Michigan Law has created an online calculator called the “Debt Wizard” that helps current and prospective law students better understand their student loan obligations and how their perspective career paths may impact them financially. The Debt Wizard has 11,000 possible loan repayment scenarios, which students can explore by choosing variables from three types of information: 11 post-grad employment fields; 11 geographic market areas; and 6 law school debt levels. The calculator then produces a graph illustrating possible levels of annual salary, with each level offering four different loan repayment and management approaches. Though the Debt Wizard is specific to Michigan Law, the school states the calculator was designed to be relevant to students anywhere.
Cindy Pham is a third year law student at the University of Denver Sturm College of Law and contributes to IAALS Online. Please direct inquiries about this post to firstname.lastname@example.org.