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Saturday, November 9, 2013

How much law school costs

By Maxine Wells

Pursuing a college education takes a lot of time, money and hard work and we’re just talking about earning a Bachelor’s degree. For some a B.A. or B.S. is just the beginning of their education and career. Law school is one option for post-grads and for many going to law school, brand name or not, is the natural step for a career as a lawyer. 

While lawyers are still one of the highest paid careers in the country, there is little room in the slow recovering job market for new lawyers and many recent grads have found themselves faced with unemployment and huge amounts of debt from student loans.

This infographic shows just how much you would spend on law school. With the average student loan debt being about $26,000 in 2012, students who graduate from private law schools end up paying over four times that amount with an average debt of about $124,000. 

Investing in education can bring many benefits in the future but students should always do their homework when it comes to finding financial aid and really do their research and compare different loans before applying for the first available funding. 

Student loans that are in deferment can negatively amortize