Law Schools

Bar Tabs: Inflated Complaints

Back in my day, I paid off law school by working at Costco.

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Albert Einstein may have said that “compound interest is the 8th wonder of the world.” And I’d like to add to that statement: my principal is too damn high.

When talking to folks across generations about debt, these two factors can make a world of difference when strategizing how to pay back debt and what debt looks like. Let’s take student tuition costs for example. In 1980, it cost on average $10,227 to attend a private, four-year institution for a year. Forty years later, the cost more than tripled, totaling $34,059 in 2020. Given that taking out a loan today usually results in a higher principal and that the exponential growth of compound interest… err, compounds, comparing the experiences we face paying off debt to the experiences our parents or mentors have had paying off theirs can be like comparing apples to poisoned apples.

It’s not impossible to glean wisdom from people whose have overcome hardships that, though similar, are different in kind. What have your experiences talking about debt across generations looked like? Do you have any suggestions on how to do so and bear a fruitful discussion? Send me an email at cwilliams@abovethelaw.com with the subject line “Money Talks” if you’re interested in letting us know.

Chris Williams became a social media manager and assistant editor for Above the Law in June 2021. Prior to joining the staff, he moonlighted as a minor Memelord™ in the Facebook group Law School Memes for Edgy T14s. Before that, he wrote columns for an online magazine named The Muse Collaborative under the pen name Knehmo. He endured the great state of Missouri long enough to graduate from Washington University in St. Louis School of Law. He is a former boatbuilder who cannot swim, a published author on critical race theory, philosophy, and humor, and has a love for cycling that occasionally annoys his peers. You can reach him by email at cwilliams@abovethelaw.com.

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