Tuesday, December 7, 2010

Supply and Demand: the case against law school?

This relatively recent Slate article, discusses the fact that law schools are accepting more law students than can be reasonably expected to get jobs after they graduate.

Was this a consideration for those of you in law school or is this a consideration for those of you thinking of applying? Just bear in mind the fact that you are more likely to make less than $50,000 than you are to make over $100,000, with a debt burden equal to a pretty decent mortgage. There are some federal and state-funded loan forgiveness for those who go into public interest, which will help with those loans. Some law schools also offer assistance; please contact your Financial Services office to see if your law schools offers such programs.  Below is more information about additional loan forgiveness options.

  •  The College Cost Reduction and Access Act of 2007 created new loan forgiveness options.  For more specific, please check out the following sites:  www.equaljusticeworks.org , www.finaid.org , and www.ibrinfo.org.
  • Individuals, under certain income caps, who pay  interest on a student loans may be able to deduct up to $2,500 of the interest paid.
  •  Some Federal agency employees might be eligible for loan repayment assistance. For more information, check out the Office of Personnel Management's loan assistance website: www.opm.gov/oca/pay/studentloan/index.asp.



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