Reason 3. Noble service of others is nearly impossible when shackled by debt.
Heartfelt plans to benefit others
are routinely crushed – pulverized –
by the inescapable weight of unforgivable debts. In recent years, many students have entered
law school with a deep and clear-minded dedication to benefit underserved
populations, only to leave three years later ready to take the first insurance
litigation or toxic tort defense job they can find. The reason?
Debt.
Graduating with a shackling amount
of debt means a higher likelihood of saying yes to a job that you don’t like,
that advocates positions you don’t support, or that requires you to prioritize
billable hours over family, friends, or health. For many, the $40,000 dream job
that would help save a community is simply untenable when combined with a
$90,000 debt to repay.
Picture it: Just as you learn that you passed the bar exam,
the first payment comes due on your $120,000 debt. That’s about $782 a month, due now.[i] If you’re not working full-time, you can
defer payment for a while, but then what?
Unless you move back in with family, you have a full rent to pay, plus groceries
to buy and utilities to maintain. You
need a shovel to start digging your way out; you need cash.
No one thinks it will happen to
them, yet it happens often. When you owe
the price of a mansion and have nowhere to live, you may have no choice but to
take the job that pays best. High debt
encourages compromised ethics.
The loss of the public service
dream is devastating to the student, and it is a tragedy for our country. Bright, legally savvy people who want to serve are instead putting their
minds towards new tax breaks for corporations, payment dodges for insurance
conglomerates, and liability evasion for anyone willing to pay. We’re losing compassionate, smart people
every year to law school debt, and, if you attend law school without a
guaranteed funding source, we’re losing you, too.
(If you'd like to read 49 more great reasons to stick your tongue out at every law school you pass, please feel free to check out the aptly named "Don't Go to Law School: 50 Reasons" ebook.)
[i]
Calculated assuming 6.8% interest over the
longest period possible, 30 years, at FinAid Loan Calculator. http://www.finaid.org/calculators/scripts/loanpayments.cgi Accessed 26 Nov 2012.
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