Providing research and solutions to help understand the impact of student loan debt on the personal and professional lives of relatively new lawyers
Long-term debt is inescapable for most people who want to be a lawyer today. It’s a barrier to entry into the profession and a threat to its stability.
The ABA YLD’s Student Loans and Financial Wellness Committee advocates for reduced loan burdens while providing practical resources for managing debt.
The 2024 survey results offer new insights regarding young lawyers’ experiences with the COVID-19 student loan repayment pause, their plans in the event of loan forgiveness, their satisfaction with loan servicers.
This free webinar replay discusses the key takeaways from the survey, the ABA’s advocacy efforts on student loan debt reform, and how the results of this survey will impact future efforts.
Accruing interest can significantly affect your student loan debt. Learn how to mitigate its financial impact by understanding the mechanics of interest and taking proactive measures to manage it.
Respondents to the ABA Young Lawyers Division 2024 Student Debt Survey indicate that student loan debt caused them to alter their career plans. Many report feeling depressed and hopeless.
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.
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.
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.
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.
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.
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.
The best time to learn about your loans and repayment options is in law school. This checklist outlines everything you need to know about your finances and budget so you can focus on academics and make the most out of law school.
Research indicates that debtors report significantly higher rates of depression, anxiety, and anger than individuals living without the burden of debt.
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.
Financial expert Melissa Cecchine discusses the essentials of conscious financial management. She shares insights into overcoming financial fears and building smart wealth strategies.
Navigating finances in the early stages of your legal career can be overwhelming. Learn strategies for growing your savings, paying off debt, managing credit, making smart investments, and other essential tips for building a strong financial future.
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.
The ABA examines the 2020 Student Loan Debt report’s findings and discusses proposed solutions—on both the practical, personal level and the systemic, policy level—to address these critical issues.
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.
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.
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.
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, which would update the Equal Pay Act of 1963.
On February 18, 2020, the ABA reached a settlement agreement with the US Department of Education that resolved a controversy concerning the eligibility of ABA employees for the PSLF program.
Read ABA Past-President Reginal Turner's Op-Ed about the overwhelming debt that is burdening new graduates and affecting the American economy.
