It’s no secret that many people graduate from law school with significant debt. Tuition can run $30,000 or more per year, and many students take out extra loans to cover books, rent, and personal expenses during school. After graduation, they may take on more debt to cover living expenses while studying for the bar exam and before starting work. Some firms offer a salary advance or even a signing bonus to help students bridge the gap between school and work, but even with that extra help, you may end up owing more than six figures in debt by the time you graduate.
At least, I did. And less than five years after graduation, I had paid it all off.
There are many ways to think about paying off your loans. How quickly you are able to do it depends in large part on your salary, but even if you’re not making biglaw bank, you can create a plan to pay down your loans quickly by setting your priorities and managing expenses.
Paying my loans off quickly was a priority for me because while I was fortunate to have a biglaw job after law school, I had no idea how long it would last. I also didn’t want to have to make all my career choices based on money while my loans were hanging over my head.
So here are the five steps I took.