Paul L. Caron

Wednesday, October 30, 2019

Freestanding Law School Student Loan Default Rates Are Below 2%

The National Jurist, Law School Loan Default Rates Low, With Median Below 2%:

[T]he law school with the highest default rate for [2016] was Massachusetts School of Law at Andover, a school that is not accredited by the American Bar Association, at 5.5%. Coming in second was Mitchell Hamline School of Law in St. Paul, Minn., at 4.80%.

The numbers come from a national survey of default rates by LendEDU, a website that helps consumers learn about and compare financial products. It broke down data provided by the U.S. Department of Education. The full report can been seen here.

It’s hard to judge the overall picture when it comes to law schools, though. The default rate of law schools affiliated with universities is not known because those figures are lumped in with the parent university’s overall default rate.

Data is only available for [the 22] freestanding law schools.

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As every last student and graduate can sign onto an income-based repayment plan even if they are out of work, there is no reason any law school should have a default rate over 0.00%.

That being said, these numbers are significantly lower than in the mid-2000s private student lending craze; I remember seeing securities ratings predicting double-digit default rates for at least one class of private law school loans. And that was before the Great Recession, mind you...

Posted by: Unemployed Northeastern | Oct 30, 2019 9:18:31 AM