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by elmuchoprez 4772 days ago
This story is mostly about TERRIBLE money management, not the cost of education. Her parents paid for her undergrad in full and she got a full scholarship to law school. So really, none of this money went directly to education.

Apparently she couldn't work and focus on school at the same time, so she started taking out loans to cover living expenses. She took out $26k in federal loans each year (starting in 1994) to cover these expenses. Factoring in inflation, that would be like taking out a loan for nearly $41k/year in 2013 dollars. I think it's a hard argument to say that was even close to reasonable.

The article doesn't say how long she was in school, but if I'm doing the math right, it took her at least three years (isn't that a long time for a full time law student with no other job?).

Then, after school while she's studying for the BAR, she takes out another $20k in private loans to cover living expenses ($31k in 2013 dollars).

She screwed herself, plain and simple.

2 comments

> it took her at least three years (isn't that a long time for a full time law student with no other job?).

Nope, that's the standard.

Please read the article.

Law degrees take 3 years to complete.

Her father, a doctor, paid for a year of her undergraduate studies, leaving her free to dodge student loans for a while.

Not full, just one year.

"My intention was to go back to work after my first year of law school," she said. "[But] I did so poorly that I didn't think I could [keep a job at the same time]. So that’s when I started borrowing money."

I seriously doubt she had a 3 year scholarship to law school, especially after doing poorly the first year.

Also, she graduated in 1994, so either that year, or 1993 was the last year she took out student loans.