Introductions and Aims

First a little introduction about me. I'm an anonymous 2007 law student questioning both my decision to go to law school and the business of law schools. One of the first things to know about me is to know about my debt:

$50,000 in subsidized and unsubsidized Stafford loans. Split about 50/50. Currently consolidated at 4.75% for 30 years. This results in a monthly payment of $299.00. Or as I like to call it "the difference between driving a Toyota and driving a Lexus".

$18,500 in sub/ubsub Stafford loans. Again about 50/50 split. Quick diversion - subsidized means that during school the interest is paid by the government. Unsubsidized means that interest accrues during school. You have the option to pay it as you go or add it to the principle. Needless to say I added to the principle. The 18.5k is at 6.8%. Currently on a ten year graduated payment plan. Digression time again. Graduated payment means that during the first two years I am paying essentially only interest, then my payment rises, then rises again. Right now the payment is $114 a month. Oh and this is a federal loan through Sallie Mae.

$8,500 in sub/unsub Stafford federal loans. 6%. From undergrad. Like the above loan this is also graduated and on a 10 year repayment plan. Right now my payment is $50 a month.

Finally, $5000 through American Express. I'm reluctant to include this in my law school debt but I did charge two summer courses during law school and grad school to the card. Financial aid was only available if I took 2 or more classes and it didn't make sense for me to spend twice the money. I'm concentrating on this debt first (down from $10,000 last year!).

Aims
Unlike forums such as the infamous jdunderground.com I'm not trying to tell you that law school leads to a life of debt and misery. I'll try to both explain my experience and to break through the hype to expose the law school business. Gamed numbers, outright lies, deception. Oh it'll be a fun trip.