Posted Nov 11, 2009 07:41 pm CST
The American Bar Association is lobbying Congress and the Obama administration, seeking student loan debt relief for struggling law graduates.
A number of graduates haven’t yet found work and would benefit from having their private educational debt converted to government loans, according to a new ABA Commission on the Impact of the Economic Crisis on the Profession and Legal Needs. By converting to a government loan, if the law and/or regulations were changed to allow this, a graduate could defer the debt for up to three years while unemployed, reports the National Law Journal.
“This is really intended to give them some breathing room,” says ABA President Carolyn Lamm.
On average, according to the ABA, public law school graduates have nearly $60,000 in educational debt. For those who attended private law school, that total tops $90,000.
ABA Journal (President’s Message): “Leadership When It’s Needed Most: ABA programs and initiatives help lawyers help themselves and others”