I am currently at a T60 law school with a conditional scholarship that I am virtually guaranteed to lose because of a single failing grade I received in my first semester.
If I kept my scholarship (which is unlikely at this time), I would have graduated with approximately $80K in loans.
If I end up losing my scholarship (likely), I anticipate that I'll graduate with $175K in loans. With interest, this amount will inflate to well over $200K. Big Law is completely out of the picture.
I plan on practicing in California and have considered transferring to non ABA CA accredited law schools. The biggest issue with this is I will only be restricted to practicing in CA.
To be candid, my main purpose for the degree is to achieve financial success by starting my own firm. My plan is to work at a firm for 1-2 years (at most) to prepare myself for starting a firm.
At this point, I have three options:
- Remain at the T60 law school and graduate with $200K in debt. I can expect to make $100K upon graduation before taxes in CA (HCOL area).
- Transfer to a non-ABA law school and graduate with $40K-$50K in debt. I can expect to make $70K upon graduation before taxes.
- Leave the profession entirely (and start another type of business)