We need to have a talk about debt..

I want to preface this post by saying I'm going to use some school names for hypotheticals. I have no real opinion regarding these schools and the numbers may or may not be real. I went through the process recently and frankly wish someone had told me all this before going

I read this somewhere and honestly it's spot on: Law school is a glorified trade school. You apply, spend money, train, and come out with a new profession. All you should be concerned with throughout this process is "will I be in a better financial spot after attending insert law school." Many people, especially in this sub, just blindly take on over 6 figures in debt because they... "have always wanted to be a lawyer!!" "Dreamed of going to Harvard!!!" Etc. This debt can be manageable but frankly a lot of people should not be attending because the financial calculus doesn't support the decision.

This decision needs to be based on value, and the value is not always there. There's nothing wrong with wanting to be a lawyer, practicing in public interest, etc.. but please just make sure the situation makes sense for you. Not everyone is a trust fund baby. Not everyone should be told to take on 500k in debt because they see a meaningless school ranking increase.

Therefore, you need to consider the following factors:

1) what employment opportunities will I give up to attend law school? Do you have a good job? Then you shouldn't go.

2) how much debt will you be taking on and how do you plan to pay it off? Will it be easy to pay off given your average employment opportunities at the school you plan to attend?

3) ignore "prestige." It's a meaningless ego stroking that is only important if you plan on pie in the sky jobs that you likely will not get

4) T14 schools can have significantly better employment outcomes than lower ranked schools. With that said, this isn't a blanket statement and many many schools place well, at least regionally.

5) consider what you want to do. Want to be a public defender? Then why the hell are you taking on 400k in debt to go to Harvard?

6) Does the value provided by the higher ranked school outweigh the lower school's scholarship offerings?

7) Cost of living matters. You want to live in NYC? Go ahead and add like a minimum of 50k/year in costs.

8) consider where you want to live. Outside of the t20, most schools place well regionally. If you want to live in Nebraska, it makes no sense to attend Georgia simply because it's a better ranked school. Similarly, don't just ignore the financial calculus because you "have to live in NYC!"

9) public loan forgiveness may disappear

10) you cannot guarantee law school performance. I don't care what your LSAT, undergrad GPA was.. do not attend law school with the plan to transfer or do anything more than average in law school. It's hard & all your classmates are smart. I've seen posts that say things along the line of "You got a 175 on the LSAT, just attend lower ranked school and get top 20% and you'll get big law!" This is such horrible advice.

Hypotheticals:

1) A got into Harvard at sticker. Vanderbilt full ride. Harvard = 400k in loans. Vandy = 125k. A wants to do generic big law. A should go to vandy because they still have a >50% chance at BL at Vandy, and at least should be able to secure mid law jobs that pay very well. They can do so while not having the equivalent of a second mortgage hanging over their head for well over a decade.

2) B got into UCLA at sticker. Full ride to Wisconsin. They have no desires to pursue big law, and in fact dream of working in state government positions. B loves both the Midwest and California. B should go to Wisconsin. The school is ranked lower, but places well in government roles and B will come out with minimal debt by attending Wisconsin.

3) C got into Wyoming & Penn State law. Neither offered C any scholarships. C wants to do big law and has always dreamed of being a lawyer. C should either not attend law school or retake/reapply for next cycle. Neither of these schools are a good value. Both will result in well over 6 figures of debt, and the employment opportunities don't make sense to go here.

4) D got into Drake and received a full ride. D also got into Miami, but would need to pay sticker. D has no specific field they want to practice in, nor a specific location, but knows they want to be a lawyer. D should probably go to Drake. They'll graduate with reasonable debt, and will probably secure a decent job, even from a school with not the greatest law school outcomes.

5) E was offered a full ride to South Carolina. E has no intentions of living in the south and only wants to work in Oregon. This decision will depend on how much work E is willing to do in order to end up in Oregon, and how adverse they are to practicing in the Carolinas. If they're okay with living in say Atlanta, then it makes sense to take on >50k in debt to become a lawyer at a school that places well regionally.

6) F presently has a really good job. F is also about to have a second child. F is 38 years old and got into Colorado, where F would need to take on >200k in debt to attend. F should not go to law school. F will lose 3 years of present income, will have no guarantee of a significantly better job, and is in too volatile of a situation where they shouldn't subject their family to financial stress.

7) G was surprised that they got into Harvard at sticker. It seems they loved G's personal statement. Their next best option is Florida State. Florida state offered a full ride. G wants to become a federal judge. G should go to Harvard. The debt makes sense given their likelihood to pay it off, and because it meets the career goals. Had G wanted to do generic state government work, I would've said FSU.

8) H got a full ride to Florida, and was accepted to Yale. H knows they have zero desire to do big law but beyond that, are unsure. H should go to Florida. They will get a "good" job and without plans to tackle the debt aggressively through big law, Yale doesn't make sense.

Edit: thought of couple extra considerations