Thursday, January 29, 2009

Reason #4083 to Reconsider Law School

This CNN article isn't against going to law school; however, it still imparts a good lesson about when to go:

In July 2007, when [she] traded in her job as a corporate compliance officer [making 80K] to attend law school, she thought would help advance her career. But after a year of law school, she decided it wasn't for her. By then, her old job was gone and the job market had shrunk.

Basically, if you want to go to law school, wait until there's a recession. Don't do it when you have a good-paying job. Law school requires a lot of money, so you're shelling out beacoup bucks to pay for tuition. But that out of pocket cost isn't the only loss you have when you attend any school full-time. In addition to "losing" the money you spend on tuition, you lose in terms of opportunity cost. Basically, by attending law school full time, you lose time you would otherwise have to work and earn money. So it's a double loss. You're paying for tuition AND you're not making money someplace else.

The bottom line? Be sure you want to go to law school before you go. Most people cannot discharge student loans in bankruptcy, but they may be able to get a deferment. The woman in the CNN article probably owes at least ten grand in student loans. Sigh.

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