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How much debt are you in after completing law school?

share details like was it worth it? do you regret it? are you still paying off your debt?

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Thank you comment icon It cost only $5,000 a year when I went; paid off 15,000 in three years and well worth it Edward Overtree
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Edward’s Answer

The annual cost of attending top law schools is now $65,000. However, regional law schools are a bit more affordable, costing around $40,000 per year. If you're looking for the most economical option, local law schools can cost as little as $25,000 annually.

Edward recommends the following next steps:

Work and save your money!!
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Job’s Answer

I paid cash for school because I was a broker on the new York stock exchange at 21. At 23 I went to law school.
I focused on taxation and real estate. I went to make money and I was very successful at that. It really depends on your reason for going to law School. It is a hard profession to stand out in.
You are competing with mostly very bright people but not great attorneys.
If you are going to make society better you may be disappointed.
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Amit’s Answer

Hello Sofia,
This is Amit. I’m here to provide some general information about law school debt and the experiences of law school graduates.

Average Debt After Law School The average debt for law school graduates is approximately $ 164,742. This debt is primarily due to graduate school loans. However, the amount of debt can vary significantly depending on the law school you attend.

Is It Worth It? The worthiness of a law degree can be subjective and depends on various factors. Some law school graduates believe their education was worth the cost, while others do not. A 2018 Gallup Poll found that less than a quarter of law school graduates strongly agreed that their education was worth the cost.

Regrets After Law School Some law school graduates express regrets about their decision to attend law school. These regrets often stem from the high levels of debt incurred and the challenging job market for lawyers.

Paying Off Law School Debt Paying off law school debt can be a long-term commitment. Some strategies for paying off this debt include refinancing loans, pursuing loan forgiveness, signing up for an income-driven repayment plan, and seeking help from employers or repayment assistance programs.

Please note that these are general observations and individual experiences can vary greatly. It’s important to conduct thorough research and consider your personal circumstances before making a decision about attending law school. If you have more specific questions or need further assistance, feel free to ask!
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Terri’s Answer

Hello Sofia,

Remember, it's not a given that every law graduate will be burdened with significant debt after their law school journey. It's true that many law students accumulate substantial debt from their undergraduate and law school studies, as pointed out in the previous response. However, there are numerous strategies to reduce this financial burden.

For instance, some educational institutions, like public schools and community colleges, are less pricey options for your undergraduate degree (and many also have a law school). Starting your law school journey with less debt can make the overall financial load more manageable. Also, many law schools provide part-time programs, enabling you to earn money while you learn.

Moreover, don't forget that scholarships are available for high-achieving students, and some of these can be quite substantial. Striving for excellent grades in high school and college can increase your chances of receiving scholarship offers from colleges and law schools.

From my experience, I've noticed that law students often feel frustrated because their career choices are constrained by their debt. They might desire a public service job, but these roles don't usually pay as well as positions at large firms.

Your question is insightful as it indicates that you're already considering these potential obstacles. If law is your passion, strategize on how to minimize your debt. This way, you'll have more freedom to choose the career path that aligns with your your aspirations.
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Angela’s Answer

I went to school in the late 90s, early 2000s. I spent four wonderful years in college, lucky enough to have a half-tuition scholarship at a private university. This was followed by three more years studying law - one year at a private school and two at a state school. Sure, I ended up with a debt of $67,000, but I finally managed to clear it this year, after 17 years of dedicated payments. Looking back, I wouldn't change a thing, except maybe fighting for a larger scholarship in college. I have no regrets at all.
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