Why ignorant? Look at this:
The key to PSLF is that it doesn’t matter what you do at a nonprofit or in government, as long as you work for an entity focused on public service. So you can be an administrative assistant at a public school, not necessarily a teacher, and still qualify.Money shot.
The article's frame story features a Lewis & Clark graduate who has around $160,000 in student loan debt. Take two scenarios:
A: Graduate works as a full-time crap school admin job making $25k/year. Works the job 10 years.
B: Graduate works as a full-time private sector attorney with a $45k salary to start in flyover country and somehow manages to hang on at an eat-what-you-kill place for 10 years.
Let's assume both are going to see a 3% annual rise in income. To keep matters simple, let's say the loans are accruing 7% interest, ignore taxes entirely, and assume that our graduates can pay 10% of gross income on their student loans.
After 10 years, Graduate B has made around $515,000. Graduate A has made only around $285,000. Graduate B owes around $225,000 on loans, wile Graduate A has over $250,000.
BUT Graduate A now has the power of PSLF. Like butter on a hot summer day, Graduate A's loan balance slides to 0.00 and Graduate A's effective income over the 10-year time span is now roughly $535,000. Graduate A is now debt free with 10 years of office experience and boatload of stories about peoples' cats and/or nieces and nephews.
Sure, at some point, Graduate B is going to cash in on lawyer riches and, if 30 years comes before death, Graduate B will get a discharge, too. But at that moment in time, 10 years out, Graduate B has made more money.
And yet, when people discuss law school employment, what do we hear? An obsession with JD-required jobs. Why are we not concerned with landing new attorneys in public school administrative assistant positions? The JD Advantage could provide an immense benefit to public school offices. Imagine a Socratic approach to the morning announcements, or keen negotiation skills saving the school district money on bulk supply orders.
You people not only don't care about your graduates' economic fates, you seem to not care about The Children.