Admin

How competitive are you at different Law Schools?

Enter your LSAT and GPA scores and find out!
GPA: out of 4.0
LSAT: out of 180
Legal Forums arrow Legal Forums
Legal Forums
Welcome, Guest
Please Login or Register.    Lost Password?
How will student loan debt affect other credit? (1 viewing) (1) Guest
Go to bottom Post Reply Favoured: 0
TOPIC: How will student loan debt affect other credit?
#5954
William (User)
Junior Boarder
Posts: 26
graphgraph
User Offline
How will student loan debt affect other credit? 1 Year, 9 Months ago Karma: 0  
I anticipate that my ultimate LS debt in combination with undergrad debt will be about 210K+ in loan debt...is there the possibility that it could hinder me in the future? Even if I have great credit? For example, might I have trouble buying a house someday?

Curious any thoughts...I should add that I already have some debt and will probably come out with even more than $210K. The new IBR program makes it easier to stomach, in terms of what my monthly payments would be...but I am wondering how it will affect other borrowing in life.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#5975
chris (User)
Senior Boarder
Posts: 52
graphgraph
User Offline
Re:How will student loan debt affect other credit? 1 Year, 9 Months ago Karma: 1  
Student loan debt is considered good debt, as long as the student loan debt can be paid off within 15 yrs of the accrual. If the student loan debt exceeds 15yrs of payments, then it will impact your ability to get other financing.

So, while $210k of student loan debt is large, if you take a job making $125k per, then it doesnt look so bad.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#6011
jpol (User)
Senior Boarder
Posts: 73
graphgraph
User Offline
Re:How will student loan debt affect other credit? 1 Year, 8 Months ago Karma: 1  
It’s usually a good idea to focus on paying off your bad debts first. If you have the bad debt, auto or credit card loans, then since they provide no value, they're more costly than your good debts. You should pay off credit cards and auto loans before tackling mortgages or student loans.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
Go to top Post Reply
Powered by FireBoardget the latest posts directly to your desktop

LegalNut Resources

Attorney jobs listings and sites with attorney salary information, attorney job search functions, and salaries by law firm.

Law school rankings show how competitive your lsat scores would be at top law schools in the US.

Law school admissions advice is available both at the LSAT forum and throughout the pre-law section, including LSAT prep options, law school personal statement help, LSAT score distributions and law school bar exam pass rates.

Copyright © 2006 - 2012 Rochester Ideas, LLC. All rights reserved.