Congratulations Harvard Law School Class of 2021 — You Might Have Just Taken on Half Million in Student Debt
During the next 36 months, projects the Federal Reserve Bank of New York, student loan debt will explode to $2 trillion.
That represents a 30% increases from the current $1.54 trillion debt. Here are more details in the New York Post.
According to Lendedu, the average student loan debt for graduating JDs ranges between $24K and $170K. That’s upon graduation. That can balloon as interest keeps building up. And trouble starts when the overall compensation at the job isn’t enough to facilitate the monthly payment or, worse, there is no job. Or a layoff.
Lendedu plays out how the future could be for a Harvard Law JD:
“ … with no scholarships [the JD, according to 2014 statistics] will owe between $297,548 and $322,348, which works out to a total repayment of between $400,000 on a 10-year plan and $5550,000 on a 20-year plan once you add interest.”
A sign of the ballooning times in student loan debt, some recall way back when Elie Mystal’s horror tale of owing $150K for his Harvard undergraduate and Law School graduation. That was then. Mystal currently is the head of Abovethelaw.com. Now that total loan debt, if Mystal were a Harvard JD Class of 2021 as well as a Harvard undergraduate, could likely be nearly a million dollars, given all the interest.
Right now employment in the legal sector has been recovering from the Crash. In 2009, 6,000 lawyers had been thrown on the street. And in BigLaw, many entry-level associate positions pay $190K.
However, the July 2018 Labor report documented that 2,1000 jobs had been lost in the legal sector. In addition, changing client attitudes for law firm services, technology, and the push in-house in corporate legal departments for more cost control can reduce the manpower demand. A deep recession could, as in the past, be catastrophic.
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