Is It Worth Getting in Debt for Law School?
Deciding whether it's worth going into debt for law school is one of the most important financial and career questions an aspiring lawyer can face. Law school can be incredibly expensive, with total costs (including tuition, living expenses, and interest on loans) often exceeding $200,000. So, is it worth it?
The answer depends on several personal and professional factors, including your career goals, school choice, scholarship opportunities, and your tolerance for risk. For students aiming for top-tier law schools like Harvard, Yale, or Stanford, the debt may be a justifiable investment. Graduates from these schools often land high-paying jobs in large law firms, public policy, or corporate law, which can make paying off student loans manageable. However, even among top law school grads, job competition is fierce and work-life balance can be challenging.
On the other hand, graduates from lower-ranked law schools often face more difficulty securing well-paying legal employment. In some cases, starting salaries are not much higher than the national median income, making the debt harder to justify. Many law school graduates enter fields such as public interest law or government service, which offer meaningful work but modest salaries.
Debt can also shape your choices post-graduation. It may limit your ability to pursue lower-paying but fulfilling legal work, start a family, or buy a home. Those with high monthly payments may feel pressured to take jobs based on salary, not passion. Federal loan forgiveness programs exist, such as Public Service Loan Forgiveness (PSLF), but they come with strict requirements and uncertain long-term political support.
That said, for some, the value of a law degree goes beyond dollars. Law school teaches critical thinking, advocacy, negotiation, and research skills. It opens doors to diverse careers beyond traditional legal roles—business, compliance, academia, politics, and more. If you have a deep commitment to justice, policy change, or intellectual rigor, the intangible benefits might outweigh the cost.
To minimize financial risk, consider applying broadly to increase scholarship chances. Explore in-state public schools with lower tuition, part-time or evening programs, and joint degree options. Also, speak with recent graduates about their real-world experience—how much they borrowed, what kind of job they found, and how they feel about their debt today.
Ultimately, law school is a calculated gamble. It can be life-changing if done strategically, but going in blind or overly optimistic about outcomes can lead to regret. Make your decision based on honest self-assessment, clear goals, and careful research—not just prestige or pressure. Law can be a noble, rewarding profession, but only if the price you pay aligns with the life you want to build.