Percentage of law school students borrowing

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bdubs
Posts: 3729
Joined: Sat Feb 06, 2010 2:23 pm

Percentage of law school students borrowing

Postby bdubs » Sun Oct 10, 2010 8:33 pm

Looking at USNWR numbers for the percent of students who are borrowing, almost all T14 schools have <85% of students borrowing. I know that at most of those schools there are not 15% of students receiving full scholarships. Are there just a lot (5-10%) of rich kids at law school who have mommy and daddy footing the bill, or is there something to these numbers that I don't understand?

theantiscalia
Posts: 320
Joined: Mon Mar 15, 2010 11:18 pm

Re: Percentage of law school students borrowing

Postby theantiscalia » Sun Oct 10, 2010 8:35 pm

bdubs wrote:Looking at USNWR numbers for the percent of students who are borrowing, almost all T14 schools have <85% of students borrowing. I know that at most of those schools there are not 15% of students receiving full scholarships. Are there just a lot (5-10%) of rich kids at law school who have mommy and daddy footing the bill, or is there something to these numbers that I don't understand?


Even if you had a full tuition scholarship, you'd still need to borrow close to $20,000 per year for living expenses... higher in places like NYC.

These are the rich kids with Mommy and Daddy helping them out. Alternatively, they had a super lucrative pre-law career... this is more common than you'd think. (That said, I had one of these, have a 3/4 tuition scholarship, and I'm STILL borrowing to be here.)

bdubs
Posts: 3729
Joined: Sat Feb 06, 2010 2:23 pm

Re: Percentage of law school students borrowing

Postby bdubs » Sun Oct 10, 2010 8:40 pm

theantiscalia wrote:
bdubs wrote:Alternatively, they had a super lucrative pre-law career... this is more common than you'd think.


No offense, but I have trouble believing that people who made enough to save up $175,000 (after taxes and living expenses) would ever want to quit that job to go to law school. It's not like quitting a job as a VP at an ibank to spend three years in school only to become a big law associate makes any sense whatsoever.

So... is law school filled with a bunch of stuck up snobs?




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