The ABA YLD’s Student Loans and Financial Wellness advocates for reduced loan burdens while providing practical resources for managing debt.
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
2021 Survey Report
In contrast to the 2020 survey, the 2021 survey was administered against the backdrop of the COVID-19 pandemic, subsequent and ongoing efforts to rebound from its negative impacts, and related events such as the temporary suspension of student loan payments, distance learning and remote overwhelming stress over finances in general.
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.
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.
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, which would update the Equal Pay Act of 1963.
Public Service Loan Forgiveness
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.
More Congressional Action
Read ABA Past-President Reginal Turner's Op-Ed about the overwhelming debt that is burdening new graduates and affecting the American economy.
A Comprehensive Checklist for Managing Your Finances During Law School
The best time to learn about your loans and repayment options is now—in law school. This comprehensive 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Understanding and Navigating the Student Debt Crisis
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.
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.