Why does law school cost so dang much? The ABA ponders the question.

At its first public hearing, the ABA's new Task Force on the Financing of Legal Education spent much of its time trying to determine exactly what is leading to increases in law school tuition, and debilitating debt loads being carried by so many law students.

The task force, chaired by former Detroit mayor and onetime ABA President Dennis Archer, met over a day and a half Saturday and Sunday during the ABA's Annual Meeting in Boston. Its aim is to examine the cost of legal education for students, and to explore student lending and how law schools are being financed. Beginning with the public hearing, the task force is delving into how law schools use merit scholarships, tuition discounts and need-based financial aid.

Article here (via taxprof blog). 

Former Detroit Mayor Archer to lead ABA Task Force on Legal - Ed Financing

The task force is charged with looking at the cost of legal education for students, the financing of law schools, student loans and educational debt. It will also consider current practices of law schools regarding the use of merit scholarships, tuition discounting and need-based aid.

Article here (via TaxProf blog). 

Federal government profits on student loans by $41.3 billion

The federal government made enough money on student loans over the last year that, if it wanted, it could provide maximum-level Pell Grants of $5,645 to 7.3 million college students.

The $41.3-billion profit for the 2013 fiscal year is down $3.6 billion from the previous year but still enough to pay for one year of tuition at the University of Michigan for 2,955,426 Michigan residents.

article here.

Default rates on student loans are skyrocketing

article here.

Work and live in Michigan? Have student loans? Tax break time!

Students who stay in Michigan after graduation could be in line for a tax break on their student loan payments under a bill that advanced out of a state Senate committee on Wednesday.

Article here. 

Law School student debt could be even more terrifying in the future

Thinking your student loan repayment is high? Well, be glad your tuition is still not charging, according to this article.Even though enrollment is down, cost remains the same at many law schools. But according to the article, costs will get even higher in the next few years.

Part of the problem in my opinion is that tuition rates change as you're enrolled. So that means what cost you A when you enrolled costs A x2 by the time you graduate. So why can't students only agree to pay the tuition rate they were enrolled at? Sounds fair to me.

Reasons to leave Big Law, or to never go there in the first place

Thinking you have to work a job in Big Law to pay off your student loan debt? Or just wanting to get there because it's a good end goal? Read this list and think again. 
I think #3 is my top on the list.