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.
We’re under no illusions that this post is the first to address the question of what makes a “good” junior associate (given that a quick Google search will reveal numerous identical-sounding pieces). What makes this post different is the simplicity of our suggestions that can help you from Day One.
Greetings to all the aspiring entrepreneurs out there. Very recently we spoke about some common habits of the most successful entrepreneurs, and as promised, this time we’re going to tackle some of the biggest challenges new entrepreneurs face, along with effective strategies to overcome them.