Originally Posted by Amnorix
Don't know what IBR is, but law school is very unlikely to be an economically rational decision for 80% of law students when only 50% of law school graduates are getting jobs. Indeed, I just saw today an article in the ABA Journal referring to "massive" law school layoffs, likely lowering of admission standards and other effects from a dramatically reduction pool of law school applicants as a result of the increasing recognition that law school is a very poor choice for a very large number of attendees/graduates.
Income Based Repayment. With this program, a prosecutor who makes $45K out of law school can based his repayment on his salary. To say this helps is quite an understatement when he might have $120K in loans. Instead of a $1200/mo payment, he has a $500 (and even less if he's married and/or has kids). At the end of 25 years, he's paid roughly 100K into the system, and gets a discharge of $80K that the public basically paid.
Yes, there are a lot of schools who can't get graduates jobs, but a top 100 law school will still work out for a student.
But, I fully support reduction in law schools and grads.