Putting student debt on trial

A report on the high cost of law school, which many students borrow to cover, suggests schools should provide information on how their graduates fare in the work world.

You may have to find a new way to make mom proud.

A new report from the New American Foundation shows problematic debt levels for graduate students -- an 8 percent annual rise for the last four years. Law school in particular is known for its hefty tuition bills --  the average debt load for law students in 2012 was just over $140,000.

And applications have plummeted in the past few years.

At the same time, John Cashman, vice president for law firm recruiting at Major, Lindsey & Africa says the state of the job market right now for lawyers is "dicey."

"I think the value of a law degree is basically the same," Cashman adds. "What's changed, is the calculation of risk and return is much more important."

 


*CORRECTION: An earlier version of this story misstated the spelling of the name of the law firm Major, Lindsey & Africa. The text has been corrected.

About the author

Sally Herships is a regular contributor to Marketplace.

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