Average student loan debt for law school

Law school can lead to a rewarding career, helping people navigate the challenges of legal disputes, but it can also be a costly endeavor. If you need to finance your education, a significant portion of your future paychecks may go toward paying off law school loans — at least in your first years of practice.

In most states, you must hold a Juris Doctorate (JD) degree from an accredited law school before taking the bar exam or practicing law. For many law students, law school loans are often needed to pay for this required education, with debt surpassing beyond $100,000, but there are ways to lower costs and make loans more manageable.

Average student loan debt for law school

Law school debt can go well over $108,000, according to the Young Lawyers Division of the American Bar Association.

With the cost of tuition on the rise, it isn’t surprising law school loan debt is also rising.

The Young Lawyers student loan survey included members who were 36 years or younger, those who graduated from law school or were licensed within the last 10 years. It found that among this group, the median amount of law school loan debt is $112,500. The division’s 2021 survey, its most recent since 2024, found the average debt to be about $108,000.

LawHub performed an in-depth analysis of law school costs for 195 ABA-approved schools, finding a steady climb in tuition. According to the analysis, the average annual tuition for the fall 2023 to spring 2024 academic season was $43,950 for non-resident public school tuition and $55,963 for private institutions. Just 10 years earlier, the average tuition was $36,859 for non-resident public law school and $41,985 for private institutions.

How long does it take to pay off law school debt?

Federal loans can take 10-25 years to pay off. Private loans can take anywhere from 5-20 years, depending on the lender.

Law school loan debt is one of the highest debts one may take on in their life – equating to some mortgage amounts. And like a home loan, student loans can take years to pay off.

How long it will take to pay off your law school loans will depend on your loan amount, interest rate and repayment plan. Such factors depend, in part, on the type of student loan you take out.

Federal student loans

Offered by the federal government, federal student loans come with fixed rates that can be lower than private student loans. Many of the loans don’t require a credit check or cosigner, and borrowers don’t have to start paying on the loans until they graduate or drop below half-time.

Federal student loans also provide flexible payment options and loan terms and may qualify for forgiveness. Depending on your payment plan, you’ll have between 10-25 years to pay off the loan.

• Standard: 10 years, with one fixed payment
• Graduated: 10 years, with payments increasing gradually
• Extended: 25 years, with one fixed payment
• Income-driven repayment: 10-25 years, with monthly payments limited to 5% – 20% of your income
• Public Service Loan Forgiveness (PSLF): 10 years, with balance forgiven after 120 on-time payments

Private law school loans

Private student loans are offered by banks, credit unions and online lenders and often have stricter eligibility requirements and may require a cosigner. Private student loans rates can be lower than federal loan rates for excellent credit borrowers, but range from just below 4 percent to around 18 percent. Repayment terms are standard and last anywhere from five years to 20 years, depending on the lender.

Law school loan payment examples

To see how long it will take to pay off your law school debt based on your interest rate, loan amount and repayment term, use an online student loan calculator to get an estimate. You can also play around with the numbers to determine the best repayment plan for your situation.

Here’s an example of what you’d pay on different repayment plans with the median law school loan balance of $112,500 for federal student loans and private student loans, respectively.

Law school loan refinancing

Refinancing your law school loans can get you a lower interest rate or shorter repayment term. This option can be advantageous for the following situations:

• The student loan refinance rates are better than what you currently have.
• You’re making more money and can afford a higher monthly payment in exchange for a shorter term.

This option can help you save money and allows you to consolidate multiple student loan payments, leaving you with one monthly payment and one interest rate.

Average earnings after law school

Since law school is expensive, it’s understandable graduates would like to see a return on that investment. According to the U.S. Bureau of Labor Statistics, the average annual wage for lawyers in 2023 was $176,470. Along that range, the lowest-paid 10 percent of lawyers in the country earned an average of $69,760 annually, while the top 10 percent earned more than $217,360.

Be aware that there are several factors that can impact your salary. That includes the cost of living in your area. For example, a lawyer in San Francisco earns a mean annual salary of $235,940, while a lawyer in Santa Fe can expect a mean salary of $117,070. In general, metropolitan areas pay more than non-metropolitan areas due to higher cost of living.

The type of law you practice and where you practice makes a difference, too. According to the Young Lawyers survey, average salaries fell in the following ranges:

• Large private firms: $200,000-$249,999
• Small private firms: $90,000-$99,999
• Business, government, clerkship, public interest, nonprofit, education, etc: $80,000-$99,999

Ways to reduce debt while in law school

Reducing the amount of debt you’ll have by the time you graduate requires some consideration, sacrifice and hard work, but it can be done.

• Consider less-expensive options: Out-of-state schools and private law schools are typically more expensive than in-state public schools. If you don’t have your heart set on a particular school, attending a public school in your state of residence could save you money.
• Live at home: If you attend an in-state school that’s close to home, you could save on room and board by commuting instead of living on campus.
• Make in-school payments: While many lenders allow you to defer loan payments until after you graduate—and often provide a grace period—you can make smaller monthly payments or interest-only payments while you’re in school.
• Exhaust all financial aid: Apply for every scholarship and grant you can before turning to student loans.
• Earn income while you’re in school: Law school is a ton of work, but there are a few ways you can earn some extra money on your own schedule. Whether you’re delivering food, freelancing or tutoring, there are several ways to earn an income while you’re in school and have some free time.

How to pay off law school debt

Though the prospect of taking on six-figure student loans for law school can be intimidating, there are some ways to significantly pay down your debt. Whether you’re about to start your legal studies or you’re close to graduating, these are some options you can explore to tackle law school debt.

• Research loan forgiveness options: If you have federal student loans, you could get a portion of your balance forgiven through an income-driven repayment plan or PSLF.
• Find loan repayment assistance programs: The ABA highlights state loan repayment assistance programs that offer help to those working in public interest law. These programs typically have income thresholds you cannot exceed to qualify.
• Put extra funds toward your loan payoff: Pay down your principal balance faster by putting any extra funds from a side hustle, tax return, bonus or any unexpected windfall toward your balance. By reducing the amount owed, you’ll also reduce the amount of interest charged on the loan.
• Make debt part of your interview discussions: Once you are far enough into the job hunt to receive offers, ask about employer contributions to student loan repayment. As law school continues to get more expensive, some firms are opting to help offset this recurring cost and reduce the financial stress on young employees.

Bottom line

With a median debt of around $112,500, the prospect of pursuing a Juris Doctorate can leave some future lawyers wondering, “Is law school worth it?”, but whether it’s for the love of the work, the salary or something else, many find their law degree worth the debt.

Those with law school debt may find help repaying their loans through federal plans or state assistance programs, especially if they work in public service law. Other ways to pay down debt may include finding the right payment plan, refinancing private loans or using extra funds to pay down the principal balance faster. Research your intended area of practice to get a realistic idea of earnings, plus repayment assistance eligibility.

As you consider which schools to apply to, you will want to weigh the financial implications of your enrollment. Financial aid, including grants and law school scholarships, can ease the burden. Likewise, attending a public school in your state can result in cheaper tuition.