Yes that is somewhat correct, but that is true of any form of education. The world is getting more and more competitive, law school is outrageously priced, but you can make it up. You need to realize that education is a LONG TERM investment odds are if you go to a tier 3/4 you may start out making only 50k, which when faced with a 100k loan accruing interest seems sh***y. However, if you are a halfway competent attorney in a few years you will be more experienced and be paid more generally.
Sometimes I feel like I just go around this board disagreeing with bigs, but somebody's got to do it.
Thinking of 50k a year as a worst case scenario is horribly wrong. You may start out making nothing.
Plenty of people who are competent but just didn't get their foot in the door end up working contract attorney jobs (doc review) where regardless of number of years of experience, you get paid the same amount and have few opportunities for professional advancement.
Bigs paints an entirely too rosy picture of things.
Yes the debt is an issue, but believe it or not it is a GLOBAL recession and jobs are and will always be hard to come by in any field.
The problems with employment for graduates of lower-tiered law schools existed long before the current recession. Even during the boom, it was an uphill battle.
It sounds like you have the right attidue, and if you want to practice law go to law school.
This is like saying, "if you want to fly go ahead and jump out that window." OP, I'm not saying DON'T go to law school. Just think through whether or not it's a smart decision. Even if you're competent and hard-working and know what it is to struggle, that doesn't make handling a massive debt load on minimal income any easier to handle. Bigs is correct to an extent that the problems with law school costs are shared with all types of education. That's because it's a problem for all types of education, not because it's not a problem anywhere. Law school is probably just the worst example.
In terms of your actual question about the Master of Jurisprudence, I've never heard of it being of practical use anywhere. I would look into the JD only, and pursue it if after collecting all necessary information, it makes sense from every angle.