Posted May 09, 2011 02:32 pm CDT
Law school student loan debt has reached an all-time high as students are borrowing more to cover rising tuition.
The average amount borrowed annually by law students jumped 50 percent from 2001 to 2010, the Hartford Business Journal reports. In the last academic year, law students borrowed an average of $68,827 for public schools and $106,249 for private educations.
For the 2001-2002 academic year, the average amount borrowed was $46,499 for a public law school and $70,147 for a private one, according to an ABA chart (PDF). Prior years aren’t listed.
According to the story, lawyers will have to make at least $200,000 more than college graduates, over a lifetime, for the investment to break even.
ABAJournal.com: “ABA President to Boxer: Law Grads Shouldn’t Be ‘Shadowed by Overwhelming Debt’ ”
ABA Journal: “Law School? Bag It, Bloggers Say”
ABAJournal.com: “Was It Worth It? With Debt of Up to $250K, Some Law Grads Are Dubious”