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Law school debt

By 4L

I saw a thread on Above the law today about debt consolidation and thought I would talk about this a little since I'm in the thralls of paying back at least part of my massive debt. As far as where I stand personally on the debt spectrum, I'm probably less than most but more than some. Figure that if you go to a three year law school program, you'll be taking about $120,000 out, and four year programs will tack on another 40k or so.

As I have written several times, law school (and other professional schools for that matter) is not cheap. And, to give Loyola2L some credit, unless you're in one of the top schools, you've got your work cut out for you. But even if you are, that doesn't guarantee a sweet six-figure job after graduation either. So, for 96-99% of law school graduates, you're graduating with a highly practical degree that gets you in as much debt as buying a house. Granted, things will work out over time, but unless you've got some sugar source, most of us will be in debt for a pretty long time.

The thread on Above the Law regarding this simply echoes my point. Consolidation is great, but it's a case by case basis. Citibank sucks, as do many private lenders. In the end, I find it more disturbing how shielded the whole process is, even from those who are borrowing more money than they can realistically be expected to make. So, is the problem the schools, the students, or something else all together? That is something I don't have an answer to at the present time.

Full post as published by The Once and Future Lawyer on January 14, 2008 (boomark / email).