In 2002 1,622 graduating law students from 117 law schools responded to a survey on law school debt. Their responses produced the following results.

• 94% borrowed money to attend law school.
• 50% graduated with more than $75,000 in law school debt.
• 20% graduated with more than $105,000 in law school debt.
• 53% had additional debt from their undergraduate education.

In another 2002 survey the median starting annual salaries for attorneys were reported as being:

• Private practice-$90,000.
• Government attorneys-$42,000.
• Public interest- $36,000.

In thinking about how law school loans will have an impact your post law school life consider the following figures.

• $100,000 in loans results in payments of about 1,250 per month. (Every $10,000 in loans equals about $125 per month in payments)

• A person earning $50,000 per year takes home about $3,000 per month.

Below are websites that discuss managing law school debt.

http://www.dcbar.org/for_lawyers/washington_lawyer/october_2004/debt.cfm

http://www.abcny.org/pdf/report/lawSchoolDebt.pdf

http://www.law.du.edu/finaid/continuing/Debt/

Other related articles on this website include Advice-Making a Budget and Law School Debt-Two Suggestions.

Good luck in law school!

If you have any questions or comments about this article, or want to write your own article about the pre-law or law school process, feel free to contact me.