By T S • December 28, 2014
There are always going to be people who want to go to law school, want to become an attorney, and want to stand up and be recognized. That said, there are many issues that simply need to be addressed, and the cost is forefront. For some prospective law students, going to law school and the costs associated will simply not sink in for you until the point at which you understand it in cold hard facts of the actual graduate salary numbers and in the costs to repay the student loans. So if you plan to get a job as a librarian in a law library like the san joaquin county law library, then I would say to count law school out of your future.
That is where this student loan law school calculator comes in to allow you to simply enter the estimate of your law school debt with a number to be shot back at you that presumably determines whether law school makes sense for you. Then it comes down to looking at the cold hard facts of whether it is likely that you will earn the kind of money that is necessary to make those payments.
Spoiler alert: going to law school is unlikely to be justified in the majority of situations. Now that said, it doesn’t make it a bad idea for your situation, but you need to go into this with your eyes wide open. It is not like going to medical school. If you exit the other side of medical school or dental school, then you will have a job if you want one, and you will have a salary in the upper echelons. Law school? Not the case.
You can try out the calculator yourself to determine whether you think it makes sense. I did a fancy, highly scientific test. I input $200,000 in student loans and it spit out a dollar amount of $250,000/year. I put in $100,000 and it spit out that I needed to make $125k. Bingo. The reason for this is the anticipated monthly payment. For these two scenarios, the payments will be $2,000/month for the $200k in debt, and $1,040/month for the $100k in student loan debts. Go try it out yourself!