The amazingly not-so-anonymous LawProf did some back-of-the-envelope calculations to show that almost every graduate of law school is going to be forced into Income-Baseed Repayment of loans. He bases this on his anecdotal evidence that lawyers are lucky to get $40-60k on graduation, a salary that would trigger IBR for almost everyone who didn’t have their law school bills paid for by a trustfund.
Lest anyone think this is a comfortable safety-net, note that IBR starts tacking on the unpaid portion onto the principle pretty much guaranteeing that any IBR person will be on it for 25 years. (Unless they’re lucky enough to get one of the public jobs with the cushy pensions and the fat union rules and the chance to discharge debt after 10 years.) So he likens law school to a big lottery ticket that ends up destroying the lives of the losers for 25 years.
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