|Staggering educational debt statistics confirmed in 2015 ISBA Economic Survey|
Data from the 2015 ISBA Economic Survey confirms that educational debt is still a major issue for Iowa attorneys entering practice. According to the survey results, attorneys who have practiced for fewer than 10 years had $117,000 in educational debt on average at graduation.
More than 57 of the 288 respondents reported that there are 25 or more years remaining in repayment for their educational loans before the balances are paid in full. On average, respondents reported that there are 15.5 years remaining on the terms of their educational loans. Based on the responses, the average monthly payment on educational debt is $782.
These figures and more are included in the data from this year’s survey, conducted by Readex Research. Survey results also provide more detailed information on educational debt held by Iowa attorneys licensed for fewer than 10 years and average salaries for both new and more experienced attorneys based on a variety of practice factors including average overhead expense, average billing rates and average weekly work hours.The complete 2015 economic survey report will be released at the 2015 Annual Meeting.