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It’s tough not to judge college grads these days when they say they’re going to law school.Don’t they know law school is officially a bad idea, and even, arguably, a total scam?
That attitude is precisely why now is the perfect time to think about going to law school, George Mason law professor David Bernstein argues today in The Volokh Conspiracy.
Bernstein says advice he gave to a reader back in 2008 about whether he should buy a house applies to the law school situation: “I responded the best time to buy real estate, or really any investment, is when ‘everyone’ is saying it’s a terrible investment.”
It’s true that law schools have been increasing their financial aid awards in response to the plummeting number of applicants. And it’s probably easier to get in now with less competition, Bernstein says.
But, to make a somewhat obvious point, buying a house isn’t the same as getting a law degree.
Even if the value of your property drops, there’s still a chance you could sell your house and get some of your money back. And in the meantime, you’ll have a place to live.
As a law school grad, you could still get screwed even if you get a hefty financial aid package.
Even if you get 80 per cent of your $50,000-a-year tuition paid for with scholarship money, you could still end up with $30,000 in debt over three years, plus $45,000 for living expenses those years.
You might be better off buying a house.