Jump to content

Recommended Posts

Hey all,

How much debt do you figure the average law student graduates with? How much does the average student begin law school with?

 I am a undergrad student in my senior year and I am trying to project where I might be 4 years from now. 

Thanks! I appreciate it!

Share this post


Link to post
Share on other sites

It depends so much on where you go to school and your personal experiences. I don't think hearing about other peoples' experiences will help you.

  • Like 1

Share this post


Link to post
Share on other sites
5 minutes ago, QuincyWagstaff said:

Seems high. 

Does it? almost every law student i know has maxed out their PSLOC which is capped at 100K, then add undergrad debt. 

100-150 seems about right. Higher if you're going to UofT or Osgoode.

  • Like 2

Share this post


Link to post
Share on other sites
Posted (edited)

This really all depends on your personal finances. How much do you have now? will your family contribute $$? (I don't really want to know- but they're clear factors)

If you're able to keep your overall debt under 100k, you're in a better situation than most. 

Edited by WindsorHopeful

Share this post


Link to post
Share on other sites
9 minutes ago, TheScientist101 said:

Does it? almost every law student i know has maxed out their PSLOC which is capped at 100K, then add undergrad debt. 

100-150 seems about right. Higher if you're going to UofT or Osgoode.

I knew a lot of students that had their family foot the bill, for everything. Yes, many people borrow 100K plus, but there are people with zero.

  • Like 2

Share this post


Link to post
Share on other sites
33 minutes ago, Brookvale said:

Hey all,

How much debt do you figure the average law student graduates with? How much does the average student begin law school with?

 I am a undergrad student in my senior year and I am trying to project where I might be 4 years from now. 

Thanks! I appreciate it!

Assume average tuition of $18000, lets say...

18000x3 = $54,000

If not living with family, very cheap rent is prob around $800 for a room, $500 food a month, $200 other expenses  a month (this is bare minimum calculation)

1500x24(this is 3, 8 months semesters) = $36,000

Add in 1000x3 for textbooks = $3000

Add in $3000 for some flights/travel

 

This adds up to $96,000.

There are lots of variables to this calculation, that could make it more or less, by a little or a lot.

  • Like 2

Share this post


Link to post
Share on other sites
Posted (edited)

U of M is about 12k/yr, so it could be considerably less if you're studying there.

 

I know some people that are able to graduate with no debt via part time & summer work (non-law)

Edited by Igni

Share this post


Link to post
Share on other sites
53 minutes ago, Simbaa said:

100-150k.

Sounds about right. I'm certainly in that ballpark re: debt (although I've been paying it off like a mofo).

  • Like 2

Share this post


Link to post
Share on other sites
53 minutes ago, TheScientist101 said:

Does it? almost every law student i know has maxed out their PSLOC which is capped at 100K, then add undergrad debt. 

100-150 seems about right. Higher if you're going to UofT or Osgoode.

Even higher if you're doing the Dual JD at windsor. Tuition is about 45K per year :wacko:

Share this post


Link to post
Share on other sites

I came out of law school with (I think) $70k in debt. However, tuition and the cost of living have both gone up since that time. I had no UG debt.

I know some ppl who came out of my graduating class with well over $100k in debt, but I think this was due to taking exchanges and otherwise spending too much.

 

Share this post


Link to post
Share on other sites
1 hour ago, QuincyWagstaff said:

Seems high. 

To add some clarification - this number is largely for students who have both undergraduate and law school debt, and who are getting little to no financial support from their families. Also if you go to a more expensive law school like U of T/Osgoode/Windsor dual JD and are factoring in living expenses. 

Source: Osgoode student with both undergrad and law school debt. I'm pushing past 100k now. 

Share this post


Link to post
Share on other sites
6 minutes ago, Psychometronic said:

Depends. Do you have undergrad debt too? Are you living at home? What school are you going to?

Undergrad debt will be ~40k. No assistance from family. I expect to matriculate at a school in western Canada.

Share this post


Link to post
Share on other sites
Posted (edited)
12 minutes ago, Brookvale said:

Undergrad debt will be ~40k. No assistance from family. I expect to matriculate at a school in western Canada.

Law schools in the west are cheaper than Ontario schools (I'm not too sure about schools in the interior, haven't researched them). UBC, Uvic and UofA are around $12,000ish/year in tuition alone. TRU is a couple of thousand more per year. Cost of living in Vancouver and Victoria are pretty high, Edmonton more reasonable (I found a place that's about $1k per month a block from UofA).

Edited by Psychometronic

Share this post


Link to post
Share on other sites

If tuition is $18,000 for 1st year, you can't just multiply by 3 years at school because it will go up each year.  $18, for 1st, $19.5 for 2nd, and $21 for 3rd type of thing.  Same for everything else....rent, food,....beer.  So if you are using the static model, that law school is the cost of 3  first years, you'll be off by a noticeable amount.

Share this post


Link to post
Share on other sites
18 minutes ago, Captain Courageous said:

If tuition is $18,000 for 1st year, you can't just multiply by 3 years at school because it will go up each year.  $18, for 1st, $19.5 for 2nd, and $21 for 3rd type of thing.  Same for everything else....rent, food,....beer.  So if you are using the static model, that law school is the cost of 3  first years, you'll be off by a noticeable amount.

It is a rough calculation, yes it could be $5000 or so more in reality. Rent you can control a little more as there is usually ways to meet budget when you are picking accommodation, versus tuition which is concrete.  That entire calculation can be easily changed by things like summer employment, living at home during summers, working part time, having a car, investments while in school, etc...

Share this post


Link to post
Share on other sites
33 minutes ago, Captain Courageous said:

If tuition is $18,000 for 1st year, you can't just multiply by 3 years at school because it will go up each year.  $18, for 1st, $19.5 for 2nd, and $21 for 3rd type of thing.  Same for everything else....rent, food,....beer.  So if you are using the static model, that law school is the cost of 3  first years, you'll be off by a noticeable amount.

Spending on that definitely goes up through 2L and 3L....

Share this post


Link to post
Share on other sites

It 100% depends where you go to school. This is not only because tuition varies, but there is also the cost of living in whatever city that school is located to consider. I started law school with about 20K in pre-existing debt and am finishing with just over 100K of debt. I have been pretty financially responsible during the entire 3 year period, qualified for some small bursaries and worked every summer and at times during the school year. I went to school in Toronto, which is obviously more expensive both in terms of tuition and overall cost of living than most other places. 

As previous posters mentioned, the math is not as easy is simply multiplying your first year expenses by 3. Tuition at my school has gone up by a few thousand since I first started, and rent has also increased. There are also other costs to factor in such as acquisition of work clothing (if you are coming to school never having worked in an office / professional setting), as well as transportation costs etc. All of it adds up. 

 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.



  • Recent Posts

    • Not all courses that I took that could transfer were on the transfer credit list especially upper lvl courses. (Didn’t transfer but they counted for my biologist in training credits) I took a 300 lvl intro to immunology, imin 371 at u of a.
    • Will you be accepting or Windsor? 😊
    • sorry and i realized one more thing- a lot of my courses (fairly content heavy) dont show up on the alberta transfer credit search tool, has that happened to anyone and their course still got transferred? thanks
    • Yup, those Harbourview Condominiums, they seem nice in pics I'm hoping they are in person too lol. Thank you so much for the quick reply and advice, it's very helpful!
    • Hey, are you talking about that complex (might be a duplex not sure) that's right past the bridge? People over-exaggerate the un-safe environment of that side of the bridge. When people say they it's sketchy, they're always referring to like Indian road and Detroit street, which are only 'sketchy' because some houses are boarded up. The complex you're looking at is like a 10 minute walk from that area, and even that area isn't honestly that bad. My opinion is totally objective btw, I've been in Windsor for 22 years and I live in more of a 'suburb' on the opposite side of the city. My advice is that when you go, if you feel like what you see at first sight is safe, then you'll be fine. What you see is exactly what you get, and it is the better part of that neighbourhood. 
×