There’s plenty of bad things to say about law schools that overcharge students, especially the poorly qualified sort who have a meager chance of getting a good enough legal job to pay back their student loans. With the second-highest tuition in North Carolina, Charlotte Law is certainly the overcharging type. Yet most people don’t consider that the real cause for exorbitant tuition and poor outcomes for law students is both the mandatory bar exam and the ABA’s monopoly on legal accreditation.
At law schools, the debt problem is exacerbated by the dim employment prospects awaiting graduates. More than 10 percent of law students find themselves without a legal job following graduation, and that number seems low when one considers that it conceals poor employment outcomes and large debt loads concentrated in low-tier schools.
If Pennsylvania residents think taxes are high now, wait until they catch wind of the bill they’ll be footing under a new Obama administration regulation that could allow thousands of students to default on their loans.
The “borrower defense to repayment” regulation, created during the Clinton administration, was originally established to protect students from being exploited by universities.
If a university were to break state laws, students could petition to challenge their loan repayments.
However, newamendments to these regulations, which are currently in review before final publication, creates murky waters for students to evade repaying their loans, forcing taxpayers to pick up the tab.
Today’s Young Voices Podcast features Sergio Monreal and YV Advocate Stephanie Downey discussing federal plans to alleviate student debt by allowing students to sue institutions if they feel they’ve been mislead by the institution, regarding job placement, average salary, etc.