Image Robert Neubecker Joshua Holt* Graduating from law school is meant to be a life-affirming milestone that should immediately begin yielding fantastic job opportunities––and equally fantastic starting salaries. Well, while these expectations are possible (though, not a guarantee), the journey from law school to the workforce is not so typically seamless for all with student loans.
If you have a freshly printed law degree hanging above your bed, then you know all too well how expensive it was to obtain. The average amount of law school debt currently sits somewhere around $140,000––one of the most expensive graduate degrees out there (beaten only by medical school).
And, based on statistics, lawyers are graduating with more student loan debt than before (if you have graduated law school recently, chances are you’re experiencing this firsthand).
However, a law degree does not necessarily mean that insurmountable debt should follow behind you for the rest of your life.
The key is to know how to manage your debt. And one of the first steps, quite simply, is knowing just how much you owe. By acknowledging the number, you can then set up a plan of action to swiftly and effectively pay it down.
Here are a few tips you can implement to manage your law school debt. 1. Discover Your Grand Total in Student Loans
This might seem like a no-brainer, but it is absolutely the most important step of your debt-repayment journey (and one that many recent law grads fail to address).
The motivation is typically based on fear. And it’s the same reason many of us dread opening our credit card statements each month––knowing what you owe means having to come to terms with that fear and acknowledging a big, intimidating number.
Trust: the reality is not so scary once you dive in. If you are unsure of everything that you currently owe, visit the National Student Loan Data System for an itemized breakdown of every outstanding payment at the federal level. For best results, take those numbers and print them out or keep them in a document on your desktop for quick reference. Source the monster, then […]