Saturday, March 25, 2017
Following up on last week's post, 2018 U.S News Law School Rankings: Average Student Debt: Derek Muller (Pepperdine), Most Law Schools Have Become More Affordable in the Last Three Years:
It seems like a crazy headline, but it turns out that the decline in supply of prospective law students has yielded the expected decline in cost at most law schools over the last three years.
A few years ago, I noted that 30 law schools had become more affordable over a three-year period. I thought I'd see what might have changed since then. ...
I calculated 3.0% inflation between 2013 (the class whose debt load is included in the 2015 rankings) and 2016 (the class whose debt load is included in the 2018 rankings) and adjusted the 2013 figures accordingly. The debt figures listed on the site are an average for those who incurred debt; to arrive at a more accurate picture of the debt load of the class as a whole, I then factored in the percentage of students who graduated without any debt to reach an overall average.
Among the 163 schools, 115 saw a decline in overall debt loads; just 48 saw an inflation-adjusted increase.
Thirteen law schools had a 25% or more decline in inflation-adjusted student debt between 2013 and 2016:
Seven law schools had a 25% or more increase in inflation-adjusted student debt between 2013 and 2016:
Update: ABA Journal, Law School Debt — And Private School Tuition Revenue — May Be Declining