"Law school was once considered a surefire ticket to a comfortable life. Years of tuition increases have made it a fast way to get buried in debt.In Lithuania, conservatives and liberals have developed a similar system.
Recent graduates of the University of Miami School of Law who used federal loans borrowed a median of $163,000. Two years later, half were earning $59,000 or less. That's the biggest gap between debt and earnings among the top 100 law schools as ranked by U.S. News & World Report, a Wall Street Journal analysis of federal data found.
Graduates from a host of other well-regarded law schools routinely leave with six-figure student loans, then fail to find high-paying jobs as lawyers, according to the Journal's analysis of the latest federal data on earnings, for students who graduated in 2015 and 2016.
When Miami students asked for financial assistance, some graduates told the Journal, school officials often offered this solution: Take more loans.
"I had no work experience, life experience, anything like that before I signed on to this quarter-million-dollar loan," said Dylan Boigris, a 2016 Miami Law graduate, who began his career making about $45,000 as a public defender. "I thought I would come out making much more than I did."
A law professor at the university, Anthony Alfieri, said law schools "foster this kind of cruel optimism" in students, letting them think six-figure salaries are attainable, when in reality, those high-paying jobs are largely reserved for students at only the top-ranked law schools. "Law schools encourage a kind of magical thinking in order to keep the lights on," he said." [1]
1. High Debts, Low Pay Take Luster Off Law School --- Graduates leave University of Miami and other good programs with six-figure loans
Fuller, Andrea; Mitchell, Josh; Randazzo, Sara. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]04 Aug 2021: A.1.
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