For those students who took on debt to attend law school, some of the dollar amounts that they accumulated is astounding!
The question ultimately then becomes whether many will be able to pay that debt back and therefore, whether the investment was a good one?
Some will of course get great paying jobs and have little problem, while for others the slog to pay the debt down may be a long and painful one.
Still others may decide not to pay them back at all, some may be counting on the Public Service Loan Forgiveness (PSLF)* Program while others may be praying for wholesale loan forgiveness from the federal government.
The Tale Of The Tape: Law School Debt
Here is a partial list of the top (?) schools courtesy of US News…
| School name | Average indebtedness of 2014 graduates who incurred law school debt | Percent of grads with debt |
|---|---|---|
| Thomas Jefferson School of Law
San Diego, CA |
$172,445 | 91% |
| New York Law School
New York, NY |
$166,622 | 83% |
| Northwestern University
Chicago, IL |
$163,065 | 80% |
| Florida Coastal School of Law
Jacksonville, FL |
$162,785 | 93% |
| American University (Washington)
Washington, DC |
$159,316 | 83% |
| Vermont Law School
South Royalton, VT |
$156,713 | 84% |
| Touro College (Fuchsberg)
Central Islip, NY |
$154,855 | 85% |
| University of San Francisco
San Francisco, CA |
$154,321 | 88% |
| Columbia University
New York, NY |
$154,076 | 76% |
| Whittier College
Costa Mesa, CA |
$151,602 | 91% |
| California Western School of Law
San Diego, CA |
$151,197 | 91% |
| Georgetown University
Washington, DC |
$150,529 | 79% |
| Barry University
Orlando, FL |
$149,175 | 95% |
| Chapman University (Fowler)
Orange, CA |
$148,429 | 79% |
| Stetson University
Gulfport, FL |
$148,394 | 83% |
| New York University
New York, NY |
$147,744 | 74% |
| Loyola Marymount University
Los Angeles, CA |
$147,701 | 85% |
| Charleston School of Law
Charleston, SC |
$147,031 | 85% |
| Golden Gate University
San Francisco, CA |
$146,288 | 88% |
| Pepperdine University
Malibu, CA |
$145,525 | 76% |
| The Catholic University of America
Washington, DC |
$144,737 | 85% |
| University of Chicago
Chicago, IL |
$144,695 | 75% |
| University of Miami
Coral Gables, FL |
$143,845 | 77% |
| Hofstra University (Deane)
Hempstead, NY |
$143,646 | 80% |
| University of California—Berkeley
Berkeley, CA |
$143,546 | 78% |
* The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
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Article by Michael Haltman, President of Hallmark Abstract Service in New York.
HAS is a provider of title insurance in New York State for residential and commercial real estate transactions.
Learn more about Hallmark Abstract by watching our whiteboard animation here.
H/T AboveTheLaw
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