Hello everyone! I have a new Reader Question to share. If you would like to ask a question, please send me an email. This reader needs help so please read the below:
Hi,
I’m in debt and I was wondering if you can shed some light on my situation. I’m confused about what I should do.
I went to law school and now owe six figures. I had a mental meltdown during the last semester before graduating and had to take a break. Since then I’ve been working at at non-legal job that pays very little but on the bright side doesn’t stress me out.
I’ve made a tiny dent on my debt and at the same time have been saving up to finish the degree. But after looking at the money I’ve saved up to go back and finish a degree that I may or may not use (according to the news and statistics employment in the legal industry is at an all time low); I’m torn between using that money to attack my debt or use it to finish law school.
I’m not expecting you to make the decision for me, but any advice to guide me towards my final decision would be much appreciated.
Thanks!
What would you recommend this person do?
Let us know in the comments below. All help is appreciated! Also, please be kind. Keep in mind that this is a person who is seeking help and advice.
Image via Flickr by Raymond Bryson
EDIT: The person who sent me this question replied, but it will probably get mixed in the jumble of the comments below. I have screenshot it here:
Related Posts
How Side Hustles Are Helping This Grad Pay Off $575,000 in Student Debt While Living the Life of Her Dreams- How We Saved Over $100,000 By Age 26
- How I Changed My Financial Future And Made $50,000 Writing From Home
- How I Paid Off My $40,000 Student Loan Debt In Less Than One Year
- 18 Debt Free Stories That Will Inspire You
- Pay Off Debt Or Save Money – Is One Better For You?
zaby says
I think the person should finish law school, get it over and done with. about the job situation, s/he doesnt know what will happen either tomorrow or next month and they could get a job. even though his debt would increase, i am of the opinion s/he should finish the law degree
Nicola says
Good question. For me personally, I couldn’t do the job I do without my degree, so I would probably say to use your money to finish your degree. How long will it take you to finish? Could you work part-time whilst you finish? I think you need to work out just how much it would cost you to finish your degree, and whether it will be a benefit in the long run. If you don’t think it is, as perhaps you couldn’t get a job once you’ve finished, then perhaps not. If you didn’t finish, what would you do career wise? Have you thought about that? It’s a tricky decision to make though, I wish you luck whatever you decide 🙂
Jen says
It sounds like law may not be for this person – and that’s ok! I recommend this person start to explore other career paths (not the low paying one that she got just as an interim thing). Look for things you love that you can also make money at. You obviously have some sort of bachelor’s degree because it was needed to go to law school, so don’t let that go to waste. There are lots of alternative career paths that you can use your skills for. Sales may sound stressful, but your lawyer persuasion skills could come in handy there and you could make much more than a lawyer. There are lots of types of sales that are less stressful and more fun, like entertainment and media sales for example. You have to find the right path for you, and now is the time to do it while you’re young.
Brandy@bustedbudget says
If this was more than one semester, I would say do what makes you happy. But since you only have one semester left, I think I would finish. You may regret it later in life if you don’t finish your degree.
Cat@BudgetBlonde says
Finish law school. It’s one more semester and then you have a professional degree to use for whatever job you want. You don’t have to stress and take the bar – you just have to get through 4 months of studying and it will be over before you know it. As you know lawyers have a specific skill set that many different types of employers find appealing, but no one is going to be impressed that you were *almost* a lawyer or finished law school 2/3 of the way. This is a no brainer. Finish the degree or you will always regret it. I know it’s expensive but you’re way too close to quit. Just my 2 cents and what I would tell any friend or my kids.
Brian says
Personally I would go back and finish off the degree. I don’t like to leave things unfinished, especially when you are that close to the finish line. Yes the job market is terrible now, but that doesn’t mean it won’t change. Also a law degree is more than just learning how to practice law. It is also about critical thinking and analysis. So you might just have to sell yourself on that.
In the end, no one here can really tell you what is best, we can just give you our opinions of what we would do.
Good Luck!
EarlyRetirementGuy says
Personally I’d use that money to go back and complete the degree. You’re so close it would be a real shame to give it up now. You might not use it immediately but may do so in the future. If your current salary isnt making much of a dent in your debt, surely it’s better to put the money towards finishing college and have more options of employment in the future?
Holly@ClubThrifty says
I would probably go ahead and finish my law degree. If you don’t, I could see that coming back to bite you somewhere down the line.
cherie says
This is a really difficult question.
My instinct is to say finish your degree. The reason for this is the value of the debt. Let’s say each year of law school cost you $100 [intentionally making up small numbers so it’s less overwhelming]. So you can either burn $250, or you can spend $50 and have something worth $300.
I’m a lawyer. I know what the market is like. I know how stressful it can be – I don’t work full time since I had my children, but I do work part time at this or that. There is ALWAYS the option of working for yourself, on the side, in small amounts.
If you pass the bar exam for your state you could do the following as a side gig without it being too stressful
1. Do simple wills – they don’t pay much, but they don’t take long and are easy to do.
2. Make appearances at court for other attorneys on a per diem basis – often just to ask for an adjournment etc.
3. learn to do house closings – even one a month would be a big extra payment on your loans
Now, as for ways to make yourself more marketable in any job market, as a lawyer
1. get involved in some volunteer legal work simply for experience you can’t get on your own
2. try to get involved in local politics – it doesn’t matter one bit what your ideology is – joining the ‘team’ of your preference will give you a great network of local businesses and politicians. Many, MANY politicians are lawyers, you will meet wannabe judges who are usually lawyers, and that sort of networking can be very valuable. In addition you’ll have people to talk to for advice in the field.
3. even if you haven’t passed the bar, you can look for paralegal work which will give you skills for things like a house closing, then when you have passed, you will know how to do such things already.
On the flip side, you can take that ‘$50’ and put it towards the debt – but it just seems foolish to me. Having a law degree can make you more attractive to any potential employer – having a two and half year mystery makes a potential employee seem really odd at best. If it were a year that you tried it and didn’t care for it that’s not so strange. But to have gotten that far and then dropped it seems unreasonable, and in this job market I don’t need to take a chance on hiring someone unreasonable when there are so many other candidates without such bobbles.
It’s kind of like what I told my son – he was a brown belt in karate when he considered quitting. I told him I would have been fine with him quitting in previous years, but to have come SO far, unless something was abysmal there [it wasn’t he was being 13, and wanting to sit and stare more ;p] it was a waste of both time and money not to FINISH. There’s no point in writing ‘brown belt three years ago’ on a college application, but writing ‘black belt’ is worthwhile.
Finishing things is a big deal in the world, seeing them through. From my vantage point, I’m about to hit 50, I have seen over and over how the type of people who stick with things, who finish, even though they don’t always love it, are the type of people employers ALWAYS want.
Laurie @thefrugalfarmer says
Great question! I guess it would depend a lot on what you truly want to have as a career. If you really don’t love the idea of being a lawyer, I’d put the cash toward the debt. It’s not like you can sell the degree later and make some money back. That being said, if there’s any way at all you can use the degree and love your career, I’d finish it up. Go with your gut on this one, I’d say, regardless of what everyone else tells you. Many will think you should get your degree simply to say you’re a lawyer, but appearances aren’t everything. In fact, they’re usually nothing. 🙂
kammi says
Depends on what kind of law school you went to; if it was tier one or not. Did you go to Harvard Law, etc? I personally have a lot of lawyers in my family; they’re doing okay (well…one runs her own firm and has NO money) but they’re not in the US, and even so the field is saturated and I don’t think they’re particularly happy. In the US, I know of one or two (one just became a lawyer), and the other one owed something like 250K but paid off some with an inheritance but isn’t doing what she wants (within the law field; I heard something about how if you do a certain type of law for a certain period of time your loans can be forgiven but she wasn’t able to get into that field in law) and isn’t happy.
I know of one who turned out okay (a guy) but he wanted to be an architect LOL. He did okay financially (his dad was wealthy, though), but he’s been practicing for YEARS (so talking about the generation of 20 years ago, when maybe they were more in demand?)
I don’t think it’s worth it unless you’re in the L14/top tier. That’s my opinion. I try to be realistic about these things, because you’re missing out on time and money you could be saving, so for me it HAS to be worth it. What I would have done is tried to work within a firm (whether with a family member or a friend of) and see if it is for me before committing. I took two years off from school before going to college to make sure it was what I wanted to do; it just makes you more focused if/ when you decide to go back. Shop around and get opinions. Good luck!
Mishelle says
I think at first she needs to figure out if she really wants to be a lawyer, once that decision is made a hell of a lot of stress will just evaporate and the rest of the decisions will be made.
M
Will @firstqfinance says
Forget the money, do what will make you happy. Happiness leads to money, anyway.
Kathy says
I can’t imagine getting within a couple of months of getting a law degree and then just quitting. When I went to college, quitting wasn’t an option for me and I didn’t make it an option for my son when he went. Other than a catastrophic physical illness, I (and he) expected to finish what we began. And having the kind of debt this writer is talking about….with nothing to show for it…..very hard for me to imagine. As I see it, the writer has two options. 1. Return to school, finish their degree and get a job that pays more. or 2. Work at a job where they apparently have little stress {who really has a job with zero stress?} but also little money. If they choose option 1, they will get their loans paid off sooner. If they choose option 2. quit complaining. Yes, I am very hard hearted, but I really don’t understand that the writer needs to ask the question in the first place.
Lauren says
I know what I would do, but that certainly doesn’t mean that it’s right for you. After investing so much, I would finish the degree. Then, get a job that you don’t hate, and hustle to pay off your debt. Good luck!
Liz says
The question you must ask yourself is… Do you really want to finish law school? Is it your dream? Don’t do it for the money, which as you said, may not be there anyway. I recommend a side hustle to help pay your debt. Stress in a job is not worth it. I know. I’ve been there. I turned down a significant salary to make $10 an hour, and I’m much happier for it.
If you do want to finish law school, I would continue making minimums on your loans and continue saving.
Mrs. Frugalwoods says
I completely agree with Will. I’d say abandon what you think you *should* do and instead figure out what you *want* to do with your life. If you truly in your heart think you’d love being a lawyer, then you should go back to law school. Short of that, I say move on, find a job you enjoy (or stick with the one you have), and start aggressively paying down your debt. Obviously this is just my opinion and I don’t know you personally, but I hope that this might help as you make your decision. I wish you all the best!
Cherie says
One more comment – did you hate law school? Did you hate the subject matter? Law school can be a high pressure environment, if that was the issue, finish. and remember that you can find a job that is NOT high pressure in any field if you are willing to take the pay cut that often goes along with that. I have a low pressure job for low money – even as a part timer – but it gives me something to keep me current, and it’s a side hack, even as a professional, that’s worthwhile and lets me make parenting a priority for my time
Renee says
This sounds all to familiar! I dropped out of my masters after the last semester, I am halfway done with my thesis and only have 1 semester left and I will be 100% done but I also had a meltdown and have no care in the world to go back.
People will tell you, do you want to finish it out and have that degree under your belt since you are so close? -which is a tough statement to answer because I get it, we are very close to finishing. But what I learned was, you need to do what is best for you, the thought of going back to finish makes me lose sleep and the only reason why I went back to get my masters in the first place was because after my bachelors I couldn’t find a job, now I moved up in a job that I love and am very comfortable with the money I make that I do not see the value in going back at this time. I am paying for those student loans and it sucks, but I am so much happier realizing that right now, that direction isn’t for me.
Hope this helps in any way shape or form…
Bre @ The Weight of Debt says
I completely agree with Will’s comment. Life is too short. If your college path was a career you love and would enjoy everyday despite the economic situations then do that. If not and you know you would hate your job then don’t.
I also believe that regret is stressful. I feel that going 6 figures into debt and not following through may be something worth regretting in the long run when a law degree would be worthy of a job that would help you pay off those six figures. So if it is one more semester and you know law is what you wanna do I would finish up.
I recommend doing a little soul searching and also find some ways to combat stress as it is bad for your health ie. yoga. I’m working on starting my own business on top of my full time job and those extra hours of work that I put into the business isn’t even work for me because I’m excited about it. Follow your passions and the money will come.
Money Beagle says
Unless you were pushed into law school and never had any enthusiasm, I think you probably owe it to yourself to look at finishing up. Doesn’t mean you have to, but at least talk to people in your field, be honest about your situation and your fears and see what they recommend. Do you have any mentors? Professors in school you worked with that could guide you? Also, make sure that whatever challenges blew up in your face are properly mitigated if you were to go back.
MamaOtwins+1 says
I have two sides to this, but I believe you need this one. Finish. You started it, you owe it to yourself to finish. You are so close to finishing and doing so will open many doors for you, even if they aren’t as a lawyer. Those opportunities will provide a way for you to pay off your debt. Learn about living on a super-tight budget while you finish. Make the temporary sacrifice for your future. Believe in yourself, you can do it!
Romeo Jeremiah says
“You miss 100% of the shots you don’t take.”–Wayne Gretzky
In short, the debt will be there whether you choice to finish school or not. At least finish to have something to represent the 6 figures. Then there is a chance, however slight, that you’ll be able to land a 6 figure job in the future to pay the debt quicker.
Shannon @ The Heavy Purse says
This is a tough one as both sides have very valid merits. I lean towards finishing your degree because you are so close. It doesn’t mean that you have to practice law if you realize that’s not what you want. I would also encourage you before you completely shut that door to talk to a variety of people who work both as lawyers (with various focuses) and those who support lawyers. You may discover a role or field of law that truly interests you. If you do choose to not go back to law school and finish your degree, then you must be prepared to answer that question very, very well when it comes to interviews. While we understand and can relate individually to someone who realized late in the game that the path they choose and thought they wanted isn’t the right one, as your potential employer I also see someone who quit right before the finish line. I don’t say this to be cruel because I am a big believer that you should feel passionate about the work you do. You spend many years working and if you hate what you do, those will be long, unhappy years. However, if I was interviewing you – seeing that you quit right before you finished law school would be a red flag and I would need a great answer from you to show me that it was absolutely the right decision for you and additional proof (through your good work) that you are not quitter or can’t handle stress. The best advice I can offer is to give yourself the space and quiet to sort through your feelings.
sandra says
you’re so close! i would just finish up
Allison says
I would look for a higher paying job that was less stressful and work to pay down that debt.
Emily @ evolvingPF says
If money is the only reason not to finish the degree, I’d say that you should do the last semester. Even if you don’t want to be a lawyer, there are lots of different kinds of jobs you can get with a JD, but not with a nearly completed JD.
Jessica says
As someone who has suffered through law school, I understand. It’s expensive and it can really suck. Law is not for everyone. I’ve been practicing for about 2.5 years for a low salary and working on paying back my loans. I’m not sure if I “like” what I’m doing, so I have been researching my career options.
Having said that, I would encourage this person to finish the last semester. You have spent 2.5 years being taught how to think like a lawyer. Even if you don’t feel like practicing law is for you (which, frankly is something I’m wondering myself) there are several paths you can take with your JD. Even better, if you don’t feel like you want to actually practice, you can forego all of the fees related to the bar and start looking for other positions.
I have a few former classmates who are using their JD in ways other than practicing. One is a compliance officer for a hospital (the field of compliance is growing and touches on many more areas than just healthcare). Another friend is doing very well working in real estate. He is working for a property management company and helping them analyze potential acquisitions. Yet another classmate just took a position as a staff writer for a legal periodical. She writes articles about legal issues/updates in the healthcare field, using her legal skills to analyze the issues and understand the law while informing practitioners about new developments in the field. I have another classmate who is using his JD to teach paralegal studies at a state college.
Finance is another area where having a JD can be beneficial as well. I’m not sure about your jurisdiction, but in California you can take the real estate broker’s exam with a JD (thus skipping the requirement of being an agent first).
While I have focused on non-practice related JD careers, I will note that depending on your location, the legal market may be looking up if you do want to practice. This is especially true if you’re willing to take lower pay for a year or two for the experience. I have seen several job openings for smaller firms, and virtual offices make opening your own practice more affordable. Once you have a few years of experience, it is easier to find a better position if you so desire.
Of course if you just really can’t stomach going back, don’t. It’s not worth being miserable, even if you do have a lot of debt. Just be sure to thoroughly consider your options. No matter what you choose, I wish you the best of luck.
Barrie says
I would suggest to complete the law degree. First off, a college degree will improve chances of higher paying jobs. In addition, it won’t look good on a resume to see one quit so close to the end of schooling. Lastly, there may be a legal job out there that the degree can be used for that isn’t stressful.
Mario says
It’s tough to do the math here without numbers. For one, remember that the five semesters you’ve already put in — and what you paid for them — are a sunk cost, so the decision you’re really making is whether to pay the marginal cash and five months time in exchange for a law degree.
It’s not that simple of course… You still have to finish that semester… and study for and take the bar… and find a law job… and work a law job for xx years. If all of that is definitely something you don’t want to do, then it’s possible the cost-benefit analysis still won’t add up.
Perhaps most importantly, that you mentioned a “mental breakdown” makes me wonder if you’ve at least had a consultation with a mental health professional. It may not be something you’d feel comfortable sharing with strangers on the internet so I don’t expect an answer, but it’s important to tend to trauma to your mental health, just as you’d make sure get a broken bone set.
Anyhow, good luck
Eva Mitton-Urban says
Finish what you studied and struggled for … go the distance *receive the reward*. Employabilities will be uncertain upon completion – but no different than any other specialty. If a working in the legal field is unattainable than seek positions that require expertise on legalities. In my youth I worked for Student Finance – handled grants/loans/part-time bursaries – five years ago I also learned about “remissions”. Contact your lender and ask if you qualify for remission – in many cases that I was aware of the student loans were *waived*. Knowledge is empowerment – ask, no harm in that. Also seek out grants/bursaries/scholarships in your area – if not a possibility – work at the college/university – some have work and your housing is free. Worth contemplating. Good luck !
Abby says
I’m a recent law school grad and I can definitely understand your concerns. That debt amount is insanely high. You’re not sure you’re actually going to get a legal job. You’re not sure that you like the law. This probably makes you scared. At least that’s how MY law school loan balance makes me feel.
I don’t have the dollars and cents in front of me, but here’s what I would recommend: finish your law degree. The amount you need to finish it (and pass the bar) is probably a fraction of what you owe. Armed with that degree you’ll have the option of working as a lawyer OR as something else. If you don’t finish your degree, you won’t have the option at all. And! You’ll still have that loan balance.
If I were you, I might also look into being a contact attorney that conducts document reviews. They can earn $70+ an hour in most major American cities. Even if it’s not the work you love, you could use it to supplement your income while you find the dream job.
Good luck!
Thomas @ i need money ASAP! says
Sometimes I work with the lawyers in my office. They have corporate jobs that they say are much lower stress then working at a law firm. There are even some recent grads that are hired from time to time and a few of them have stayed on. There must have been something about the law that interested you in the first place. I would try to find a way to take that interest and make it work for you.
Melissa says
It seems like most people have already chimed in with what I would say, but I echo (most) people’s sentiments: finish the degree! Even if you never end up using it, you never know how it will come in handy down the road. I almost went to law school, but decided on a different path, and now I realize how handy a law degree would have been (even if I didn’t ‘do law’ – just in life!)
LL says
Hi there, this is the person that asked the above question.I’ve read all your thoughts/advice on my situation and you’ve all given me a lot to think about. While I am not 100% sure what I’m going to do, I just wanted to say THANK YOU for taking the time to give your advice.
Michelle S. says
Hey! I hope you were able to get some meaningful help today. Glad I could share your story because I’m sure there are plenty of others who are in the same situation.
Amy says
I strongly recommend finishing the degree. They’ve already invested so much – time, money, stress – and will have nothing to show for it (except the debt), if they don’t. Also, having the degree opens a lot more career options than simply almost having the degree. He or she can choose to reject the legal career options, but it’s better to reject options than to not have them at all (in my opinion).
Natalie says
I think you should take a break and evaluate what YOU want. It sounds like it is working for you in the mean time but ask yourself where you want to be in the future. This will give you an idea of where you should be.
ashley says
If you don’t think you will want to be a lawyer because of the high stress then I would pay off my debt but if you think you want to be a lawyer (or something that a law degree would help with) you may as well finish it. Any industry has waves of jobs then no jobs then people stop getting their degree so they need more people, etc. If you want it you can probably find a job even if it means starting your own practice. If you think you’ll never pass the bar you might want to take that into consideration.
Cami says
This person has already invested so much money into law school. Even if he/she doesn’t work in the legal industry after graduation, it will still be great on a resume and make them eligible for higher salaried jobs in other industries.
M.Clark says
I would suggest that you use the money to either go back and finish your degree or earn a degree in a different discipline if you are no longer interested in law. You need to get a degree if you want to get a job that will allow you to earn enough to pay off your debt.
DNN says
college is a personal achievement that anyone can accomplish at any age working wearing a life. accomplishing educational transformation is something anyone can pick up at any age and feel good about themselves when it comes to finishing the job. It’s never too late for someone to go back to college “do the transformation educational work,” out of sheer inspiration. 🙂