What You Should Think About

Law school will be one of the most challenging and exhilarating experiences of your life. It also will be one of the most important and expensive investments of your life. Most law students need to use loans to pay for their legal education. Because the amount of debt incurred could affect your career choices and your financial well-being for many years after graduation, it is important to do a careful cost-benefit analysis of the schools you are considering.

• The total cost of a J.D. degree in the New York metropolitan area can easily exceed $155,000.
• The average law student borrowing federal and private loans is currently graduating with more than $90,000 in debt. In the New York City area, this number is even higher.
• The average debt for a Rutgers–Newark graduate is a little less than $68,000.  

Not every graduate will earn a six-figure salary at a major law firm, and not every graduate will want to work in the large corporate law firm setting. Many law students prefer mid-size or smaller firms; others are committed to public interest/public service careers. Salaries in these venues will be lower, so debt will play an important role in your post-graduation planning. Thinking carefully now about financial considerations — and living on a modest budget while in law school — will make it easier to realize your career goals.