Here’s one for the newest lawyers and for lawyers-to-be.
Now you too can figure out if you will have more check than month after you graduate from law school with the new, handy-dandy University of Michigan law school’s Debt Wizard.
The U-M website explains it “is a calculator that provides a simple means to explore your ability to service your prospective law school debt under various repayment options in multiple locales.”
You need add in the type of post-grad employment (five possible choices); geographic market (11 choices); and law school debt level (six choices).
The “Wizard” will give you 12 different salary possibilities with various approaches to loan repayment and management. It looks pretty cool, and could be a bit scary for new students — which would be a good thing, maybe hit them with some reality right off.
The good folks at Abovethelaw.com punched in some variables and set up a good preview for you if you don’t want to go to the site and noodle around there for yourself, thinking of the way things could have gone had this thing been around 10 years ago.
They are quick to point out in the introduction too that these are “neither prediction nor promise (particularly with regard to the likelihood of obtaining any given job, which will vary widely among law schools and between individuals),” but a way to search our 11,000 potential student loan repayment paths.
I think that is one of the linchpins of this whole proposition for repayment of loans for new grads — an actual job.
– By Gary Gosselin