Is Law School Worth It? Analyzing Earnings vs. Debt from Law School Graduates

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Law school graduates from certain institutions face a significant challenge in repaying student debt, as revealed by a recent study from Georgetown University’s Center on Education and the Workforce. Four years post-graduation, many lawyers find their earnings heavily impacted by student loan repayments, with particularly stark contrasts between top-tier and low-tier law schools.

The Earnings Divide: Top vs. Bottom Law Schools

The study highlights a considerable disparity in post-graduation earnings among different law schools. At the higher end, graduates from 26 law schools reported median earnings of at least $100,000 annually, even after accounting for student debt. In stark contrast, graduates from 33 law schools earned less than $55,000 annually after four years, net of student debt.

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Top Performers: Law Schools with High Earnings

Graduates from the following institutions achieved the highest net earnings four years after graduation:

• Columbia University: $253,800
• The University of Pennsylvania: $238,000
• The University of Chicago: $230,700
• Cornell University: $227,100
• Stanford University: $227,100 (slightly lower than Cornell before debt)
• Harvard University: $220,900
• Northwestern University: $206,700

Struggling Schools: Law Schools with Lowest Earnings

On the opposite end of the spectrum, graduates from the following schools reported median earnings below $40,000:

• The Appalachian School of Law: $35,600
• Faulkner University: $35,200
• The Thomas M. Cooley Law School: $33,200
• Atlanta’s John Marshall Law School: $32,100
• The Inter-American University of Puerto Rico School of Law: $29,000
• Pontifical Catholic University of Puerto Rico: $22,000

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The Debt Burden

The study indicates that law school graduates’ median debt burden is $118,500. This considerable debt level exacerbates the financial challenges faced by graduates from lower-ranked institutions.

Conclusion

The findings from Georgetown University’s study underscore the importance of carefully considering the return on investment when choosing a law school. While top-tier institutions offer significant financial rewards, graduates from many lower-ranked schools struggle with substantial debt and relatively low earnings.

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