Dick Whitman wrote:If you make even as low as $20k/year more because of your law degree, over the course of a 40 year career $120k in debt would be worth it. So even people paying sticker for a lower-tier law school may not be making a bad choice, assuming their current education leaves them prospects starting in the $30k range.
If you start talking about top-tier schools, the math gets much, much better.
Perhaps the decisions people are making aren't foolish after all?
I second this. A lot of people dont have options leaving UG. I was one of the exceptions especially ITE but I also interned for two years. MY roommate through college had a psych degree and was facing like a garbage 30k/yr job or law school. He had no debt and chose law school. If he comes out making 60k/yr he would be ahead in less then ten years. And with raises and the fact that he lived more frugally being on law loans that is just more likely. Granted 200k in debt can be a burden most people benefit from having the JD degree. If someone opps for a T3 or T4 education, they probably had zero prospects before that. It's sad I see some fellow graduates in my year (not necessarily school) working at gyms, and other places. One said that she would be psyched to get a job paying $15 as it would be such a raise. I was like what??? I made mroe than that interning. This is life for some people. Making 50k/yr puts you in the top 50% of earners in America. Think about it. Most of us will earn in the top 5% over our lives. 120k of debt is not that bad. 200k/30=6k/yr in payments. Assuming interest brings you up to 200k and you pay out in 30 years. Just keeping a job from a T25 you are making six figures. Unless the legal field restructuring ends in it crumbling altogether which is possible life will not be that bad.