p>
<p>Before you enroll in law school, you should ensure that you can repay your loans on a prosecutor's salary. First of all, figure out how much you'll borrow for the three years (not just tuition!!!). Assume that tuition will increase about 5%-7% each year. Asssume a 5% interest rate on the loan. That means that, for every dollar you borrow, you'll end up repaying roughly $1.50 in loans over 10 years. Divide your final figure by 120 for a monthly repayment over 10 years. </p>
<p>Now, that is how much you'll have to repay. </p>
<p>If your school offers repayment, see if it is guaranteed; if there is a salary cap on it; if it pays for most of your loans or only part of them; and if there is a cap on how much they repay (ex. $7,000/year). Go in assuming worst-case scenario.</p>
<p>About 30% of a $45,000/year salary will go to taxes. (Only the interest on loans is tax-deductible.) So you'll have a bit over $30,000/year to play with. Of that, you'll spend roughly $20,000/year on expenses - rent, car payments/insurance/Metro, utilities, groceries, etc. Do you have enough left over to make your loan payments? </p>
<p>Now, I know that some people are going to pretend that since Harvard has great loan forgiveness, you shouldn't worry. Unless you go to HYS, loan forgiveness is either limited or not guaranteed. Be very, very aware of this. </p>
<p>So... before you ask this question, please make sure that you can even pay off your loans. I would hate for you to go to law school, really wanting to be a prosecutor, but not even having that option. Do the math.</p>
<p>If you can afford it (loan forgiveness, parents helping out with tuition), great - but still do the math. If you decide that living paycheck to paycheck just isn't doing it for you, that's fine.</p>