The cost of attending three years of law school can be a significant financial commitment, and crushing student loan debt is often an unfortunate byproduct. From 1985 to 2019—after adjusting for inflation—the cost of attending a private law school increased 276%, and the cost of going to a public school was 592% higher. Law School Transparency. (n.d.). Law School Costs. https://www.lawschooltransparency.com/trends/costs/tuition. As of November 2021, the average total cost of attending law school for three years was $205,744, or $68,581 per year. Hanson, M. (2021, November 30). Average Cost of Law School. Education Data Initiative.
Sure, working at a top law firm in a large city likely will provide the salary needed to pay back—maybe even quickly—your student loans and any accumulated interest. However, if you don’t land that top-paying job and don’t want to be straddled with potentially decades of loan payments, you need to have a plan that addresses your current financial standing, future borrowing, and how you will repay what you’ve borrowed.
Follow these guidelines in order to best manage and limit how much student loan debt you have.
Before Beginning Law School
During Law School
As You Approach Graduation
Law school and practicing law can be immensely rewarding experiences. By following these guidelines, students can limit the amount of student loan debt they have to manage.
Whoever is doing PR for Natixis Global Asset Management should get a holiday bonus: a new employment perk aimed at millennials has earned the firm more positive press this week than any HR-related story since that guy who set his firm's minimum wage at $70,000.
In case you missed it: Natixis announced that it was going to start contributing up to $10,000 towards student loan debt for every employee who had been at the firm for at least five years.
This week, the Law School Survey of Student Engagement (LSSSE) released the results of its annual survey. The 2009 report revealed a number of interesting truths about the law student experience; in particular, the number of law students who expect to graduate with over $120,000 in student loan debt rose to 29 percent this year--an increase of 6 percent from 2008 and 11 percent since 2006.
If you didn’t catch our previous post about BigLaw employee benefit packages, take a look here. In that post, we outlined “typical” benefits that BigLaw firms offer their associates, and highlighted some very important but often underutilized benefits that can greatly improve associate quality of life.
If you’ve ever used a job search engine such as Indeed or Monster, you may have come across some strange or otherwise perplexing job postings. These can often be amusing due to unfortunate spelling errors or odd language syntax, but there might be more to it than just a few silly mistakes.