Student Loan Debt

Earlier this week, we asked readers to submit possible captions for this photo:

On Thursday, you voted on the finalists, and now it’s time to announce the winner of our caption contest…

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Earlier this week, we asked readers to submit possible captions for this photo:

Let’s have a look at what our readers came up with, and vote on the finalists…

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You’ve graduated from law school. Congratulations! There’s just one small problem: you’ve now got six figures of debt attached to your name, and you have absolutely no idea how to pay it all off. You’re determined to do it, though, come hell or high water.

Having a modest income, you signed yourself up for income-based repayment. You thought (perhaps mistakenly) that it would be the best option for you. You want to get all of your financial ducks in a row so that you’ll be able to make the most of your future.

Alas, your Mint account just told you that you’re doomed…

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Three of your Above the Law editors — David Lat, Elie Mystal, and Joe Patrice — met up in the ATL offices earlier this week to discuss whether going to business school is a better financial decision than going to law school.

Spoiler alert: Elie thinks law schools cost too much.

The gang weighs in, after the jump….

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I’ve liked working in law and am taking the LSAT next month despite law school being mostly a really poor decision (especially for someone like me who doesn’t like debt).

– Meghan, a young American woman working at a boutique law firm in Istanbul, Turkey, discussing her plans for the future in an interview with Mike Dang of The Billfold. Meghan claims that if she doesn’t perform well on the LSAT, she won’t apply to law school.

These days, when we speak about new lawyers, we tend to focus less on the mere accomplishment of graduating from law school, mainly because the only admissions requirement at some institutions is a pulse, and more on sobering topics like incredibly high student debt loads and rampant joblessness. This is the “new normal” for law school graduates, and it isn’t as appealing as deans would have you believe.

Given the fact that the market for legal employment dropped out from underneath those who graduated between 2009 and 2011 (and continues to falter to this day), servicing high amounts of law school debt is more difficult than ever before. Declaring bankruptcy isn’t a real option for many, and enrolling in income-based repayment is a temporary solution that has been called a ticking time bomb. You just can’t win.

Unwelcome debt situations usually go hand in hand with law degrees, and they can happen to the best of us — even those who were once lauded as geniuses, like Andrew Carmichael Post. In America, even if you graduate from college at 17, enroll in law school at 18, and pass one of the most difficult bar exams in the nation at 22, you’ll still be saddled with unmanageable debt — in this case, to the tune of $215,000.

How in the world will Post be able to shoulder such a heavy debt burden?

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As we mentioned in Non-Sequiturs last night, JPMorgan Chase is getting out of the student loan business. The bank will stop accepting new student loan applications this October.

A spokesperson for the bank said: “Students and their families are increasingly relying on government-backed loans rather than private student loans, and as a result the market has declined by 75% in the last five years.”

My friends, this is a bad sign. JPM is just a minor player in the student loan game, but the fact that they don’t think lending money to students for education is a good business anymore should make us worried. The fact that the federal government has crowded out this private lender is not good.

It means that we’re one step closer to the whole student loan bubble bursting…

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Student loans are a real bitch, and declaring bankruptcy won’t even save you from them — unless you can prove you’ve got undue hardship and a “certainty of hopelessness” about you, which most people have too much pride to admit. Without government payment plans like Income-Based Repayment, Pay As You Earn, and Public Service Forgiveness, a much larger portion of our population would be living in a van down by the river, still drowning in educational debts, but too far off the grid for the bill collectors to come a-knocking.

This is why people absolutely lost their minds when the Daily Currant, a satirical online newspaper, published a story about President Barack Obama’s supposed bid to forgive all student loans. Given the responses, it looks like the youth of America is still in need of some change they can believe in…

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You might remember Matt Taibbi from such hits as “F@$% Goldman Sachs” and “Wall Street Trades Soylent Green.” He is a blistering critic of… everything.

In an upcoming Rolling Stone article, Taibbi has turned his withering gaze to the student loan industry. He criticizes Democrats, Republicans, and President Obama. Taibbi points out Obama’s hypocrisy on the student loan issue, something that I’ve been doing since 2009, but on this issue, the more the merrier.

While Taibbi’s article focuses on the crisis as it applies to college students, he can’t help but include some examples from the legal industry. I think that’s because no matter how much colleges and universities take advantage of college kids, law schools are worse….

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There’s been a lot of talk recently about the value of a law degree, and whether or not it’s actually worth a million dollars, degrees from some law schools are obviously worth more than others. Let’s be real for a moment here: If you’re taking out six figures of debt just for the privilege of attending, your starting salary damn well better be somewhere near the same amount, otherwise you’re going to be underwater for most of, if not all of, your adult life after law school.

Living with debt is scary, and if you want to have a better chance of being able to comfortably do all of the things you thought you’d be able to after getting a law degree, things like owning a home and having a child, you need to choose your law school wisely. You can start evaluating your options — or giving yourself a pat on the back — by checking out the latest U.S. News rankings for the 10 law schools with the biggest return on investment.

Which schools made the list? Not all of them are in the T14, so you may be surprised…

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