As Adam concludes:
The Bureau of Labor Statistics has come out with a new report on projections for attorney job openings. Right now, law schools are churning out more than twice the number of graduates than there are available attorney jobs. Based on these projections, within ten years there might be a quarter million lawyers who cannot practice law-and most of them will have a mountain of student loan debt to grapple with. Something’s gotta change, no?
To be sure, one can always succeed in any field but the odds do matter. And coming out with a professional degree and a mountain of student loan debt means potentially dealing with all the consequences of not being able to pay federal and private loans.
We have talked about the differences in collection powers between federal and private student loans and also about some of the more common abusive tactics by student loan collectors.
These are all things to keep in mind where ever you find yourself on the time line — before going to law school, in law school, or out of law school.