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Book excerpt

[ 4 ] November 9, 2012 |

The current issue of the National Jurist includes an excerpt from Don’t Go to Law School (Unless), which explains how federal loan forgiveness programs exacerbate an out of control and wildly inefficient cost structure.

Comments (4)

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  1. Breadbaker says:

    So I click on the link and read the article (which fits in with my advice to almost all prospective law students since 2008: don’t go). And at the bottom is an ad for the University of Cincinnati Law School with the tagline, “Scholarships Available”.

  2. Wido Incognitus says:

    Interesting.
    May I ask what you think of the plans suggested by Glenn Reynolds and others about schools being liable for unrepaid federal student loans? I am too lazy to search for it, my computer is not very good, and maybe you’ve changed your mind anyway on that subject since the most recent time you may have written about it.

  3. Aaron says:

    The threshold for qualifying for Income-Based Repayment Plan (IBR) seems quite low – that is to say, it is difficult for me to picture that appreciable numbers of people who have it together sufficiently to complete three years at even a crappy law school are apt to have earnings low enough to qualify for forgiveness at the end of the 25 (perhaps to be reduced to 20) year repayment period.

    My impression from your article and the government’s website is that your debt load could increase over the years you qualify for an IBR, so it would appear that if you earn enough to disqualify yourself for the IBR you are apt to end up in a worse position than if you had made your standard loan payments from the outset. Is the idea here that you’ll be better situated to pay, and thus you’ll be able to pay off (using the figure from your article for interest for a law graduate in IBR with $150K in loans) the balance despite the increase?

    I can see how, for students with high debt load, the IBR could severely distort future career decisions – “Sorry, I can’t afford to make that much.”

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