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Student Loans and Finances

Providing research and solutions to help understand the impact of student loan debt on the personal and professional lives of relatively new lawyers

Student Debt Surveys
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YLD Debt Surveys

Infographics and links to articles from media outlets about the ABA YLD Debt Surveys.

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Video: Recapping the 2021 Results

The 2021 report aims to answer questions and provide more nuanced understanding of the impact of student loan borrowing on the career trajectory of young lawyers.

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The ABA YLD Supports...

Reducing the Student Loan Burden

In 2021, the YLD drafted and advocated for Resolution 106C, which called for expanding federal repayment to those who had private loans, allowing refinancing federal loans to later more favorable rates, expanding eligibility for loans, and authorizing suspension or forgiveness of student loan obligations.

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Easing Student Loan Bankruptcy Standards

Resolution 512, brought by the YLD in 2021, urged Congress to amend the US Bankruptcy code to permit student loans to be discharged in bankruptcy without needing to prove undue hardship.

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Paycheck Fairness Act

In April 2021, ABA Past-President Patricia Lee Refo sent a letter to every member of the House of Representatives urging them to pass H.R.7, the Paycheck Fairness Act.

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Public Service Loan Forgiveness

Latest Developments—The ABA reaches settlement on eligibility in PSLF case.

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More Congressional Action

ABA Past-President Reginal Turner's Op-Ed about the overwhelming debt that is burdening new graduates and affecting the American economy.

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Student Loan Articles and Podcasts

President Biden Outlines New Plans for Student Loan Debt Relief

On April 8, 2024, President Biden delivered a speech in Madison, Wisconsin, detailing the many student loan debt relief efforts currently underway and highlighting a new rule from the US Department of Education to cancel debts.

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How Deferment Works for Law School Loans

With student loan deferment, law school grads can pause payments on their federal loans for up to three years. Learn more about the deferment process.

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Is There Student Loan Forbearance for Lawyers?

Lawyers can use student loan forbearance to postpone payments on their law school loans for up to 12 months. Read on to learn how forbearance works.

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What You Need to Know about Student Loan Payment Count Adjustments

The US Department of Education is working on payment count adjustments, which will be applied to all Direct Loans and FFEL Program loans held by the Department. This adjustment will change whether certain payments or months are credited toward PSLF.

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These PSLF Applicants Have Seen Their Student Debt Erased

Many public service attorneys had an overwhelming feeling that massive student loan debt would travel through life with them. However, many of those attorneys have gotten relief thanks to recent changes to the federal government’s Public Service Loan Forgiveness program.

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How to Pay Off Your Student Loans without Ruining Your Life

The author, who paid off loans early, emphasizes early planning, starting with affordable payments, setting and adhering to budgets, and adapting to changing financial circumstances.

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How to Shift Your View of Your Student Loan Debt and Learn How to Manage It

Many lawyers feel shame about their debt and are overwhelmed just thinking about it. That’s unsurprising, considering that our society has conditioned us to believe that debt is bad and that you’re somehow a bad person if you have it. It’s not true.

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10 Tips to Help You Pay Off Your Student Loans and Save for Retirement

So how do you tackle both paying off your debt and saving for retirement? By making the right choices early on in your career and by having a clear financial plan.

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15 Considerations for When You’re Planning Your Student Loan Repayment

The best student loan strategy will be one that can adapt as circumstances change. Consider how changes in living situation, employer, and salary might impact your plans.

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The Student Loan Debt Fire Burning Around Us

The cost of attending law school has increased significantly, and tuition costs for law students far outpace lawyer salaries at large firms and even the costs of housing.

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Your Financial Troubles May Affect More Than Just Your Wallet

Research indicates that debtors report significantly higher rates of depression, anxiety, and anger than individuals living without the burden of debt.

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Mastering Your Money: Financial Planning for Lawyers (Podcast)

Rho Thomas, a lawyer turned financial coach and host of the Wealthyesque podcast, shares her expertise and strategies for how lawyers can master their money to achieve financial independence and freedom in their lives.

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Student Loan Videos and CLE

Student Loan Repayment Strategies to Reduce the Financial Stress on Your Legal Career

Student loan debt can cause real stress, affecting your well-being and thus your ability to serve your clients. Understanding your options can reduce the anxiety caused by this financial stressor to help you be a better lawyer and effectively represent your clients.

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Understanding and Navigating the Student Debt Crisis

The ABA dives into the 2020 Student Loan Debt report’s findings and discuss proposed solutions – on both the practical, personal level and the systemic, policy level – to address these critical issues.

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Key Strategies for Managing Student Loans and Other Debt

Debt and Credit Strategist Jen Lee and Creative Joy Director Samorn Selim, both lawyers, will share their expertise on how law students and lawyers can navigate the waters of debt and careers.

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