Average student loan debt for law school
Key takeaways
- Though lawyers earn above-average salaries, law students typically graduate with over $100,000 worth of debt.
- The amount of debt you take on will be based on the type of school you attend (public or private), whether you’re a resident student and the school’s location.
- Programs offered by the Department of Education, state governments and employers can make law school debt more manageable.
Law school can lead to a fruitful and financially rewarding career spent helping people navigate the challenges of legal disputes. But a significant portion of your future paycheck may go toward paying off law school loans — at least in your first years of practice.
Of lawyers surveyed by the American Bar Association (ABA), 85 percent borrowed money to cover their studies, with the average law school debt exceeding $100,000. Luckily, there are a few alternatives law school grads can explore to reduce their debt burden and make payments more manageable.
Law school debt statistics
- The average law school debt among graduates is $130,000, according to the Education Data Initiative (EDI).
- 71% of law school students graduate with debt. (EDI)
- 27% of lawyers say their debt is higher now than when they graduated. (ABA)
- Over half of indebted law school graduates (52%) postponed buying a house due to their debt loads. (EDI)
- Over a third (39%) have postponed or decided not to have children. (EDI)
- 76% of lawyers with over $200,000 in student debt reported feeling stressed and anxious, with 52% reporting feelings of hopelessness and depression. (ABA)
Average law school debt by private institution
These universities are among the top private law schools, according to the most recent available data. Though all of them offer high-value degrees, borrowing amounts vary greatly among them.
| Institution | Average graduate loan disbursement (class of 2022) | Percentage of students who took on debt |
|---|---|---|
| Boston University | $112,443 | 67% |
| Columbia University | $168,493 | 62% |
| Cornell University | $162,830 | 62% |
| Duke University | $138,376 | 63% |
| Fordham University | $143,976 | 62% |
| Georgetown University | $172,012 | 63% |
| Harvard University | $169,187 | 71% |
| Northwestern University | $158,071 | 66% |
| Stanford University | $150,486 | 66% |
| Yale University | $143,437 | 70% |
Average law school debt by public institution
The average student debt varies even more among public law schools. While public schools generally charge less than private institutions, it may be harder to find significant grants or scholarships for law school.
| Institution | Average graduate loan disbursement (class of 2022) | Percentage of students who took on debt |
|---|---|---|
| Florida State University | $69,049 | 69% |
| The Ohio State University | $83,831 | 67% |
| Rutgers University | $55,531 | 70% |
| University of Alabama | $62,337 | 64% |
| University of California, Berkeley | $143,021 | 62% |
| University of Cincinnati | $64,300 | 75% |
| University of Iowa | $85,552 | 63% |
| University of Michigan | $131,683 | 69% |
| University of New Hampshire | $90,936 | 79% |
| University of Virginia | $160,306 | 66% |
How to pay off law school debt
Though the prospect of taking on six figures of student loans for law school can be intimidating, there are some ways to significantly reduce your debt. Whether you’re about to start your legal studies or you’re close to graduating, these are some options you can explore to tackle law school debt.
- Research loan forgiveness options: If you have federal student loans, you could get a portion of your balance forgiven through an income-driven repayment plan and Public Service Loan Forgiveness.
- Find loan repayment assistance programs: Some states offer assistance for repaying loans. The American Bar Association highlights more than 100 institutions that offer loan repayment assistance for working in public service. These programs typically have income thresholds you cannot exceed to qualify.
- Refinance your debt: Depending on your credit, you might benefit from refinancing your student loans. Doing so could net you a lower interest rate or monthly payment. However, this option is best suited for high-interest bad credit private loans. Refinancing a federal loan would automatically turn it into a private one, which means you’ll lose access to forgiveness, among other benefits.
- Make debt part of your interview discussions: Once you are far enough into the job hunt to receive offers, ask about employer contributions to your monthly debt payments. As law school continues to get more expensive, some firms are opting to help offset this recurring cost to reduce the financial stress on young employees.
Average earnings after law school
Law school is an investment. If you put a lot of money into your education, you will want the reward of a salary that justifies the expense. According to data from the U.S. Bureau of Labor Statistics, the lowest-paid 10 percent of lawyers in the country earn an average of $69,760 annually, while the highest-paid 10 percent earn more than $217,360 each year.
What accounts for the big difference? As with any job, the location matters. For example, a lawyer in San Francisco earns a mean annual salary of $235,940, while a lawyer in Santa Fe can expect a mean salary of $117,070. In general, metropolitan areas pay more than non-metropolitan areas.
The type of legal practice also influences earnings. According to PayScale, a public defender makes an average salary of $61,996 per year. A corporate attorney, on the other hand, makes $127,978 a year, on average.
Average time to repay law school loans
How long it takes you to pay off law school debt depends on factors such as your earnings, repayment plan and the type of loan you had. Some lawyers may only be able to make small monthly payments based on their salary and other financial circumstances. Others may have a higher starting salary and choose to make larger payments, resulting in a speedier repayment process.
The type of organization you work for may also play a key role. For instance, those working for government agencies or nonprofits may qualify for loan repayment assistance. However, there is an enormous pay disparity between public and private employees.
The Education Data Initiative compared average debt to average salaries and found private-sector employees can pay off their loans in 9.9 years if they put 25 percent of their income toward their debts. For those in the public sector, it would take 19.1 years — almost double the time it takes private-sector employees.
Weigh your potential salary against the potential for student loan forgiveness when you’re job-searching after graduation.
Bottom line
Law school can be well worth your time and money, but deciding where to earn your degree can be a decision that impacts your financial well-being for years to come. While a Juris Doctorate typically takes three years to complete if you’re studying full time, the resulting debt can take much longer to pay off. Research your intended area of practice to get a realistic idea of earnings, plus repayment assistance eligibility.
As you consider which schools to apply to, you will want to weigh the financial implications of your enrollment. Financial aid, including grants and law school scholarships, can ease the burden. Likewise, attending a public school in your state can result in cheaper tuition. If you need to borrow money to fill any gaps, use a student loan calculator to avoid taking on more than you can afford.
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