Fight The Hypo

WSJ’s Law Blog (highly recommended reading) has this post from a former BU Law student, Kirsten Wolf, who graduated $100K in the hole, assuming she would land an “average” job that would net her $85K/year upon graduation. Despite passing the Massachusetts bar, Kirsten wasn’t able to find the mythical “average” job and decided to simply do something she loved. The only trouble is, she’s still $85K in debt and not making Big Firm Associate bank.

She talks with the Law Blog about whether law school was worth the investment. Good timing on this post, as just last night I received a … er… “helpful” message from the FAFSA people, reminding me to re-apply for financial aid for the 08-09 school year…. ARGH!!! I also got my 1098 from the IRS this week. So, it’s all fresh (read: “raw”) in my mind.

This is easily what I’m most afraid of with this law school thing. My debt load may look similar to this Kirsten’s, unless my grades are high and the school comes through with solid aid (or I win a scholarship of some sort). I also suspect that, like her, I won’t be working at a big-time law firm (perhaps still at my current job). So, my list of things to ponder over the summer includes the question: “Is it worth it?”

I’m not suggesting that I quit law school if the answer to that question is “no.” I’d be leaving with debt and have nothing to show for it - that won’t happen. Rather, I think the issue is whether the private law school route - and its debt - worth it when there are in-state schools that are a fraction of the cost (assuming I could get it)? (note: one commenter on the Law Blog post call us private school law students “saps”)

Don’t get me wrong - I love my school and my classmates, but I don’t like that student loan statement staring me down/hanging over my head/clouding my horizon/owning my future.

However, the “is it worth it” question is still important. Is law school still a good career move? Are there opportunities for grads out there? Here’s how Kirsten put it:

But is there any value in your law degree?

Yes. I do get value out of it. It helps in the work that I do as there is legal component to being an agent. It makes my clients feel better. But is that worth paying student loans until five years before my social security kicks in?

Simply a law student scorned? Or is there a real concern we should step back and see? Discuss…

Update 1:Thanks to Professor Caron at the TaxProf Blog for the link to my post. He has a number of articles related to this theme. I wanted to add that, personally, I believe law school to be worth it - the subject matter is challenging and fascinating and, living in Washington, DC, it is still a very marketable degree - whether in crafting a PR proposal for a government agency at my current job or finding a policy-focused job.

Update 2: The ABA blog also has a thread on this story/topic. 118 comments and counting so far.