Two weeks ago, I used U.S. News and Official Guide data to show that in 2010, 44,245 ABA law school graduates took on $3.6 billion in student loans, a sum that increased from $3.1 billion in 2008.
The increases occur because Congress allows law students to fully finance their legal educations (and living expenses!) with a combination of $20,500 in Federal Direct Stafford Loans and Graduate PLUS loans that cover the remaining cost. Consequently, the amount of debt law students will take on will increase exponentially into the future to pay for rampant tuition increases, leaving Congress with no alternatives involving 199 J.D.-conferring law schools employing 22,000 people at their current salaries. Indeed, the solution will not be pretty for the profession’s reputation-or for taxpayers.
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