Law School Student Loan Debt & Bankruptcy
For aspiring law school students, hopes and dreams can be quickly deflated by the massive student loan debt figures associated with tuition costs. Tack on books, living expenses, and extra fees for being a student and graduating (because that’s not included!), and the student loan debt concerns start to turn into bankruptcy concerns. However, you can’t even file for bankruptcy when it comes to student loan debt.
What to Do?
If you are a would-be law student, you probably feel at a complete loss. What do you do? Take on the debt, and hope for the best? Or, is it time to start thinking about another career? Because student loan debt can’t be discharged through bankruptcy, it is serious. All debt is serious (credit cards, mortgages, etc.), but worst-case scenario, at least those debts can be eliminated through the bankruptcy process.
Student loan debt is another story though. Many law students today are regretting taking on student loan debt. Most graduates can’t even get jobs that pay enough to approach their towering debt figures. With figures often looming into the six digits, the burden can feel overwhelming.
While there are government-sponsored debt relief programs for these law school debtors, they still don’t make the experience worth it for many students. If you’re thinking about going to law school this fall, you may want to think twice about your decision, and be sure you’re prepared for the debt you may incur.