The University of Michigan Law School has unveiled an online Debt Wizard to help prospective students:
Our Debt Wizard is a calculator that provides a simple means to
explore your ability to service your prospective law school debt under
various repayment options in multiple locales.The model has just a few variables: type of post-grad employment
(five possible choices); geographic market (11 choices—at the moment;
we're interested in adding more);
and law school debt level (six choices). Choose one of each variable to
produce a graph that displays a rich array of data illustrating 12
possible levels of annual salary (based on national NALP data; detailed information about Michigan Law-specific outcomes and salaries is available on our Career Planning site), each with four approaches
to loan repayment and management. When you move your cursor over each
of the four approaches, a rollover box will appear showing a monthly
breakdown of net income and the estimated amount necessary to manage law
school debt plus housing; the percentage of monthly net
(post-tax) income that the debt plus housing amount represents; and the
remaining monthly income available.
- ABA Journal, Law School’s ‘Debt Wizard’ Breaks Down Loan Repayment by Cities and Salaries
- Above the Law, Using Michigan Law’s ‘Debt Wizard’ Should Be Part of the LSAT Games Section
- Business Insider,
One Law School Reveals the Scary Reality of Paying Back Massive Debt
- National Law Journal, Michigan's 'Debt Wizard' Offers Law Students a Glimpse of Their Futures




