“What Federal Loans Do for Law Students and Law Schools”
That’s the title of another excellent post by law professor Brian Tamanaha at the National Law Journal’s new Law School Review forum/blog. Tamanaha sketches how law schools “are engorging themselves on the federal loan program,” with law students and federal taxpayers bearing the long-term costs. An excerpt:
We are talking about real money here—and nearly all of it goes directly from federal coffers to law school bank accounts. The students are conduits for the money. These student-conduits bear the burden of the loans in the first instance, and the federal government thereafter. The average debt of graduates at all of these schools was well above $100,000. Not all of this debt will be fully paid in the end. Law schools get their money up front.