Monday, January 10, 2011

Is Law School Worth the Cost?

This lengthy and somewhat depressing New York Times article, addresses whether law school is worth it.  After reading it, I have to agree with most of the article. I can also sympathize with those of us who went in knowing that we would have a lot of student loans, but thinking we would get a great job and be able to pay it off.  Some law schools sell potential students a bill of goods and they deserve a more accurate picture of what they should expect after graduation, so that they can make an informed decision on whether to apply in the first place.  No one tells you that you might be a law graduate 3 years later, unemployed and no way to pay off over $200,000 worth of debt. I doubt such a statement would be a law school's application packet or website! But for many graduates, this is the reality.   

If you are going to go to law school, keep in mind that everything you borrow, you will have to pay with interest.  Getting a lump sum twice a year can make it difficult to manage your finances.  Don't gamble with your future, only borrow what you need to live and have a budget.  

Although one thing I don't like about the article is Mr. Wallerstein's attitude (entering law school and now). It is like he's daring his student loan creditors to get their money back.  He wants all the prestige of the degree, but doesn't want to pay for it.  

As an aside, I do not regret going to law school, despite the debt from student loans.  It was a challenging and humbling experience, but I obtained the degree and also passed the bar.  I also met my husband in law school, so no complaints there.  I just wish I would have done some things a bit differently (and that's why I started this blog!).

2 comments:

  1. Thank you for your opinion on this article. I read it to and it is one of many things I've read in the last year that make me feel like law school wouldn't be the best decision for my future.

    I'm currently entertaining offers from several schools of varying scholarship amounts, but have not been able to get to a place where I feel prepared to take on the risk financially. I appreciate honest comments from people who know!

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  2. Thanks for the post, law employment statistics are very important not only for those going into law school but for everyone coming out.law school employment

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