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f11photo/Shutterstock May 26, 2022 Ben Luthi is a personal finance and travel writer who loves helping people learn how to live life more fully. His work has appeared in several publications, including U.S. News & World Report, USA Today, Yahoo! Finance and more. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo

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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Attending law school isn’t cheap, but like any other postgraduate program, it may be the key to getting into the career field that you want. When determining if law school is worth it, it’s important to consider the financial side, including average law school debt, the , your career goals, and more.

What to consider before going to law school

Before you invest considerable time and financial resources into law school, it’s crucial to weigh the pros and cons and consider some alternatives. After all, there are many other careers that pay six-figure salaries without the lengthy higher education commitment and the additional costs involved in earning a law degree. When deciding if law school is worth it, compare the costs of earning a law degree to the salary you can expect in the end. Since law school takes several more years to complete after you earn a bachelor’s degree, you should also consider the opportunity cost of spending more time in school and less time in the workforce.

Average cost of law school

The average annual cost of attending a private law school in 2019 was $49,312, according to nonprofit organization . In contrast, public law school tuition averaged $28,186 for resident students. Note that these figures are for tuition only. You’ll also need to take other expenses into account, including books, supplies, room and board, transportation and other living expenses.

Average law school debt in 2022

The cost of your law degree can vary based on a number of factors. But according to the latest data from the , the average law school debt is $145,500 — that’s 77 percent higher than it was in 2000. What’s more, according to , 72 percent of law school graduates in the U.S. had student loan debt in 2020. Some schools, including Ave Maria School of Law in Florida and Albany Law School in New York, reported more than 90 percent of their graduates having law school debt. So if you’re wondering how to afford law school, student loans are likely part of the equation. Student loan debt can be made up of federal student loans, or both. The standard repayment term for federal student loans is 10 years; an average interest rate of 6 percent on $145,500 of loan debt would cost you a staggering to pay it off in that time. Depending on your career path after graduation, it may take some time to get to the point where you can afford that. Fortunately, there are some programs available to make payments more affordable based on your income or even assist you with paying them off — we’ll get to those below.

Average earnings with a law degree

How much you earn with a law degree will depend on a few different factors, including where you attended school, whether you choose a private- or public-sector career and which field of law you choose. For example, the lists the average lawyer salary as $148,030 and the average annual salary for all legal occupations as $113,100. Your salary as a lawyer will vary widely depending on the year of practice you’re in, how much success you achieve in your field and which industry you’re in. The following chart compares average lawyer salaries in different career fields using national Bureau of Labor Statistics data: Industry Annual mean wage
State government (excluding hospitals and schools) $101,110 Local government (excluding hospitals and schools) $113,680 Federal executive branch $147,100 Legal services $150,130 Lessors of nonfinancial intangible assets $162,260 Management of companies and enterprises $198,900 Aerospace product and parts manufacturing $220,720 Computer and peripheral equipment manufacturing $227,290 Other information services $235,290

Should I go to law school

There are myriad important factors to keep in mind as you try to determine if law school is right for you. Here are the main considerations to weigh as you decide whether law school is worth it: Your school’s reputation: Where you attend school is incredibly important in the legal profession. The has found that the median salary for private attorneys can range from $45,500 to $180,000, depending on which law school you attend. Your rank: Your standing among your peers is a huge factor in whether you’ll land that lucrative career in law. Some might argue that it’s even more important than the reputation of your law school. Your specialty: Having an idea of which fields to pursue — and the relevant courses affiliated with them — can help improve your marketability upon graduation. Do your research on which areas of law have higher demand and relatively high earnings, then try to find a match based on your interests. If you’re willing to practice law in the field of management of companies and enterprises instead of the state government, for example, you could earn twice as much. Your expectations: If your only reason for going into law is to make a lot of money, you may end up burning out quickly. Law is a profession that often requires a great amount of time and sacrifice. If your heart isn’t in it, you will find yourself in a miserable position. A great way to determine where your expectations fall (and if law school is worth it) is to pursue a part-time career in a law firm. This can give you valuable experience and a chance to shadow lawyers to determine if it’s the right career path for you. Your connections: Getting into a good school and acing your classes is only half the battle. The law grads who are getting jobs are the ones who have spent time hobnobbing with future employers. Putting yourself out there by joining student organizations and attending networking events can increase your marketability considerably. Your financial prospects: Part of the reason so many people ask if law school is worth it is because of just how expensive it is. If your financial prospects were not stellar to begin with — and if there aren’t any great financial aid options — that could be a sign to steer clear of law school. The good news is that many law schools offer loan assistance and forgiveness incentives, and public interest workers may be eligible for accelerated or repayment assistance. Your goals: When it comes to reasons to go to law school, your decision should involve a healthy balance between ethics and ambition. However, it cannot be stressed enough just how important experience is in reaching this conclusion. You should spend as much time as possible familiarizing yourself with the day-in and day-out of an attorney’s career. If you find that your life goals do not fall in line with the job, then law school might not be right for you.

What are the best law schools in the U S

Depending on your budget and the type of experience you want, it’s important to take your time to determine which law school is the right fit for you. Here are the top law schools based on career prospects, according to the : School Annual tuition New York University School of Law $70,400 Stanford University School of Law $64,350 University of Virginia School of Law $68,500 (resident) Duke University School of Law $71,100 University of Michigan Law School $64,098 (resident) Harvard Law School $70,430 Northwestern University Pritzker School of Law $69,350 Unviersity of Chicago Law School $70,710 Berkeley Law School $20,600 (resident) Columbia University School of Law $73,584

Ways to pay off law school debt

Once you’ve graduated from law school, there are several options for paying down your . Some of the ways to deal with law school debt can even lead to forgiveness of remaining loan balances. Here are some of the best options to consider: Income-driven repayment plans: If you’re struggling to keep up with your federal student loan payments, you may be able to get on an . These plans reduce your monthly payment to between 10 percent and 20 percent of your discretionary income and also extend your repayment term to 20 or 25 years. If you have a balance at the end of the term, it’ll be forgiven. Law school loan forgiveness: If you have federal student loans and choose to work for a government agency or eligible nonprofit organization, you may be able to get forgiveness under the , or PSLF. This program requires you to meet certain employment requirements and also make 120 qualifying monthly payments. Law school loan repayment assistance programs: Attorneys with federal student loans may be able to get tens of thousands of dollars’ worth of repayment assistance through various programs. Some examples of include the Judge Advocate General’s (JAG) Corps Student Loan Repayment Program, the John R. Justice Program and the Department of Justice Attorney Student Loan Repayment Program. Student loan refinancing: If you don’t anticipate needing access to an income-driven repayment program and you don’t qualify for loan forgiveness or repayment assistance, consider with a private lender. Depending on your credit and finances, you may be able to score a lower interest rate than you’re paying right now. You’ll also have the option to shorten or extend your repayment term, which can help you find the right monthly payment for your budget. Regardless of how you approach paying off your law school debt, the important thing is that you research all of your options and take proactive steps to find the best strategy for you. SHARE: Ben Luthi is a personal finance and travel writer who loves helping people learn how to live life more fully. His work has appeared in several publications, including U.S. News & World Report, USA Today, Yahoo! Finance and more. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans.

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