With lower starting salaries and higher tuition rates, today’s law students face tough decisions when it comes to financing their education. In addition to school rank, employment rates, and average starting salaries, future lawyers need to be aware of loan terminology and how it affects their future ability to pay. But how much do you have to know to make an informed decision? Unfortunately, there is a lot to consider, including your future area of law, fixed vs. variable interest rates, short term loans vs. long term loans, tax implications, federal requirements, and much more. The good news is, there are organizations and people who can help.
In this episode of ABA Law Student Podcast, hosts Fabiani Duarte and Madison Burke deep dive the treacherous waters of student loan debt with CommonBond CEO and Co-Founder David Klein. Together, they review many factors students should consider before signing one of the biggest contracts of their lives. In addition, they present a case study that may alarm some prospective borrowers.
David Klein is CEO and co-founder of CommonBond, a lending platform that focuses on lowering the cost of student loans for borrowers and provides financial returns to investors. Prior to CommonBond, David worked in consumer finance at American Express as director of strategic planning and business development, where he led a $250M annual business. David started his professional career as a consultant at McKinsey & Company, where he advised clients in the financial services industry.