How much debt do law school graduates have?
Asked by: Emilio Maggio | Last update: January 16, 2026Score: 4.8/5 (41 votes)
The average law school graduate owes $130,000 in student loan debt. 71% of law school students graduate in debt. $119,292 is the average amount students borrow just to attend law school.
How much debt does the average law student graduate with?
The average law student graduates with $130,000 in student loan debt, according to the American Bar Association (ABA). Additionally, many new lawyers end up with lower annual incomes than their total loan balances, which can make it difficult to repay the debt.
How long does it take to pay off law school debt?
The Education Data Initiative compared average debt to average salaries and found private-sector employees can pay off their loans in 9.9 years if they put 25 percent of their income toward their debts. For those in the public sector, it would take 19.1 years — almost double the time it takes private-sector employees.
What is the average debt after grad school?
What's the average graduate student loan debt? According to a study from the National Center for Education Statistics study from the National Center for Education Statistics, the average student loan debt for graduate school is about $88,220.
What is the average repayment of law school debt?
Graduates may also opt for an extended repayment plan with a 25-year loan term. While the median graduate at the median law school ($109,256 total borrowed) owes $574 per month on the 10-year plan, they owe $574 per month on the 25-year plan.
LAWYER EXPLAINS | How I paid off $200k+ of student loans in 2 years
Is law school financially worth it?
Key Takeaways
Law school can be a path to a lucrative career—but it can also lead to significant debts. The average law school graduate debt is $160,000, while the starting annual salary is much less.
Is 100k in student loans a lot?
However, borrowing $100,000 or more is considered to be a lot and isn't normal for the average student. Most jobs don't pay over $100,000 right out of school, so it could be a struggle to have that much student loan debt.
How much debt do most people graduate with?
The average monthly payment among student loan holders is between $200 and $299. University graduates owe an average of $28,244 a year after they leave school. The average private nonprofit university student borrows $33,910 to complete a bachelor's degree. For-profit students borrow an average $40,970.
How do I stop being in debt after law school?
You could also look into forgiveness options for federal loans after graduation. For those starting jobs in government, public service, or the nonprofit sector, the Public Student Loan Forgiveness program offers federal loan forgiveness after 10 years of eligible payments under a qualifying repayment plan.
Does school debt fall off after 7 years?
Student loans don't go away after seven years. There is no program for loan forgiveness or cancellation after seven years.
Can you graduate law school debt free?
Well the average cost to attend a public state school is about 85,000 per year and for a private universities law school about 145,000 per year. So all anyone needs to do in order to graduate debt free is to come from a pretty well off family who can pay for the entire 3 years.
What is the dropout rate for law school?
The decision to attend law school shouldn't just be financially driven. You'll also want to consider the high dropout rates of law school, particularly among minorities. Overall, dropout rates are over 6% for first-year students. For American Indian, Hawaiian native, and Black students, the dropout rate is 11% to 13%.
How long to pay off 200k law school debt?
How long does it take to pay off $200,000 in loans? If you choose the standard 10-year repayment plan, you'll pay off your loans in a decade. Longer plans, like those with 15- or 20-year terms, reduce monthly payments but significantly increase the total interest you'll pay over time.
Is a Tier 3 law school worth it?
Tier 1 schools are the most prestigious and competitive, while Tier 2 and Tier 3 schools offer strong programs with varying selectivity. Your choice should align with your career goals, as the tier can influence your legal career opportunities. However, when picking a law school, don't focus solely on tiers.
How can I pay off $100k in student loans in 5 years?
Repaying $100k in student loans quickly is possible with a strategic approach. Focus on making extra payments, consider refinancing for a lower rate, or explore income-driven repayment and loan forgiveness options. Employer-sponsored assistance programs can also help speed up repayment.
Can I buy a house with 100k in student loans?
Yes, home buyers with student loans can qualify for a mortgage because you don't need to be 100% debt-free to buy a house. However, when a lender evaluates your application, they will look at your current debt, including your student loans.
How many people have over $100,000 in student loans?
Adults with a postgraduate degree are especially likely to have a large amount of student loan debt. About a quarter of these advanced degree holders who borrowed (26%) owed $100,000 or more in 2023, compared with 9% of all borrowers. Overall, only 1% of all U.S. adults owed at least $100,000.
What is the average debt of an MBA?
Bloomberg estimates that the median MBA student debt is $58,415, with graduates paying interest of $9,043 during the ten-year term of a student loan. That makes the Wharton estimate more than $100,000 above the median for all the schools, though the rewards of a Wharton MBA can far exceed many of those other schools.
Why is it so hard to pay off student loans?
If your monthly payment does not cover the accrued interest, your loan balance will go up, even though you're making payments. Unpaid interest will also capitalize each year until your total balance is 10% higher than the original balance. This means you will pay interest on your interest.
Is the average 22 year old in debt?
New findings from Experian's 2020 State of Credit report show that the average Gen Z consumer (ages 24 and younger) has about $10,942 worth of debt, not including mortgages.
How bad is 50k student debt?
Having $50,000 in student loan debt can be a tremendous financial burden. Depending on your interest rate and the types of loans you have, the payments can amount to a very large portion of your monthly budget.
Is it a parent's responsibility to pay back their children's student loans?
When the time comes to start making payments, only the student is obligated to repay these loans — not the parents. In fact, there's no co-signer. If the student defaults on a federal student loan, it will affect the student's credit and won't be reported on the parent's credit history.