Friday, November 19, 2010

Think about your Law School Debt in Law School (Not After!)

Many attorneys do not end up in big law firms making six figures. Many of us make modest living and have the burden of enormous loans.  You can make that debt burden easier by limiting how much you borrow (if you have that option and flexibility).  A recent ABA Journal article discussed that it will be difficult to pay back six figure debt on five-figure salaries.  One of the commenters said he was able to manage his debt even though his family is not "rich", but that it does mean certain sacrifices. If I had to do it all over again, I would have managed my money better in law school and reduced my law school loans by the amount of money I made in the summer, instead of treating loans like free money.     Doing well in law school doesn't guarantee a job (doing poorly doesn't mean you won't get a job either) but you do have to be realistic and plan accordingly, especially "in this economic state."   Also refer to this older post about how to make a little bit of money in law school (every little bit helps!!)

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