Crushing Debt Alters Lives of Young Lawyers, ABA Survey Reveals

A new survey by the American Bar Association paints a stark picture of the financial strain young lawyers face. Student loan debt is not only reshaping their career paths but also disrupting their long-term financial stability. According to the survey, two-thirds of young attorneys are battling significant stress and anxiety due to their financial burdens, with 68% of those carrying debt feeling the pressure the most.

The survey, conducted by the ABA’s Young Lawyers Division in collaboration with AccessLex Institute, included over 700 lawyers under 36. Findings revealed that debt is forcing many to postpone key life decisions—like marriage, homeownership, and having children. Alarmingly, 76% of respondents reported delaying or giving up these milestones due to their financial situations.

The financial picture looks particularly bleak for those with the heaviest burdens. Lawyers with student loans exceeding $100,000 frequently reported feelings of depression and hopelessness. Nearly a quarter of those surveyed found their loan balances had grown after graduation, with income-based repayment plans being a common culprit. These plans, while capping monthly payments based on income, often leave the principal untouched, leading to ballooning debt over time.

Despite financial struggles, the survey revealed that 74% of young lawyers would still choose to pursue a law degree, with a majority stating they would attend the same law school. However, the burden of debt has forced many to alter their career paths. Seventy-five percent admitted changing their initial career plans, and a third ended up in jobs less centered on public service due to the salary constraints such roles typically impose.

The survey also highlighted disparities in borrowing patterns, with Black, Hispanic, and first-generation college students more likely to rely on loans to finance their education. While 18% of respondents are participating in the Public Service Loan Forgiveness program, the overwhelming financial load continues to weigh heavily on young legal professionals.

In a legal landscape where student debt remains at an all-time high, surpassing $1.7 trillion nationally, young lawyers are finding their professional and personal choices increasingly defined by the burdens they carry.

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