Live On Ramen Noodles

Kevin is going to law school next fall. He'll need student loans, and he isn't sure if it's a good decision right now given the economy. Dave tells Kevin he wouldn't take out student loans.

QUESTION: Kevin in Mississippi is graduating college in May with a degree in liberal arts. He’s going to law school next fall, and the state school will cost $30,000 to $60,000. He’ll need student loans, and he isn’t sure if it’s a good decision right now given the economy. Dave tells Kevin he wouldn’t take out student loans.

ANSWER: I’m not going to recommend student loans. I’m going to recommend you work like a crazy person. You get the family involved. You talk to law firms in the area and see if any of them are doing indentured servant plans. I’m going to really work the scholarship angle. It’s not as available for law school. It’s not as available for grad work in general. I’m going to push back and try to figure some way to get through this and minimize that rather than just lie down and accept that student loans are the way it is. At a minimum, if you do all of that, you cut your student loan debt in half. You come up with $30,000 of the $60,000 or something. You keep your lifestyle while you’re in law school down to nothing. You live on Ramen noodles. Get a deal on housing and a deal on food and keep everything really low, and you get through law school without debt. Then you’ve got a lot more options in your life and you’re not trapped when you come out with this thing hanging around your neck.