TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Tuesday, June 21, 2011

Law School Bubble
From: The Best Colleges. (Hat Tip: InstaPundit.)

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Good chart. My current debt from JD + NYU Tax LLM is over $300k, and while deferred, it grows by $2,000 every month. It's kind of funny if you think of it.

Posted by: anon | Jun 21, 2011 1:22:34 PM

Anon -- no, it's not funny when you think of it. It's more of indentured servitude when there's no real prospect of repaying the loan. I was fortunate to pay off what was then an extortionate $45,000 after nearly ten years of repayment. It was enormously stressful and I am glad that the debt has been paid off. I can't even begin to imagine what it's like to have that much debt. The stress levels for me would be off the chart.

Posted by: Anonymous | Jun 22, 2011 6:15:30 AM

I came from a lower-middle class family. I married and had kids early. I have more than $300K in combined educational debt from undergrad, JD, and tax LLM (all of which I earned at "flagship" public institutions). The information about the horrific law school situation was not available when I took the LSAT, much less when I began undergrad. In fact, I relied on the US News data when applying to law schools and in choosing the flagship public school that I attended. I thought being a lawyer would be a steady career with solid income so I could be a good provider for my family. Not so much. I'll join any suit brought against my school like the one filed against Thomas Jefferson.

Posted by: Top Public | Jun 22, 2011 6:57:32 AM

Ironically, I'm not sure someone who didn't run the numbers on that kind of debt and take a pass on law school would even make a good tax lawyer. On the other hand, you might make pretty good stunt men.

Posted by: Matt | Jun 22, 2011 7:57:28 AM