As previously mentioned in several prior articles on this website, where you choose to attend college and graduate school can have a substantial impact on your student debt story. And if you are considering law school, your choice about where to earn a law degree and whether to attend law school at all will massively affect how much student debt you need to borrow. The law school admissions process is very complicated, mainly due to the fact that merit scholarships are offered by law schools as opposed to other graduate programs which do not typically offer merit aid. As such, it can be difficult to decide if one should attend a lower-ranked institution and receive merit scholarships, or borrow more student debt to attend a higher-ranked school and potentially improve future job prospects. All told, there are certain things you should keep in mind when selecting a law school that will minimize the amount of student debt you need to borrow to earn a law degree.
Many people consider law school at one point or another throughout their lives. Everyone romanticizes certain lawyers that we see in movies and on the news, and numerous people think that a law degree can safely secure a high income and job security. The reality is that lawyers do not make as much money as you might believe. Indeed, my brother who works in finance made more money than me for parts of my student debt repayment journey even though he never earned a graduate degree. In addition, much “digital ink” has been spent discussing how recent law school graduates have a difficult time securing jobs, and some must work in retail, as baristas, and in other non-legal occupations.
All told, you should only attend law school if you really want to be a lawyer. It is not a good idea to attend law school if you just don’t have a job lined up after graduating from college, and you need to spend three years finding yourself. I strongly recommend that everyone considering law school intern at a law firm or otherwise obtain first-hand knowledge of what it’s really like to be an attorney. I know many people who went to law school and then discovered that they do not like the law, and you do not want to waste three years of your life and six figures of student debt if being a lawyer is not something you absolutely want to do.
Once you have decided that you want to be a lawyer, there are certain things to keep in mind to ensure that you select the best law school. Unlike other graduate programs, many law schools offer merit scholarships. However, top law schools typically have better job prospects, and a degree from an elite law school will open more doors. It should be noted that if you have genuine financial need, and are admitted to a top law school, you might not need to make a choice between financial assistance and prestige. As previously mentioned, I received need-based financial aid to attend a top law school, and many of the best law schools have programs through which students with financial need are provided assistance. If you have genuine financial need and are admitted to a top law school, you can likely just attend the best school to which you are admitted.
If you must debt-finance your education, the next important factor in determining which law school you should attend is what you will eventually do with your law degree. If you are interested in entering the public sector, law school prestige is not as important, and you can safely attend a lower-ranked law school that offers more merit aid. However, if you want the chance to a land a coveted job in Biglaw (the major firms that offer fat pay checks and other benefits) then you should attend the best law school that admits you. Some might think that the availability of income-driven repayment plans means that career decisions should not influence the law school selection process. However, since it is not altogether certain that such programs will forgive student debt, and income-driven repayment only offers debt forgiveness after a long period, it is still important to consider career motives when choosing a law school.
If you are entering the private sector, then there are other considerations to keep in mind when selecting a law school. It is important to mention that only the top law schools are worth attending at full sticker price. There are only 15 or so national law schools that will provide the most job options and confer you a credential that is readily transferable in the legal profession. If you are accepted to one of these institutions, you can feel somewhat comfortable completely debt-financing your legal education.
If you are not accepted to a top program, you need to consider a number of variables in order to set yourself up for student loan success. For one, I do not suggest that anyone borrow more than $150,000 in total to earn their undergraduate and law degrees. This is the amount that I think many lawyers can pay off within a reasonable amount of time by employing some of the strategies noted on this website, and any more debt than this is extremely difficult to manage. I am sure that some people would suggest that the availability of income-driven repayment plans means that students do not need to be concerned with the amount of debt they borrow. However, the viability of income-driven repayment programs is somewhat in doubt, and as my own story indicates, it is possible for a young lawyer to pay off nearly $200,000 of student loans within a reasonable amount of time.
As most people realize, not all law schools are the same. Although rankings are extremely flawed, it is true that the value proposition of a law school is roughly proportional to how well that institution is ranked by U.S. News and World Report, Above the Law, or other outlets. As such, it might make sense to borrow up to $150,000 or so to attend a top 30 law school or even a top 50 law school. However, the lower the law school is ranked, the less student debt you should borrow. Indeed, if a law school is at the bottom of the rankings, or is not ranked at all, you should not attend the institution without a full ride.
Of course, this means that some people should not attend law school at all, since certain individuals will only be accepted to the lower-ranked institutions without financial assistance. It might be difficult for someone to refrain from attending law school for this reason, especially if they have aspired to be a lawyer for a long period of time. However, the employment outcomes of many lower-ranked law schools are very poor, and it is therefore better to avoid borrowing debt if lower-ranked institutions are your only option.
In the end, not all student debt advice will equally apply to all prospective law students. And if you qualify for need-based financial aid, are admitted to a top law school, or win merit scholarships, you may not need to consider too many factors before choosing a law school. For everyone else, employment outcomes, prestige, and other factors should influence how much debt you borrow to finance your legal education.