Law Schools

Many Professionals Have It Way Worse Than Lawyers When It Comes To Student Loans

It is important to consider other professionals in order to contextualize the student debt burdens attorneys face.

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Several weeks ago, I published an article on this website discussing how doctors have it worse than lawyers when it comes to student loans. I wrote the piece because my brother recently began blogging about his student debt situation as a young doctor, and his writing demonstrates that doctors oftentimes have a difficult time handling their student loans. I received dozens of emails in response to this article. Several people wrote me to relate that I was wrong and that lawyers actually have it worse than doctors when it comes to student debt. Many people conveyed that the availability of Public Service Loan Forgiveness, better employment prospects, and a number of other factors make the situations of numerous doctors better than lawyers. Of course, this is true for many doctors, and I appreciate this feedback.

I also received a number of emails from various professionals, who related that people in their fields actually have it way worse than lawyers when it comes to student debt. Numerous professionals including veterinarians, pharmacists, endodontists (I had to look up what this was!), and others reached out to me and related that they have a more difficult time dealing with student debt than many lawyers. Since it is always good to get some perspective on how the legal industry compares to other professions, and it might be good to know that some individuals might have it even worse than lawyers, I thought I would share some of the student debt stories I heard from other professionals.

I’ll admit it, I don’t think about veterinarians all that much. I don’t have a pet, and other than Hershel on The Walking Dead, I don’t know any veterinarians in real life or portrayed in the media. However, one veterinarian emailed me several weeks ago and related that veterinarians have horrible student debt burdens. Indeed, this vet conveyed that veterinarians typically have to borrow massive amounts of student debt to finance their educations, and veterinarians attend school for just as long as doctors.

However, veterinarians typically earn far less money than doctors, and some vets also might not have the same job security that many doctors have. According to the vet who emailed me, and as indicated by some quick research I conducted on the internet, the confluence of these factors leads veterinarians to suffer depression at high rates. If you think your student debt burden is bad as a lawyer, think about how horrible veterinarians have it. These professionals attend school longer than attorneys, borrow more student debt, and oftentimes do not earn the money necessary to pay off their student loans.

I also communicated with an endodontist recently who related that people in his field have it way worse than lawyers when it comes to student debt. I had to look up exactly what an endodontist does, and it seems that this is a specialized type of dentist. In order to become an endodontist, you must undergo additional training beyond four years of dental school. The endodontist I communicated with told me that he borrowed nearly $400,000 to finance his entire education and training and that he still has around $270,000 in student debt at the age of 46. All of this student debt has kept this endodontist from enjoying the fruits of his labor, since he devotes a massive portion of his income each month to paying off student debt. If you think borrowing money to pay for three years of law school is bad, think about all of the training that endodontists and other similar professionals have to undergo. This additional schooling means that these professionals have it way worse than lawyers when it comes to student debt.

Furthermore, a few pharmacists emailed me recently, and they related their own student debt burdens. Pharmacists need to study for four years in order to earn their degrees, which means that these professionals typically have to borrow more student debt than lawyers. In addition, job prospects for many graduating pharmacists are not solid. Indeed, there have been a number of articles published over the years about how pharmacists struggle to find work, and these less-than-ideal employment outcomes make it difficult for pharmacists to pay off their student debt. The high stress involved with being a pharmacist coupled with the massive amount of student debt pharmacists need to borrow leads many pharmacists to suffer from depression. As a result, many pharmacists also have it worse than lawyers when it comes to student loans.

All told, lawyers are not the only professionals suffering from student debt. Whereas I originally thought that only doctors had it worse than lawyers when it comes to student loans, I now realize after corresponding with so many individuals that many other professionals have it worse than attorneys when it comes to student debt. Of course, this understanding will not comfort those attorneys who are struggling to manage their student loans. However, it is important to consider other professionals in order to contextualize the student debt burdens attorneys face.

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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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