The ABA surveyed 1,084 lawyers (median age 32) about debt and the results are -- sigh -- as crushing as you would expect.
The average cumulative debt load was $120,000. And that’s for right NOW. About 40% of the respondents owed more than when they graduated.
For men and women, the debt load was roughly the same. That wasn’t the case across races and ethnicities. Black lawyers ($198,760) and Hispanic lawyers ($149,573) had a higher average cumulative debt load than white lawyers ($100,510).
Many lawyers reported delaying major life decisions. About half said they either chose to delay or not have children because of debt. Even less major life decisions have been tough: 46% respondents said their debt load affected their decision of whether to get a car. 60% said they took fewer vacations because of debt.
Is help on the way?
The internet and Capitol Hill have been rife with chatter about the Biden administration forgiving student loan debt, either through executive order or through Congress. But it’s anybody’s guess whether a single dime ends up being forgiven. Biden has signaled a willingness to potentially cancel up to $10,000 in loans.
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