Law Schools, Student Loans

Don't Hate Your Friends Who Had Their Parents Pay For Law School

Instead, we can kind of feel sorry for them -- they'll never have the chance to prove their mettle.

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I remember the moment I paid off all of my student loans like it was yesterday.  On the morning of August 16, 2016, I logged onto my computer the day after I submitted my final student loan payment to check if my payment had cleared.  After seeing a zero on my computer screen, representing my total student loan balance, I experienced a state of euphoria I can hardly describe.  For the rest of the day, I walked around in total bliss, knowing that I had finally achieved one of the biggest goals of my life up to that point.

However, as time went on, the happiness I felt from paying off my student loans turned to bitterness and resentment.  I kept thinking about all of the sacrifices I made to pay off my debt, since I spent thousands of hours working side-hustles and cut expenses in unbelievable ways to pay off my student loans.  It felt unfair that after all of this sacrifice, I was just in the same position as someone who had parents pay for their educational costs.

I have always held a small grudge against people who had their folks pay for law school, since these individuals endured far less hardship than those of us who debt-financed our degrees.  However, it was weirdly after I paid off all of my student loans that my bitterness toward these “rich kids” intensified.  Indeed, this feeling consumed me in the months after my student debt repayment saga ended.  Thankfully, I eventually came to terms with my lot in life, and there are many reasons why people burdened with student debt should not hold ill will toward individuals who had their parents pay for law school.

As I have mentioned in prior Above the Law articles and on my own website, I received a generous need-based financial aid package to help pay for law school.  I likely would not have qualified for this assistance if I had parents who could pay for my educational costs.  In addition, wealthy law students ultimately subsidize need-based financial aid programs, since these individuals pay high tuition costs without receiving financial aid.  As a result, even if I did not have parents pay for law school, I still received a form of assistance, so I really can’t hold much of a grudge against people who had their folks pay for some or all of their educational costs.  Of course, there are many people out there who borrowed money to attend law school who did not receive any form of assistance.  However, in my own situation, my financial aid package made me less resentful toward individuals who had their parents pay for law school.

Another reason why I do not think negatively about individuals who had their folks pay for educational costs is because paying your way through law school adds more value to all of your accomplishments.  Having student loans makes everything more difficult, since student debt can make it harder to reach financial milestones and achieve many life goals.  As a result, freeing yourself of student debt and being successful in life is more fulfilling than it would have been if educational costs were paid for by someone else.  All told, being burdened with student debt makes success all the more meaningful, and individuals who have law school paid for them will never be able to experience the contentment of achieving something completely on their own.

Furthermore, paying off student loans teaches people valuable skills about commitment, saving, and sacrifice that are useful in other areas of life.  If you can conquer a mountain of student debt, it is likely that you can be successful when achieving other financial goals, and individuals who have things handed to them never have the opportunity to learn these important lessons.  Indeed, many of my most successful friends had student loans, probably because making your own way in life teaches you valuable skills.  Ultimately, we can kind of feel sorry for people who do not have student debt, since these individuals will never have the chance to prove their mettle and succeed in life despite being burdened with student loans.

Lastly, it is worth noting that paying off student loans is very praiseworthy, and it will give you instant credibility with all kinds of people.  Everyone knows that in order to pay off student loans, one needs to have perseverance and drive, and paying off your debt will prove that you have the gumption required to achieve this incredible accomplishment.  All kinds of people from prospective employers, clients, and others have lauded me for paying off my debt, and this has had a positive impact on my life.  Whereas individuals who have their parents pay for law school typically seem entitled and undriven, having student loans and slaying this debt will make everyone understand your true character.

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Of course, everyone paying off student loans has probably thought about how easy life would be if they did not have this debt.  I’ll admit that I wished many times during my student debt repayment journey that I had rich parents who could have saved me from the toil and sacrifice needed to pay off all of my student loans.  However, paying off my student debt has taught me many valuable skills, filled me with a great sense of pride, and allowed me to achieve a goal that is universally praiseworthy.

As a result, I don’t hate my friends who had their parents pay for law school.  In the end, these individuals will never be able to experience a true sense of accomplishment and prove their mettle like all of us slaying our student debt.

Jordan Rothman is the founder of Student Debt Diaries, a personal finance website discussing how he paid off all $197,890.20 of his college and law school student loans over 46 months of his late 20s. You can reach him at Jordan@studentdebtdiaries.com.

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