RSS FeedLawyer Disbarred for Student Debt
As reported by The Globe and Mail, Houston-based lawyer Frank Santulli has been stripped of his licence to practice law because of his student debt. Santulli has carried US$67,000 in outstanding loans since 1998 and failed to follow a plan to repay them:
So two courts have now found a logical connection between Santulli’s ethical soundness and his ability to pay back massive debt. Could the same thing happen in Canada? Well these are tough times (comparatively) for lawyers entering the market, and a study four years ago found that “27 percent [of all current law students] expected to have debt of $40,000 to $70,000 and 13 percent expected to graduate with over $70,000 of debt.” With some students graduating with up to $100,000 owing, Mr. Santulli’s tale is a reminder to keep track of your debt, figure out how you’re going to repay it, and to live the frugal life as a law student.
