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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]