While other people on here might disagree with this, my opinion is that if you don't have to pay for it and you'll be living in the area you want to live and get a job, go for it!! UNLESS you live in an market flooded with higher ranked schools. If you live in say, Boston, where you will be competing with Harvard, BU, BC, Northeastern, and on down, you might be in a situation where people that are lower ranked in their classes might crowd you out in the smaller firms. But, if you want live and work in Little Rock, Arkansas, I don't think you'll encounter any problems going to UALR for free.
Advice from a recent low T1 grad: Go to a T14 if possible otherwise go somewhere offering you $$$ or a cheap in-state school. I promise.
the problem is that a "decent income" working for a small firm is not going to be $70,000 a year in most cases. biglaw pays around $100-160K....the next step down is often to $35,000-50,000 a year. so if you're comfortable earning that salary out of law school, tier 3/4 without loans should be fine.