kappycaft1 wrote:Jordan Weissman wrote:If we were talking about undergraduate students, these numbers wouldn't seem quite as awful. But JD's consistently dive six figures into debt and give up three years of other opportunities for an education that prepares them with a very specific, not-so-easily transferred skill set (please forget the old saw that "you can do anything with a law degree").
I wonder what makes Mr. Weissman think this... Yes, undergraduate loans do not accrue interest while one is in school, and even when interest does start accruing several months after they graduate, the rate is much lower. However, at most of the top schools, tuition is still +$40,000 per year.
Tuition: $40,000 x 4 Years = $160,000
Room & Board: $20,000 x 4 Years = $80,000
Other Expenses: $10,000 x 4 Years = $40,000
Tuition: $55,000 x 3 Years = $165,000
Room & Board: $20,000 x 3 Years = $60,000
Other Expenses: $10,000 x 3 Years = $30,000
Total: $255,000 (With Interest: About $290,000
I understand that students are usually able to work during the school year in undergrad whereas this isn't as feasible with law school, but law students can work summer positions and potentially earn quite a bit during their 2L if they get a summer associate position. Also, the starting salaries of a biglaw lawyer from a top law school and an undergrad from a top university are probably very different, especially if the undergrad majored in something retarded.