"good investment" is a relative term. If you read my earlier posts I was argueing with some idiot who wanted to believe that most lawyers will make under $30K. You are saying(very correctly) that most will make well over $55K. Many will make well over $100K.
This is a good thing. I think we both should be able to argue that.
We also agree that students loans are payable based on income. So a "huge" debt is a relative term also. If you make the big bucks, you can pay it back with little problem(so why thebitchin?
) If you get screwed and make tiny amounts, you walk away debt free since it evaporates in a few years anyways with $0 payments, or close to it.
You are right most will make in the middle at first, and it will help them ease into it. People just want to cry. Let them cry.
In all reality what else is there out there? Medical school? Fine, but most lawyers wouldn't be fit to work in a butchershop let alone an ER.
That leaves what, cutting hair?
My point is that on the income based loan repayment plan, most people will end up paying all of their loans back because they won't always be stuck at a low income for 25 years. It gives people the opportunity to ease into the payments, but it's not an enviable situation.
If you have 120k in debt and two kids, you will have to pay about 275 bucks a month under the plan if you make 55,000 a year. If you are stuck at 55,000 for the next 25 years then you will only have to pay 87,500 back. I'd hate to think anyone would only average 55k a year as an attorney, but I guess that might happen.
The majority of people will have to pay a lot more later than they would have under a normal plan.
You are essentially arguing that going to law school isn't a bad decision even if you go to a T4 and graduate with a ton of debt. We are arguing that your statistical chance of that being a good financial investment is very low. But go ahead and make the most of it if that's what you want out of life.