Law school was once considered a sure ticket to a comfortable life. Years of rising tuition fees have made it a quick way to sink into debt.
Recent University of Miami law graduates who used federal loans borrowed an average of $ 163,000. Two years later, half of them were making $ 59,000 or less. This is the largest gap between debt and income among the top 100 law schools, according to US News & World Report rankings, a Wall Street Journal analysis of federal data.
Graduates of many other reputable law schools usually leave with six-figure student loans and then fail to find high-paying jobs as lawyers, according to an analysis of the latest federal income data magazine for students who graduated in 2015. and 2016.
When Miami students asked for financial aid, some alumni told the Journal that school leaders often suggested the following solution: take more loans.
“I had no work experience, life experience, or anything like that before I signed up for a quarter million dollar loan,” said Dylan Boygris, a 2016 Miami Law School graduate who started his career by earning about $ 45,000 in as a public defender. “I thought I would do much more than I did.”