Student Loans

The Associated Press reports today that the indebtedness of over 37 million American graduates now tops $1 trillion. That’s more than the total American debt load from credit cards. It’s more than the debt load associated with car purchases. And somewhere there is probably some politician touting how college is now “affordable” for every child.

And, as usual, the plight of law students in debt is a great case study in how debt is crippling a generation’s ability to generate wealth…

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Jordan Graham and Cody Johnson

* Scared of an audit, were we? With the unsealing of the case against Dewey’s former finance director comes greater insight into what was really going on behind the scenes at the failed firm. [DealBook / New York Times]

* The American Bar Association is willing pay up to $15,000 to organizations that match unemployed law grads with jobs to serve the legal needs of the poor. So, how much do the poor law grads get paid? [National Law Journal]

* Tenure may be “under fire,” but law professors are fighting back — and hard — because law school deans seem unwilling to speak up on their behalf. Let’s face facts though, tenure isn’t going anywhere. [Forbes]

* It figures one of the faces of America’s $1 trillion of outstanding student loan debt is a lawyer. Hey, heavily indebted lawyers make great headlines and even better first paragraphs. [Big Story / Associated Press]

* Jordan Graham, the newlywed who pushed her husband of eight days off a cliff, was sentenced to serve 30 years in prison. Protip: an annulment would’ve been a better option than second-degree murder. [CNN]

Yesterday, we brought our readers some “startling” statistics about law student debt levels. It seems that average indebtedness for law graduates increased by more than $50,000 between 2004 and 2012, with a typical law student saddled by about $140,000 in loans.

In fairness, those statistics probably weren’t all that startling to our readers — many of them are heavily indebted themselves. In fact, we know that many of them are carrying debt loads that surpass even that six-figure number.

Which law school graduates have the most debt of all? U.S. News has a ranking for that…

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Some of the study’s more eye-popping statistics pertained to law school students, whose job prospects are famously declining. The level of indebtedness for this group rose by more than $50,000 from 200[4] to 2012, with the typical law student now owing $140,000, the study found — a jump that’s unprecedented in any other field, including medicine.

Molly Hensley-Clancy of BuzzFeed, discussing a recent report by the New America Foundation about the student debt crisis.

With all of the recent advances in technology, even doing the simplest of things can be quite difficult for law school personnel. How hard is it to send an email to prospective students without cursing in the subject line? Very. How hard is it to send an email without attaching the admissions data for a law school’s entire admitted class? Extremely.

We’ve got yet another email screw-up for you, and we think you’re going to like it. When the good folks at Loyola Law School in Los Angeles aren’t busy telling women not to dress like whores, they’re emailing students with very private personal information about everyone in the graduating class.

Sorry Loyola, but we don’t think “law school transparency” means what you think it means….

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Whenever the government gets involved with “helping” students suffering under crushing debt obligations, I wonder if “the government” even partially understands how students think.

There is a new proposal in the budget that would bring significant changes to the student loan forgiveness program. Specifically, the “Public Sector Loan Forgiveness” program. Currently, students with massive amounts of debt can sign up for income-based repayment of their student loans. Their payments are capped at 10% of “discretionary” income. If they work in the public sector or for a designated non-profit, the government forgives the rest of their loans after ten years. For those playing along at home, that means that taxpayers pick up the rest of the bill.

Critics on both sides of the aisle (including me) argue that the current system encourages schools to charge whatever they want for tuition, while discouraging students from making cost-conscious choices about their debt. It’s far from ideal, and this new proposal seeks to do something about it.

But since Congress is involved, the thing they want to do to “fix it” is stupid and will ultimately hurt student borrowers even more….

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Jason Bohn

The victim was a young woman who fought for her life until she was overcome by the defendant. He has justly been held accountable for his actions.

– Queens District Attorney Richard Brown, commenting on Jason Bohn’s recent conviction on first-degree murder charges in the death of his girlfriend. Bohn, a graduate of the University of Florida College of Law, was profiled in the New York Times in an article about the perils of law school.

Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Ann K. Levine, a law school admission consultant and owner of LawSchoolExpert.com, offers helpful tips for law school applicants.

Law schools have been increasing their scholarship opportunities in order to lure applicants. Why? Because law school applicants are in demand. Applications are down yet again, and law schools are scrambling to fill their seats. (See TaxProf Blog for exact numbers and trends, year over year.)

As law schools compete for qualified applicants with better scholarships, it may be easier to consider criteria like debt alongside rank and prestige when choosing a law school. As part of this new trend, law schools are adding on scholarship programs to make attending law school more affordable. Villanova Law recently announced an initiative to add 50 full-tuition scholarships for three years, and in-state students at Penn State are being offered $20,000 per year as part of a new scholarship program.

Continue reading at the ATL Career Center…

Senator Marco Rubio (R – Fla.) has often said publicly that he personally still owed more than $100,000 in student loans when he joined the U.S. Senate in 2011. He only paid off his nearly $150,000 in debt after law school with the proceeds of his autobiography in December of 2012. Rubio and fellow senator (and law school graduate) Mike Lee (R – Utah) are young enough to be personally aware of the miasma surrounding higher ed — and especially higher ed funding — in the United States. It makes sense that they would lead the way toward reform. Apparently, they are.

In the past few days, the lawmakers have been popping up in public, touting efforts to reform higher education. Let’s take a look at the reforms they suggest….

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The ABA Journal asks a holiday appropriate question this week: “Are you still with your law school sweetheart?”

I find the term “law school sweetheart” to be gross and vaguely unnatural. You don’t have “sweethearts” in law school. You have people who will bang you when you come back from the library wearing sweatpants, people who will save you a slice of pizza because you always forget to eat while at your clinic, and people you can sleep with after exams are over who won’t mind that you actually just want to sleep.

(And people who will give you hand jobs at school. Or maybe even more, as long as you ask nicely.)

But really, the question presented isn’t about the sad, “I’m too busy to put on heels to get laid” settlement negotiations that mark the start of most law school relationships. Instead, they’re asking whether these couplings have any legs once people get out into the real world….

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