The cost of a private law school education has grown by an astronomical 175% since 1985. More than 75% of new or young lawyers surveyed by the American
A law school student loan debt survey report demonstrates the growing crisis of lawyer debt. Here's how that impacts law students.
Managing real-life expenses and trying to save for your long-term financial goals are difficult tasks for most people, not just law students. The ABA and AcceessLex are here to help! Get for tips on creating a financial plan that will get you
Do you know that potential landlords, employers and even utilities companies routinely access credit scores as part of their application process? Learning how to manage student loans, credit cards and other debt is essential. Establishing financial skills early on and working to build a good
This article, written by Joshua Cohen, originally appeared in the May/June 2020 issue of GPSolo magazine, volume 37, number 3, published by the American Bar Association Solo, Small Firm and General Practice Division. All rights reserved. This information or any portion thereof may not be copied or disseminated in
The national student debt is now at $1.6 trillion. Students loans are currently the second largest slice of household debt after mortgages. In 2019, about one in eight Americans had student loan obligations. Many financial models predict that 40 percent of all federally backed
There’s no dancing around it: debt and loans are an anchor on law students and young lawyers. To put a visual to the daunting numbers that we all know in checking our own loan servicing accounts, one place we can look is the
Here’s a three-step guide to setting your course for student loan repayment, with a few cautionary tips along the way.
It’s never too early or too late to start thinking about paying off law school loans. In some cases, if you go to the right school, make the right amount of money, and follow confusing steps that may go horribly awry at any point, you
Getting that first student loan bill can be terrifying. For many borrowers, it is the precise moment the monopoly money of student loans becomes real debt. For young lawyers, it can lead to an epic panic. I owe how much? This can’t be right, who
There is a great debate in the legal and financial aid community. Is it a good idea to borrow money for law school? How much is too much? When is law school a mistake? To be clear, this analysis is critical and should be considered by any perspective law
Debt and Credit Strategist Jen Lee and Creative Joy Director Samorn Selim, both lawyers, share their expertise on how law students and lawyers can navigate the waters of debt and careers in this webinar, "Key Strategies for Managing Student Loans and Other Debt."
As a law student there are many things you can be doing to “vaccinate” yourself from future misery. A few small steps will leave you much better off in the future.
Most of us will incur some type of student loan debt by the time we graduate from law school. Depending on the professional path we choose, it may take more than a decade to be debt free. Today, student debt in the United States amounts to more
By your mid-thirties, you are far enough along in life to understand that staying out of debt is a key to your longterm financial health. But have you ever sat down and thought about what, specifically, you need to do to stay debt-free? Here are eight simple steps that will help you.
If you want to make a difference to preserve Public Service Loan Forgiveness, this is that time, today’s the day. Tell your elected officials to oppose the PROSPER Act – now.
“Law school” and “debt-free” may seem like an oxymoron these days. Mainstream media and law school admissions blogs alike are filled with stories of newly-minted lawyers who are hundreds of thousands of dollars in debt and without an income adequate to pay off that debt. But I am here to tell you that it is not only possible—but entirely attainable—to graduate law school without any (or with only minimal) student loan debt.
The House of Representatives released its Higher Education Act (HEA) reauthorization bill this past Friday, and it proposes to modify or eliminate several federal financial aid programs – changes which would directly and negatively affect law students. These proposals include: Lowering the cap on Grad PLUS Loans Eliminating
Samuel M. Chang, the outgoing 14th Circuit Governor for the ABA Law Student Division, spoke at an event titled "Declining Passage Rates on the California Bar Exam: Possible Explanations and Impacts," an informational hearing of the California State Assembly Judiciary Committee on Feb. 14. Chang spoke during a panel titled "Possible Impacts of
Are you worried about another difficult test even after you graduate—how you’ll handle the burden of repaying the cost of your education? You’re not alone, and the American Bar Association is working on the issue. In December 2016, the ABA and four attorneys with that very worry sued the U.S.
If you want to be a successful lawyer, law school is a given. With the hike in student loans, however, it may be a while before you actually make any money.
How much student debt are you going to have after law school? The typical answer for a JD is "lots." Learn about the current landscape of paying for your education in "The World of Student Loan Debt: Understanding Options for You, Clients, and Employees." It's free to members of the
The presidential party conventions are over, and what seems like the “election that never ends” will actually be over in less than 100 days. A lot is being said about this election – that it’s the most important in a generation; that it could fundamentally change the United States and its
The cost of getting an education has increased substantially in the last decade. No longer is attaining an education an affordable venture. The fact of the matter is while costs have steadily increased, the amount of assistance that is offered to low-income and middle-class students has steadily decreased.
This past fall semester, I burned myself out. I took 17 credits at New York Law School, which included a clinic where I put long hours into client interaction; working two days a week as an unpaid intern at a federal agency; and working two to three days a week