Student Loans

Ed. note: Above the Law will have a reduced publishing schedule on Friday, July 4, in observance of the day when Will Smith beat those aliens.

* Two state supreme courts rejected the bids of guns rights advocates to give felons the right to own guns. But if you outlaw guns, only outlaws… wait, that slogan doesn’t work here. [The Volokh Conspiracy / Washington Post]

* Hobby Lobby fallout. Religious groups are asking President Obama to accommodate their “sincerely held belief” that gay people don’t deserve jobs. [Talking Points Memo]

* On the other hand, Hobby Lobby opens the door to student loan forgiveness. [Tyler Coulson]

* People hated talking to Steve Jobs about their work. Was it because kids these days don’t understand the value of hard work? Or was it because computer geeks are notoriously introverted? [What About Paris?]

* Don’t discriminate against people getting divorces — they’ve got enough to worry about. [Adjunct Law Prof Blog]

* Some legal academics think bank executives should be paid in bonds. Here are some arguments against that. [Fortune]

Elie here. Everybody wants a deal. Everybody wants to “beat the market,” and the internet makes us think that we can. If a baby with an e-Trade app can make money, why can’t you? Buy low, sell high: I’m sure I read that on a bumper sticker somewhere, or maybe in the New Yorker.

Increasingly, the internet thinks it’s identified just the right undervalued asset to snap up at a discount: legal education. The decline in law school applications has been sharp and truly shocking to some. It doesn’t make sense that a law degree would suddenly be much less valuable now than it was 5 or 10 or 20 years ago. The value should rebound. The world still needs lawyers. And if you haven’t noticed, or just disregarded, long-term structural changes in the market for legal services, the fact that every law dean will tell you that the market rebound is right around the corner gives you more confidence in your logical assessment. It’s not like every law dean in the country would lie about the value of their product, right?

We can and will continue to debate the likely future value of a legal education. But can we dispense with the notion that purchasing full-price legal education right now involves “buying low”? You are not buying low, you are buying at historically unprecedented heights. Nobody would put “Buy high, hope to sell at fair market price in three years” on a bumper sticker.

And nobody should be putting that on the internet either….

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It’s impolite to criticize how other people spend their money. Some people value guns, other people want butter, and of course, there are always people willing to borrow hundreds of thousands of dollars to pursue a useless education.

Debt financing your dreams is always a risky proposition, but it’s socially acceptable to do that if your dream is to be a doctor or a lawyer or a homeowner.

But what if you dream is to be a model? Is it appropriate and socially acceptable to debt finance aesthetic improvements in your body that you believe will take you to the next level modeling greatness?

double red triangle arrows Continue reading “Student Loans Lead To A Job — A Boob Job​”


Justice Sonia Sotomayor and Hillary Clinton

* Justice Sonia Sotomayor insists that her meeting with Hillary Clinton at Costco wasn’t planned. She just wanted to say hello to the “other lady,” as referenced by the woman at the store’s pharmacy counter. [Washington Post]

* Six U.K. firm leaders got together to talk about how to run their practices during challenging economic times. It turns out they’d prefer not to run their firms into the ground. [The Lawyer]

* Look out everyone, because Taylor Wessing, an international law firm that’s known for its IP, media, and telecommunications work, is storming both coasts of the United States in its very own dual office launch Biglaw blitzkrieg. [Am Law Daily]

* “It is a shameful canard that student loans and indebtedness are the cause of high tuition. They are not; they are the symptom,” says a law dean standing up for his students. [Chronicle of Higher Education]

* If you want to go to law school and you’ve got an undergrad degree in a technical area like engineering, then congrats. You might stand to get a job after graduation. [Law Admissions Lowdown / U.S. News]

We know how much our readers love rankings, so this is probably a good time to let you know that the National Jurist has released its eighth annual list of the law schools thought to offer the “Best Value” to law students — usually a list dominated by public schools with a smattering of private schools. The magazine also released its second annual list of the “best value” private law schools at the same time.

The Best Value ranking system typically takes into account a law school’s tuition (weighted 25 percent), students’ cost of living expenses (10 percent), students’ average indebtedness upon graduation (15 percent), the percentage of graduates who got a job after graduation (35 percent), and bar passage rates (15 percent).

What’s so exciting about this year’s list? For starters, the list of the overall “Best Value” list includes the most private law schools to date, in part due to the fact that average indebtedness is down since law schools started tossing out scholarships like Mardi Gras beads just to convince students to enroll.

Let’s take a look at the 2014 “Best Value” rankings…

Please note the UPDATE on the second page of this post.

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I shouldn’t laugh at this. A recent law school graduate got completely screwed by her own father and I shouldn’t find it so funny.

But I do. I find it goddamn hilarious. The student actually got a clue halfway through law school and decided to drop out. But her father convinced her to stick it out by promising to pay her tuition. She finished, she graduated, and when it came time to pay the bills, Daddy said, “Sorry, I lied.”

Ha. Hahahahaha. When will law students learn that EVERYBODY IS LYING. You know, except me. EVERYBODY ELSE IS LYING…

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Between 2008 and 2012, the median debt burden for newly minted JDs increased by 54 percent, from $83,000 to $128,000. (That compares with a 22 percent increase in medical student debt.) It is the responsibility of every aspiring law student to understand the implications of taking on such a financial commitment. For law grads who have already accumulated the debt, there may be options for you to better manage repayment. Thanks to our friends at DRB, today’s infographic takes a look at law student debt, including the possible benefits of refinance or consolidation. Click here for more details.

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This should be a no-brainer.

– President Barack Obama, who once profited from ridiculous tuition rates, after signing a memorandum expanding a program to cap student loan repayments at no more than 10 percent of what borrowers actually earn in the workplace. The President’s comment was directed at a related bill in Congress to allow student borrowers to refinance their loans at lower rates.

* Beastie Boys prevail in another intellectual property fight. This time winning $1.7 million from Monster Energy — the drink that guarantees you’ll get no sleep until Brooklyn. [Grantland]

* Law school hands out the wrong exam. To the whole class. [Legal Cheek]

* Best politico defense of taking a bribe: I was too drunk to realize I was being bribed! [New York Post]

* Lawyer wrote “go ahead and disbar me” to Departmental Disciplinary Committee. Sometimes there’s no just bluff to call. [Legal Profession Blog]

* One more problem with high student debt: debt alone can nix your character and fitness approval. [Arizona Law Review]

* A celebration of courtroom illustrators in light of the release of The Illustrated Courtroom: 50 Years of Court Art (affiliate link) [Illustrated Courtroom]

* Vice Media is doing tremendous work exposing injustices. Perhaps they need to look into their own office. (UPDATE: Vice has changed its ways and now pays its interns.) [Capital New York]

* In a comical bout of karma, a landlord sued its blogger resident for alleged defamation. Next thing you know, HUD inspection records come to light. Let’s just say the landlord should be very unhappy that truth is a defense. [Columbus Dispatch]

* Check out the conclusion of ReplyAll’s conversation with John Grisham. [Above the Law]

* Do you think someone is not happy with Jones Foster’s billing practices?

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If you’re a frequent reader of this website, you know that we continuously talk about the effects of law school debt and the need for tuition decreases so young lawyers can go on to lead normal lives after graduation instead of wearing their debt around their necks like slowly tightening nooses.

As time goes by, more and more law schools are starting to listen and reform — though in some cases, we imagine it’s only because they’re now feeling the pain of a decrease in tuition dollars due to low enrollment and smaller classes.

Until all law schools get in gear with the way things work now, we’ve got a list of law schools where life could be good after graduation. At these law schools, the average graduate has a starting salary that outweighs his average debt load…

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