As you think about your goal of becoming a good lawyer and earning a decent wage, there is one vital decision that you have to make: choosing a law school.
It does cost quite a penny, and the good news is that loans are readily available to students in need of financial support. However, we must learn to differentiate the ones that seem like a fair bargain and the ones that will straight-up end you in deep debt.
Knowing one from the other is not that easy, but it is very important that you make an informed decision because it is not only money that will be put to waste, but time and effort that you could have spent on a better place.
The Department of Education presented a report on the indebtedness of law school graduates, and they have identified several schools that might not sound like a good idea. But there is one thing they were definitely sure about: Florida Coastal is a bad school.
Four other schools have made it to the shortlist: Whittier, Charlotte, Southwestern, and Thomas Jefferson School of Law. But with the first two already closed down, and the last one recently losing its accreditation, it certainly brings down the danger of students being stuck in the wrong school.
The average debt of students in Florida Coastal is a massive $198,655. And with the average annual salary of graduates in the school at $35,300, it definitely seems like these students are being set up for failure.
Compared to Columbia that leaves students with an average loan of $198,655, but with graduates having an average of $180,300 salary every year, the latter doesn’t seem so bad. It might not leave you with much, but at least it won’t lead you to almost a lifetime of debt.
It might seem like a pretty good deal when a school offers a loan that covers almost all of your expenses. But that will only work if you manage to land a good job in the future and you’re able to pay it off. However, if you fail to accomplish that, you will end up investing all your time and effort in a career that didn’t take off and left you a massive debt.
It’s not wrong to chase after your dreams, especially if being a lawyer is something you are really passionate about. But it’s best to make wiser decisions early on so you don’t find yourself knee-deep in problems before you even started your career. Your foundation is very important, so carefully assess your options on what school to go because it will have an impact on your future.