The American Dream

In the NYTimes today: Robert Bowman, 47, aspiring lawyer, has $435,000 in student loan debt and was denied admission to the bar because of failure to make loan payments.

The story here isn't that Mr. Bowman was denied admission to the bar. It's that he was allowed to accrue so much debt in the first place, when he had no hope of landing a job that could repay it. The average lawyer in this country doesn't make much money, contrary to popular belief. A graduate of some no-name law school (UC Hastings), Mr. Bowman would be lucky to find a job paying 50-60k in this economic climate. Even with a frugal lifestyle, that amount is not compatible with paying over $200k in debt, much less over $400k, in a reasonable time frame, especially if other goals (like having a family) are present. Mr. Bowman perhaps is not to blame. After all, he grew up in foster care -- his parents weren't there to tell him how dumb of an idea this path was. But the system has failed him. His counselors, in college, and most of all, Sallie Mae, from whom he obtained his 36 loans (!), have failed him.