Originally Posted by La literatura
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.
I can't tell you how ****ing excited I am that $80K taxpayer dollars went to a law school that really, REALLY needed that money to increase its endowment and continue to rip off students by offering a program that has an impractical method for training another zillion lawyers that we don't freaking need.
We are over-lawyered. Not slightly, but MASSIVELY.
We could seriously just eliminate half the law schools in the country (or halve the student body) and it would be the BEST thing we could do. Instead, the economics of law schools (they are MASSIVELY profitable to their institutions) demands that they churn out more and more young people with mountains of debt, most of whom are poorly trained to actually BE lawyers, and only half of whom (at best) are NEEDED to be lawyers.
And the public is funding this.
Joy. Oh joy.
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.
Top 100 sounds fine. Unfortunately there are 200 or so. So yeah, cut the number in half and we'd be good.
What really needs to happen is a recognition by people going to college that (1) soft majors are likely worthless, and (2) law school is no longer a good option for what to do after you graduate college with your worthless soft major.
Once those two things are firmly embedded in the minds of potential college students and their parents, they can start making far more rational decisions about these things.
Until then, they will continue to be burdened by debt, and Joe Taxpayer will continue to underwrite useless degrees for people who are contributing little/nothing to American enterprise and the country's GDP.