my old buddy, a NYU JD, got CitiBank Loan to cover his tuition and living expenses. He graduated with JD in 2003(or 2002? I don't remeber) and with a debt of $100,000. Then he got a legal job in a insurance company in NYC. He's a very very frugal guy, and with a salary over $80,000, he still cannot pay back his loan in full until TODAY!!!!!!!!!!!!!! The interests on the loan, the tax on his income, have made his loan far more scaring than the superficial fact that he is a lawyer with a decent annual income and with a debt of "$100,000". No, the fact is, what he gets is lower than what the salary looks like, but his debt is higher than what it looks like. |