From the article:
* The average interest rate on federal loans for graduate students is 8%, which starts to accrue while the student is still in school.
* The typical law graduate often holds debt in excess of $150,000 by the time repayment begins.
* Salaries have plummeted, with the mean private-practice compensation today, $78,653, falling 16% from where it was in 2009 ($93,454), and 8% from 2002 ($85,518)
* Law-school tuition has increased 434.8% at private schools since 1985
Author then gets personal. He says:
“In my case, although I found employment, my finances are precarious. With $169,000 in law-school debt and an annual salary of $55,000 (which is within the average range for a small firm), I cannot start paying off my debt in a responsible and timely manner, much less afford to have a wedding, start a family, buy a home, etc.”
Can’t lawyers just hang out their own shingle?
*unmentionable (that's racist)
Then again, I was raised in an practical era during which there were few financing avenues available to tempt those with no idea of what the world outside of academia held for them. Time to grow up is at hand for them now. For the writer of the article he learned to late. Hopefully those who read it will heed the advice within.
I saw the writting on the wall with regard to college costs years ago and encouraged my wife to become a college professor so that our children could someday get a free college education (one of the common benefits of being a professor) making college’s spiralling costs meaningless to us.
I estimate that one benefits will be worth a couple of million by the time our 4 children are college age. And the best part is... it’s basically tax free income
In some places every job is taken by lawyers. Desk jobs, all minor government jobs...all lawyers. They get hired because you can get them for about 22,900 and get the law degree for free.