Among law school graduates, the average national default rate on student loans is 15 percent – significantly higher than the default rate incurred by medical and business school graduates. The consequences of this unfortunate trend are significant both for individual defaulters and for the legal profession as a whole. Therefore, prudent financial planning should be an essential feature of any young attorney’s career right from the start.
The average young attorney is saddled with $66,000 in student loans (not including any undergraduate loans), with an average monthly payment of $750 over 10 years. At the same time, young attorneys are faced with all the other “start-up” expenses associated with career life – everything from rent to dry cleaning bills.
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