How much debt will law school put me in?
Asked by: Tabitha Huel | Last update: September 28, 2025Score: 4.8/5 (61 votes)
Of lawyers surveyed by the American Bar Association (ABA), 85 percent borrowed money to cover their studies, with the average law school debt exceeding $100,000. Luckily, there are a few alternatives law school grads can explore to reduce their debt burden and make payments more manageable.
How much debt does law school put you in?
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.
Is $100,000 in student debt bad?
For ANY bachelor's degree, $100000 is a huge debt. For anything other than a bachelor's in Computer Science, Engineering, or Nursing, a student debt of $100000 is **INSANE** and **CATASTROPHIC**. This is way, way too much debt.
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 it hard to pay off law school debt?
It takes discipline, patience and a strict budget. Most important, it takes a plan. “Graduating with six figures of debt isn't easy,” according to the website Student Loan Hero. “With the average amount of law school debt coming in at more than $139,000, it's the second-most expensive graduate degree out there.
How to Minimize Law School Debt
Is law school worth it financially?
Earn More Money Over Your Lifetime
Starting salaries may dissuade you from investing in law school. Nevertheless, research shows that "law degree holders' earnings grow rapidly and peak late in life," suggesting better financial outcomes than forgoing a JD degree.
How do you survive financially in law school?
The primary funding options are Scholarships and grants—the “free” money this is either funded by your law school or funded by private organizations, civic groups, etc.; Loans which can be federal loans or private/alternative/institutional loans.
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.
Are law school loans eligible for forgiveness?
Student loan forgiveness and repayment programs can erase some or all of your federal student loan debt for law school and possibly even private student loan debt. Income-driven repayment plans, while not specific to the law field, will cancel your remaining federal student loan debt after 10 to 25 years of 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 Americans have over $1000000 in student debt?
Behind the numbers (WSJ): Due to escalating tuition and easy credit, the U.S. has 101 people who owe at least $1 million in federal student loans, according to the Education Department. Five years ago, 14 people owed that much. More could join that group.
Is $80000 a lot of student debt?
As of March 2020, 45% of the outstanding federal education loan debt was held by the 10% of borrowers owing $80,000 or more. Student loan debt is the second largest debt, aside from a mortgage, in a household. 83% of borrowers have a loan balance of $50,000 or less.
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%.
Is law school mentally draining?
Specifically, 96% of law students suffer from significant stress, compared to only 70% of medical students and 43% of graduate students in all fields.
Is law school harder than med school?
Although both law and medical schools present their unique challenges, it's generally accepted that medical school demands a higher level of intense coursework and thorough training.
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.
What is the average student debt for a 30 year old?
According to the Federal Reserve, 30-39-year-olds have an average student loan debt of $42,014. 40-49-year-olds possess an average student loan debt of $44,798. In 2022, under 30-year-olds took out an average of $23,795 in student loans per year. Adults 60 and over owe less than 10% of the national student loan debt.
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.
How to not pay for law school?
The best way to attend law school with no money is to apply for scholarships or make yourself a prime candidate to be offered scholarships. Low-ranking schools tend to give out higher-value scholarships more frequently.
Do law firms pay off law school debt?
Many civil legal aid organizations and some other public interest employers provide loan repayment assistance to their attorneys. A centralized list of employer programs has not been compiled, so law students and attorneys need to discuss the possible availability of such assistance with individual potential employers.
Is being a lawyer financially stable?
California has the highest average salary for lawyers, only being surpassed by the District of Columbia, where lawyers command an average annual salary of $226,510.
How much does the average person pay for law school?
How Much Does US Law School Cost? The average cost of private law school tuition in the US is $53,034 a year. Public in-state tuition is $29,610 a year, and out-of-state tuition is $42,754 a year.
Will FAFSA pay for law school?
Part of that funding may even be guaranteed. In any case it's rare for a law student not to be eligible for at least some federal aid, Bonito says. They only way to see if you'll get federal financial aid is to file the FAFSA (Free Application for Federal Student Aid).