via
iStock)
Student
loan
debt
is
one
of
the
worst
souvenirs
a
law
school
graduate
can
take
on
as
a
reminder
of
their
alma
mater.
Without
taking
six
figures
in
loans,
many
hopeful
lawyers
wouldn’t
be
able
to
attend
their
dream
(or
fall
back)
schools.
At
the
time
of
signing,
the
focus
is
usually
on
repaying
the
principal
—
now
that
I’ve
borrowed
$100k,
how
will
I
pay
the
$100k
back?
As
you
pay
your
payments
and
life
catches
up
to
you,
the
focus
is
usually
on
figuring
out
how
your
debt
grew
to
$130k
after
several
years
of
on-time
payments.
It’s
the
compounding
interest
that
gets
you.
SAVE
stepped
in
as
a
lifeline
to
troubled
debtors:
it
brought
some
forbearance
and
lightened
the
weight
of
that
compounding
interest
we’ve
all
grown
to
loathe
so
much.
As
great
as
it
was
while
it
lasted,
the
start
of
August
brings
with
it
the
end
of
SAVE
saving
you
from
compounding
interest.
CBS
has
coverage:
Millions
of
people
with
student
loans
who
had
signed
up
for
a
Biden-era
repayment
plan
will
start
seeing
interest
accrue
to
their
accounts
starting
today,
Aug.
1,
a
change
that
could
result
in
an
additional
$300
in
monthly
costs
for
the
typical
borrower,
according
to
one
analysis.
…SAVE
enrollees
can
opt
to
remain
in
forbearance,
which
means
they
won’t
need
to
make
monthly
payments,
but
“the
most
significant
impact
is
that
your
total
loan
balance
will
start
growing
again”
because
interest
will
resume,
Bethany
Hubert,
a
financial
aid
specialist
at
lender
Earnest,
told
CBS
MoneyWatch.
In
short,
damn
it.
The
good
news
is
that
if
you
could
make
it
through
Federal
Courts,
you
can
figure
out
the
theory
behind
paying
off
your
student
loans.
A
practical
approach
would
be
to
stay
up
to
date
with
your
payments
and
pay
off
the
minimum
balance
every
month.
If
you
can
afford
to
drop
a
little
extra
money
in
your
servicer’s
coffers,
see
which
debt
will
cost
you
the
most
in
the
long
run
and
pay
that
one
down
the
most
aggressively.
Typically
that
looks
like
finding
the
debt
with
the
highest
interest
rate
on
it
and
paying
that
one
down,
but
your
specific
situation
may
vary.
Best
of
luck
paying
down
your
student
loans,
especially
to
people
who
were
on
a
public
service
route
for
loan
forgiveness
and
got
screwed
over.
Funny,
they
still
managed
to
budget
in
some
loan
forgiveness
to
ICE
agents.
Wild
priorities.
Student
Loan
Interest
For
Millions
Resumes
Today.
The
Average
Monthly
Payment
Could
Rise
$300.
[CBS
News]
Chris
Williams
became
a
social
media
manager
and
assistant
editor
for
Above
the
Law
in
June
2021.
Prior
to
joining
the
staff,
he
moonlighted
as
a
minor
Memelord™
in
the
Facebook
group Law
School
Memes
for
Edgy
T14s
.
He
endured
Missouri
long
enough
to
graduate
from
Washington
University
in
St.
Louis
School
of
Law.
He
is
a
former
boatbuilder
who
is
learning
to
swim, is
interested
in
critical
race
theory,
philosophy,
and
humor,
and
has
a
love
for
cycling
that
occasionally
annoys
his
peers.
You
can
reach
him
by
email
at [email protected]
and
by
tweet
at @WritesForRent.