Paul L. Caron
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Friday, July 12, 2019

Average Student Loan Debt For Law School Graduates: $145,500

NerdWallet, Average Student Loan Debt for Law School Graduates:

Law school graduates finish school with an average student loan debt of $145,500, according to the most recent data from the National Center for Education Statistics. That total includes student loans that law students took out for their undergraduate degrees.

A student loan balance of $145,500 would cost $198,700 if repaid over the standard 10-year plan, assuming current interest rates. The average law school loan payment for that amount of debt would be $1,656 a month. ...

Seventy-five percent of 2018 law school graduates took student loans, according to Law School Transparency, a nonprofit organization.

On average, these students borrowed $115,481 to pay for their JD alone — $130,900 for graduates of private law schools and $89,962 for those who attended public law schools.

https://taxprof.typepad.com/taxprof_blog/2019/07/average-student-loan-debt-for-law-school-graduates-145500.html

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Comments

And how much higher is their average income than those with a BA?

Posted by: Mike Livingston | Jul 12, 2019 6:32:19 PM

@Mike Livingston,

Median starting salary for college grads (per NACE) and median starting salary for law school grads (per NALP) is only about $12,000/year - and that's before we account for the ~2.5x higher unemployment rate among law grads. Perhaps the more cogent question is this: what is the career-long wealth effect for law school loans, given that different studies have found student loans of X dollars create anywhere between 4x and 10x in lost wealth over a working lifetime against peers with similar income histories who have no student loans, thanks to all that money being sunk into student loan repayment and not retirement savings, home equity, or other wealth-enhancing venues.

Posted by: Unemployed Northeastern | Jul 12, 2019 10:27:17 PM

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