Junior Associates - How much student loan debt are you and your peers in these days? A few young partners and counsel at my firm were discussing the student loan moratorium and most of us were convinced we could have paid the majority of our loans off with the bonuses associates got these last two years. But we are all old and when we graduated 150k to 200k was about the max student loan debt people graduated with. So educate me. What is the average student loan debt these days?

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I think around $150-200k is the average, but I know a lot of people between $250k-300k. If you have zero help from family and zero savings, the cost of attendance has gotten really really high.

2020 grad here and I only have $40k.. I wasn’t willing to go to law school without a massive scholarship so I retook the LSAT. I also had a little help from family with cost of living.

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Thanks for sharing!

2016 grad. No undergrad debt. Went to a T2 law school on a near-full ride. Had help from family, used paid internships, part-time work, summer associate pay, other endowed scholarships I applied for and earned, about $10k of low interest federal loans, and kept living costs as low as possible to pay the rest of the way through law school.

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2018 grad, managed to make it out with about $160k, down to $50k now. Echo other posters in that I could def pay off the rest but given interest rates I’m choosing to save for a down payment instead.

I think this was only possible bc I had no undergrad debt (my parents paid my undergrad tuition and covered my rent until I graduated), I had about $50k saved from ~5 years working jobs before I started law school, and I inherited a modest sum (about another $50k) in my first year. I also chose to live with roommates and had pretty reasonable cost of living. I graduated with plenty of classmates who had undergrad debt and did not work in between and their starting balance was more like $300-400k.

Class of 21 300k

2020 grad. I have about $75k left but my parents helped me with some of it.

2018 graduated with $230 sitting at $179. Intend to pay another $15k off by May.

2020 grad. ~30k. Planning to pay it off all at once with my clerkship bonus.

2020 grad, but also went back for a Tax LLM. Both law school and LLM got me about $210k

2020, 24k

State school (UVA), half-tuition merit scholarship. By the time my first payment was due (6 months post-grad), I owed $180k ($150k in principle). My payment is $2200/month. I got married, bought a house, and had a baby during the pandemic, and definitely don’t have cash lying around despite working in big law (and I bought way outside of my city, too)

2017 grad, had $65K from JD/LLM. Went to a T25 with some scholarship and leftover college funds/savings while my husband supported us. Paid it off in a year after graduating. We made choices and sacrifices to do this but recognize that we were mainly able to because of layers and layers of privilege.

@A35 many things :) but in this particular case the main ones are having college educated, well employed parents who saved for my college and a college educated, well employed husband who could cover our living expenses while I was in school.

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2017 Harvard grad, graduated with $140k.

Had to circle back to this today for a quick laugh

funny

2019 grad, graduated with $280k, down to $140k now

Also, not all law students go into Big Law so our bonus and salaries aren’t as high

This is the big law forum so I think OP is directing their question at big law associates

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Come to the UK to do an LLB and then stick around to work at a US firm in London. 3 years of undergrad at around 20k USD per year with no need for postgrad education and you come out earning NY rates converted to GBP.

2018 grad with ~55k left.

Class of 2016. $148k in student debt. Lateral into big law in 2019 and paid it all off in about 16 months (partly with bonus money).

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