The consensus on the Interwebz seems to be that student loan debt is nearing a crisis, and could possibly be the next “bubble” to burst.

For 3Ls like me, and for recent grads (If you’ll recall, one Miami International University of Art and Design student channeled Beyonce in singing about her worries), we don’t need news reports and diagrams telling us that we are dangerously treading through the doodoo of debt with each step we take during law school.

But just in case the student loan debt news hasn’t gotten to you, here’s a nifty graphic from the Healthcare Administration that could put it in perspective.

Exposing the Student Loan Racket in America

Via Above the Law, via HealthcareAdministration.com

 

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In addition to the California Barzam in July, one of the things facing us 3Ls after graduation is that small slip of paper that stuck us with a ginormous amount of debt that we will probably be paying off for the next, oh, bajillion years or so.

True, we have more options now with income-based repayment, and loan forgiveness for those of us entering public service jobs, but that doesn’t make the debt monster any less scary, especially when the countdown clock to when the debt monster needs to feed starts the minute we flip our tassels.

Right now, I’m watching the Boyfriend – who took the July 2011 California Barzam – watch the calendar as he scours job postings for any available district attorney job in California. With each day that passes, that date when loan payments must start comes closer and closer, even though an actual, paying job is literally and figuratively miles and miles away.

Scary.

There is some comfort, however, knowing that law students are not alone in their struggle with student debt. Apparently, a Bachelor of Fine Arts degree from the Miami International University of Art and Design is almost as costly as a law school edumucation. Grad Franchesca Leigh Ramsey owed more than $100,000 in student loan debt by the time she finished her studies there.

But rather than blog about her fears and frustrations, she channeled Beyonce.

I would generally agree that dancing and singing to Ms. B does have cathartic value.

But where girls may run the world in The Fierce Ms. B’s version of it, debt will probably run mine and many other graduates’ post-grad world for the foreseeable future.

Yup. That means bills, bills, bills.

Video via Good, based on “Countdown” by Beyonce

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