Exorbitant law school debts plague Ontario law students. Yet as students we are often told not to worry about our debt.
“Everything turned out fine for me when I graduated law school”.
“Just wait. You’ll pay it off. It’s not so bad”.
“You can’t possibly owe that much!”
The time has come to demystify these statements.
Ontario’s law school tuition has increased from an average of $15 819 in 2010 to $20,303 in 2014. Consequently, more students are incurring unsustainable debt as tuition steadily increases across the province. The average graduating law student in Ontario bears a debt burden that for many, reaches above $100,000 and consists of both private bank loans and Canada Student Loans. Meanwhile, the average annual salary for a first year associate in Canada has fallen to $66, 000, a 9% drop from last year, which had already seen a five per cent year on year decline.
We need a frank and public discussion about how much today’s students owe.
We cannot be shy or embarrassed by our debts.
We need to demonstrate clearly that we will not sit by as interest mounts and tuition fees climb.
Let’s put the numbers front and centre. Let’s let the numbers speak for themselves.
Raise your voice, tweet your debt.