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How much debt is acceptable for law school?


Renerik

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Lilbb19
  • Articling Student
On 8/20/2021 at 5:55 AM, Apple said:

Genuinely curious, how does one graduate with 200k in debt? That's an insane amount of debt to compile. 

About 50K had amounted on my government loan over undergrad. Then additional government loans during law school.  Also 125K will be  on professional student line of credit by the end 

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I think it depends on your circumstances, but as has been pointed out, it depends on how risk averse you are. For those of us that were low income, with no family support from the beginning, undergrad and law school tuition alone hits around $80-90k without factoring in any expenses. I graduated with 100k owing on my line of credit and about ~11k owing through osap. I'm not in big law or in a huge city, but I'm not worried about paying it back at all, repayment terms are manageable and I'm happy with my salary. I can only imagine if someone also has to support a family, or family members, or had literally any other issues come up, how that could jump to 150 or 200k of debt. 

Also just a quick note about the conversation about prestige - I graduated from Lakehead, got a great job right away, and I know many of my colleagues who are working on Bay St, if that's your cup of tea. I was called a whole year before anyone I know at other law schools because we have a condensed program and do not need to article, and a lot of things are based on your year of call. So, sure, people tend to look down on Lakehead in terms of prestige, but don't forget to look at the whole picture. They may not be equal but there will be opportunities no matter where you choose to go. 

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