Transferring to a higher ranked law school without a scholarship is a decision that many students grapple with. Some argue that a higher ranked law school may offer better opportunities and a potentially higher earning potential in the future. On the other hand, the cost of attending a higher ranked school without a sizable scholarship or financial aid can be extremely challenging.
In 2020 new and young lawyers were surveyed by the American Bar Association regarding student loan debt. The results showed that upwards of 75% of those who responded had at least $100,000 in student loans at graduation.
Additionally, half of those surveyed had more than $150,000 in student loan debt and more than one out of every four students owed $200,000 or more.
This is a significant financial burden, especially when considering the high levels of competition and lower job prospects in the legal field.
Additionally, as we know the legal job market is highly competitive nationwide. It is very stressful for law school graduates to secure full-time, long-term employment that requires bar passage knowing that they owe a significant amount in student loan debt. Hence, this makes the decision to transfer to a higher ranked law school without a scholarship an even more precarious one.
While attending a higher ranked law school may provide certain advantages in terms of networking and prestige, students should carefully consider the potential financial implications. It is important to weigh the potential benefits against the financial risks, and consider alternatives such as negotiating for financial aid or considering the potential return on investment in terms of future earning potential. Ultimately, the decision to transfer to a higher ranked law school without a scholarship should be made with careful consideration of both the potential benefits and the financial costs involved.
Helen,
ReplyDeleteYou make some valid points in your post. I particularly agree with your point that transferring to a higher-ranked law school can provide better networking opportunities, and that can lead to a better job in the future. However, the thought of not having a scholarship scares me, and I would have a hard time transferring without that financial comfort. I think the better route—which may not be available to some—is to try to earn the best LSAT score and GPA you can while initially applying to law school so that you can get accepted to the best law school you can without having to transfer.
Helen, this is such an interesting point to raise. A huge (HUGE) part of why I picked Stetson was because of scholarship opportunity. I worked three jobs through undergrad to pay my way through school, and I was really not interested in taking on hundreds of thousands of dollars after busting my butt in undergrad to graduate with minimal debt. The student debt crisis is absolutely that––a crisis. Students need to understand just what they are taking on and the consequences of such colossal amounts of debt.
ReplyDeleteThis was definitely a big and weighty decision I mulled over for awhile. I was really tempted to go to UF because of the higher rank but Stetson offered me a really great scholarship that reduced the overall cost so much that I couldnt ignore it. I wasn't sure what I wanted from my law degree and so I chose the less expensive option figuring I can do my own thing no matter where I went, so long as I get my degree was all that mattered. While the name prestige would be nice, as almost everyone recognizes UF, thats all it would serve for me.
ReplyDeleteHelen, this is also something I considered when choosing which law school to attend. I ultimately concluded that it was more important to me to come out of law school with as little debt as possible than transferring or attending a school with worse scholarship opportunities. While there may be greater benefits of attending a highly ranked law school, the financial flexibility is far more important.
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