Top 50 Law Schools Debt Limit Forum
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- Posts: 12
- Joined: Sat Apr 14, 2018 6:05 pm
Top 50 Law Schools Debt Limit
How much should my total debt limit be for a regional law school? (I am considering Indiana University - Maurer Law School with total debt of 80K - 90K.)
- totesTheGoat
- Posts: 947
- Joined: Fri Aug 01, 2014 1:32 pm
Re: Top 50 Law Schools Debt Limit
I don't know that there's a hard and fast rule. If I had to do it again I'd probably not go over 6 figures, no matter the school.
Specifically for IU, the median entry level salary is $71k, and the likelihood of not ending up in a law job is ~1/3. I think that $80k is probably reasonable given those stats. $90k is getting a bit heavy for me.
I don't pretend that this is a particularly accurate or useful metric, but it fits my risk profile. Take your expected legal salary (the average legal salary (71k) times the likelihood of getting a full time legal job (2/3)) and multiply it by 2. for IU it gives me a number around $92k. Intuitively that seems a little bit higher than I would go to IU for, but not extremely so.
I assume you're talking about total cost of attendance, and not just the amount of tuition you're financing.
Specifically for IU, the median entry level salary is $71k, and the likelihood of not ending up in a law job is ~1/3. I think that $80k is probably reasonable given those stats. $90k is getting a bit heavy for me.
I don't pretend that this is a particularly accurate or useful metric, but it fits my risk profile. Take your expected legal salary (the average legal salary (71k) times the likelihood of getting a full time legal job (2/3)) and multiply it by 2. for IU it gives me a number around $92k. Intuitively that seems a little bit higher than I would go to IU for, but not extremely so.
I assume you're talking about total cost of attendance, and not just the amount of tuition you're financing.
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- Posts: 73
- Joined: Wed Feb 07, 2018 10:58 am
Re: Top 50 Law Schools Debt Limit
the sky is the limit baby, just go at sticker