Law schools most likely to land you in debt
April 4, 2012
The U.S. Bureau of Labor Statistics (BLS) reports that the competition for finding a job as a lawyer is expected to be strong because there are more students graduating from law school than there are jobs available.
Many choose to pursue a law degree, which requires three years of professional school after earning a bachelor's degree, because of the high salaries associated with the profession. The BLS reports that in 2010 lawyers made an average of $54.21 per hour or $112,760 per year.
However, graduating from law school is likely to lead to substantial debt. According to U.S. News and World Report, the average debt for law school graduates is $100,433, with grads of some programs owing as much as $50,000 more.
The publication recently released a list of the law schools that lead to the biggest debt load for graduating students in 2011. On average, students graduating from the top-ten schools on this list owed $145,095, and only one of them was ranked in the top 15 on the most recent U.S. News and World Report's list of best law schools.
With students owing an average of $153,145, California Western School of Law topped the list for having the most indebted graduates. Other schools that made the list include Thomas Jefferson School of Law, American University, New York Law School, Phoenix School of Law, Southwestern Law School, Catholic University of America, Northwestern University (ranked number 12 on the list of top law schools for 2013), Pace University and Whittier College.
On the other hand, the publication also ranked the schools with the lightest student debt loads. They include Georgia State University ($19,971), Southern University Law Center ($22,138), Rutgers - The State University of New Jersey in Camden ($27,423), Texas Southern University ($32,449), Drexel University ($33,562), Barry University ($41,190), University of Kansas ($41,574), University of Nebraska in Lincoln ($52,396), SUNY Buffalo ($52,447) and Brigham Young University ($54,766).
Regardless of how much money law school students owe upon graduation, most will need a job to start paying down their debt. The fact that job competition is high has put many lawyers in a difficult position.
Moms who want to pursue a legal career without incurring a lot of debt should know that there ways to finance an education without depending on loans. Grants for parents, scholarships for mothers and single mother scholarships can help moms pursue their dreams of getting a college or professional degree without going into severe debt.
