Remember all those people that wanted to go to law school to make a ton of money, and help people as well. The way it looks now the trend in lawyers being able to find jobs is slipping. Paul Campos, a Professor of Law at the University of Colorado says that only one in three is able to find gainful employment in the field.
That is extremely worrisome considering that the average level of student loans when graduating law school can be $130,000+ and to make matters worse, these are often private student loans for which there are little to no good options to helping afford the payment.
Law school debt is especially burdensome when you consider that to get to law school start off by carrying undergraduate debt into law school and then loading up on more student loans that alone will cost about $900 a month in interest rates alone.
“What we are creating is a class of indentured servants to the United States treasury—since these are all now pretty much federal loans—who have no realistic way of paying this money off,” Campos told Bloomberg Law’s Lee Pacchia, calling the trend a generational disaster. “We need to be producing about half as many law school graduates as we are right now at about half the price.”
Reforming the U.S. Bankruptcy Code to make student loans dischargeable, holding law schools accountable for tuition rates and re-evaluating government policy that allows nearly anyone admitted to law school to borrow money to cover attendance, regardless of the amount, are all necessary steps to build a sustainable model for legal education, Campos said. – Source
Considering the extraordinary increase in law school tuition and the forecast for employment it could easily be argued that it makes no economic sense to attend law school at this particular time unless you want your law degree to cost you more than you make.Law School Grads Become Hopeless Economic Slaves to Their Student Loans and Poor Opportunities by Steve Rhode