New Lawyers Are Swimming in Debt.

Following up on my previous post, Is Your Law School Worth It? Law School Debt-to-Income Ratios:  Wall Street Journal, New Lawyers Are Swimming in Debt:

WSJ 5The vast majority of law-school graduates carry debt loads that exceed their initial earnings, new federal data shows, the latest sign a law degree isn’t a sure path to immediate financial success.

Median earnings a year after graduation topped the federal-loan figure for graduates from just 11 of about 200 law schools for which the U.S. Department of Education released data. The favorable ratios were largely for elite private institutions—including Cornell University, the University of Pennsylvania, Yale University, Northwestern University and Stanford University—that send many graduates into high-paying law firms. The list also included one public school, the University of Iowa.

For the rest of the law schools, graduates’ debt loads surpass earnings, in some cases by many multiples. … Graduates of the six schools at the bottom of the ranking carried debt that was more than five times earnings. …

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