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Saturday, May 5, 2012

Average Cost of Law School for Entering 1L Class: $195,000 $211,000

Law School Transparency 2Following up on my prior posts:

National Law Journal, It Gets Worse — Organization Underestimated Law School Debt:

The news just keeps getting worse — at least as far as financing a legal education goes.

Law School Transparency has recalculated its estimates of the debt that law students stand to incur after discovering that a number of schools had low-balled the cost-of-living figures that they provided to U.S. News & World Report. On average, schools underreported those expenses — upon which the organization pegged its initial estimates — by $5,000, according to the Law School Transparency's executive director, Kyle McEntee. Additionally, the organization made several mistakes in its handling of the U.S. News data, which contributed to the problems, he said.

Recalculating using the cost-of-living figures the schools posted on their Web sites pushed the debt estimates even higher. For the class of 2015 — that is, students who will enroll next fall — the new figure is $210,796 (compared to the initial estimate of $195,265). For the class of 2016, the new figure is $216,406 (compared to 200,595).

Those projections assume students rely on federal loans to pay the full cost of tuition and living expenses, and that students attending public institutions pay the higher, non-resident tuition rates. The estimates account for interest, tuition increases and inflation.

Jonathan Adler, a professor at Case Western Reserve University School of Law, flagged the discrepancy in the cost-of-living figures, which typically include room, board, books and fees, medical costs and other personal and entertainment expenses. Adler noticed significant differences in the cost-of-living figures provided by different law schools within the same metropolitan areas. ...

McEntee apologized for the oversight, calling it "deeply embarrassing." But he questioned why the numbers schools reported to U.S. News were different from what the schools reported on their own Web sites. ... "It's better to get the data straight from the schools themselves rather than through a third party," McEntee said May 4. "That's what we'll do from now on, as much as possible."

Correcting the estimates isn't the only update Law School Transparency has made to the comprehensive database of post-graduate information that the group debuted on April 30. The debt projections initially only included out-of-state tuition figures for public schools. The organization has since added debt projections using in-state tuition figures. It projects that, on average, in-state members of the class of 2015 at public law schools will owe $146,314, while the class of 2016 will owe $150,081.

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