Thursday, March 7, 2013
From the National Law Journal:
If you take a government law job in Dallas that pays $70,000 after borrowing $110,000 to go to law school, you can expect that about 55 percent of your net income will go towards your housing and debt repayment under a traditional, 25-year repayment plan.
That is one of 11,000 law school loan repayment scenarios ripe for exploration using the University of Michigan Law School's new "Debt Wizard" tool. Michigan developed the online calculator to help law students and prospective enrollees better understand student loan obligations and how they fit into various legal career paths, dean Evan Caminker said.
The school is attempting to be as transparent as possible about post-graduate employment and finances, he added. "Michigan understands and appreciates why people today ought to be as well-informed as possible with information that pertains to the financial value proposition of law school."
You can read more here.