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Is Law School Worth the Debt?

By Stephanie L. Stenberg posted 06-05-2013 13:02

  

The other day I had lunch with a University of Michigan sophomore with her sights set on law school. She wanted to meet to discuss getting into law school and the day-to-day life of being a lawyer.

One of the first questions she asked was, “Is going into debt for law school worth it?” The question really made me think. On the one hand, working at ICLE puts me in touch with some of the brightest and most inspiring lawyers in Michigan. I know many young lawyers with great jobs who love what they do. On the other hand, I know plenty of unemployed and underemployed law school graduates who have a much more negative opinion about going to law school (usually in proportion to their student loan debt).

Today’s law school graduates have more debt than ever—an amount that can be unfathomable to older lawyers. Here is the current annual cost of in-state tuition for Michigan law schools [source]:

Wayne State University Law School: $27,135

Michigan State University College of Law: $35,377

The Thomas M. Cooley Law School: $37,140

University of Detroit Mercy School of Law: $38,180

The University of Michigan Law School: $48,250

 

Taking on $70,000-$150,000 of debt for law school doesn’t guarantee that you can find a legal job after graduation. Ten years ago, going to law school meant you got a challenging job practicing law upon graduation (maybe not your dream job, but a legal job nonetheless). Today, new grads have loan payments that may range from $400 to $1,200 a month, and they are competing for entry-level positions with more experienced lawyers who are struggling to make ends meet. If a new graduate is lucky enough to find a legal job, there is a chance that it pays less than what they would have made if they hadn’t gone to law school.

While we may have decided that law school was worth the investment, more potential law students all across the country are deciding that the risk isn’t worth it. This year, the LSAT had 13.4 percent fewer test takers than the previous year [source].

So, would you still recommend that someone take on debt to go to law school?

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Daniel Marchese
06-18-2013 06:52

Many discussions about debt do not involve the income based or income contingent loan repayment plans for federal consolidated loans. For example, a person in a family of 4, who has a household income of $60,000.00 pays a paltry $166.67 a month in student loan repayments under the IBR plan. The payment amount fluctuates with family size and income, but it never is unaffordable. Especially with the new federal repayment rules that lower the percentage of monthly payment to income, the loan payments are going to be even lower. Not to mention the public service loan forgiveness program if the borrower can hang in there for ten years.

Jessica Hammon
06-10-2013 13:20

I hate to say it, but I actively tell young people that unless they have a significant scholarship, the debt is just not worth going to law school. I love the law, but the mountain of debt I have amassed is daunting, especially considering Michigan's economic climate.

Stephanie S. Washington
06-06-2013 07:22

Maybe, it depends on the person's reason for wanting to go into law. If the person is going in to law expecting a high salary and a big law firm job like they portray on t.v. and movies then I would recommend that they don't go. However, if the person is going into law because they absolutely love the law or they have a strong desire to help people, and money and debt is not a big concern, then I would say yes. I would recommend that they research the different areas of law that they are interested in before law school and attempt to do several summers associates, internships, volunteer, etc. while in law school. So they can know whether or not they want to practice in that area of law before they graduate as well as obtain a skill that they can use just in case they have to start their own law practice right out of law school. I would also recommend that they join a few bar associations as a student and make sure that they attend several events (and even actively participate on a committee) every year while they are in law school so they can begin to meet people and make informed decisions on their career path early.

Andrew C. Titus
06-06-2013 06:06

No.