Which law schools have the best and worst debt-to-income ratios among recent graduates?
The Wall Street Journal recently highlighted data disclosures from the Department of Education concerning debt and income outcomes of graduates across a variety of metrics—institutions, majors, degrees, and so on. One intriguing figure is the “debt-to-income” ratio, or how much student debt recent graduates have compared to their earnings. Lower is better. (A slightly better way is to calculate what percentage of your monthly paycheck is required to service your monthly debt payment, or the debt-service-to-monthly-income ratio, but this gives a good idea of the relationship between debt and income.)
I took the raw data file and pulled out all domestic schools that had a concentration in “law” for a “doctoral degree” or “first professional degree.” I then compared the median debt load to the median earnings figures. The Department of Education site defines these figures as follows:
Field of Study Median Earnings
The median annual earnings of individuals who received federal financial aid during their studies and completed an award at the indicated field of study. To be included in the median earnings calculation, the individuals needed to be working and not enrolled in school during in the year when earnings are measured. Median earnings are measured in the first full year after the student completed their award.
These data are based on school-reported information about students' program of completion. The U.S. Department of Education Department cannot fully confirm the completeness of these reported data for this school.
For schools with multiple locations, this information is based on all of their locations.
Field of Study Median Total Debt
The median federal loan debt accumulated at the school by student borrowers of federal loans (William D. Ford Federal Direct Loan Program, the Federal Family Education Loan Program, and Graduate PLUS Loans) who completed an award at the indicated field of study. Non-federal loans, Perkins loans, and federal loans not made to students (e.g., parents borrowing from the federal Parent PLUS loan program) are not included in the calculation. Only loans made at the same academic level as the award conferred are included (e.g., undergraduate loans are not included in the median debt calculation for graduate credential levels). Note that this debt metric only includes loans originated at this school, so this metric should be interpreted as the typical debt level for attending this school alone, not necessarily the typical total debt to obtain a credential for students who transfer from another school. For schools with multiple locations, this information is based on all of their locations.
These data are based on school-reported information about students' program of completion. The U.S. Department of Education Department cannot fully confirm the completeness of these reported data for this school.
That means debt loads can of course be higher if undergraduate loans were factored in. These count Academic Year 2015-2016 & 2016-2017 figures.
A number of elite schools are near the top—despite their high debt levels, they translate into high median incomes among their graduates. A number of lower-cost schools also fare well near the top.
A good rule of thumb is that “manageable” debt loads are those where debt is about equal to expected income at graduation—i.e., a ratio of 1.00 or lower. Only 11 schools meet that definition among median debt and earnings, and a few others are close. Many are significantly higher than that.
Of course, medians are likely skewed in other ways—the highest-earning graduates likely received the largest scholarships and, accordingly, graduated with the lowest debt. But, the figures are below. I sort by the lowest (i.e., best) debt-to-income ratio. (Due to size of chart, results may be best viewed on a desktop or on a phone turned sideways.)
| School | Debt-to-Income Ratio | Median Debt | Median Income |
| Stanford Univ. | 0.77 | $120,410 | $156,700 |
| Harvard Univ. | 0.84 | $133,617 | $158,200 |
| Duke Univ. | 0.85 | $138,000 | $162,200 |
| Univ. of Pennsylvania | 0.86 | $149,729 | $175,100 |
| Univ. of Chicago | 0.86 | $146,806 | $170,500 |
| Cornell Univ. | 0.88 | $153,937 | $175,200 |
| Northwestern Univ. | 0.91 | $156,418 | $171,900 |
| Brigham Young Univ.-Provo | 0.91 | $51,250 | $56,200 |
| Columbia Univ. in the City of New York | 0.92 | $165,314 | $180,300 |
| Yale Univ. | 0.98 | $126,398 | $128,900 |
| Univ. of Iowa | 0.99 | $62,249 | $62,700 |
| Univ. of Connecticut | 1.01 | $69,085 | $68,600 |
| Washington Univ. in St Louis | 1.02 | $81,500 | $79,800 |
| Univ. of Virginia-Main | 1.05 | $158,376 | $151,500 |
| New York Univ. | 1.05 | $183,857 | $175,800 |
| Univ. of Wisconsin-Madison | 1.10 | $61,500 | $56,000 |
| Georgia State Univ. | 1.11 | $69,200 | $62,400 |
| Univ. of California-Berkeley | 1.12 | $151,136 | $135,400 |
| Temple Univ. | 1.14 | $69,583 | $61,300 |
| Boston Coll. | 1.14 | $100,594 | $88,300 |
| Univ. of Michigan-Ann Arbor | 1.14 | $145,182 | $126,800 |
| Wayne State Univ. | 1.16 | $67,640 | $58,300 |
| The Univ. of Tennessee-Knoxville | 1.16 | $61,500 | $53,000 |
| Univ. of Nebraska-Lincoln | 1.16 | $59,124 | $50,900 |
| Texas Tech Univ. | 1.16 | $70,006 | $60,200 |
| The Univ. of Texas at Austin | 1.18 | $106,598 | $90,100 |
| Vanderbilt Univ. | 1.19 | $129,030 | $108,800 |
| Univ. of Arkansas | 1.19 | $61,500 | $51,700 |
| Mitchell Hamline Sch. of Law | 1.21 | $64,429 | $53,200 |
| Univ. of California-Los Angeles | 1.26 | $121,453 | $96,600 |
| Univ. of North Dakota | 1.26 | $61,500 | $48,800 |
| Univ. of Kansas | 1.27 | $66,415 | $52,100 |
| Univ. of Kentucky | 1.28 | $69,860 | $54,400 |
| Univ. of Mississippi | 1.32 | $64,300 | $48,700 |
| The Univ. of Alabama | 1.33 | $68,992 | $51,900 |
| Purdue Univ. Global-Davenport | 1.34 | $76,508 | $57,300 |
| Univ. of Illinois at Urbana-Champaign | 1.34 | $90,928 | $67,700 |
| Univ. of Houston | 1.36 | $92,067 | $67,600 |
| Boston Univ. | 1.37 | $110,891 | $81,200 |
| Baylor Univ. | 1.37 | $91,401 | $66,800 |
| Univ. of Utah | 1.38 | $79,768 | $57,800 |
| Univ. of Hawaii at Manoa | 1.39 | $77,849 | $56,200 |
| Univ. of Oklahoma-Norman | 1.39 | $74,250 | $53,600 |
| Louisiana State Univ. & Ag. & Mech. Coll. | 1.41 | $71,422 | $50,600 |
| CUNY Sch. of Law | 1.43 | $78,224 | $54,800 |
| Univ. of Nevada-Las Vegas | 1.43 | $94,197 | $65,900 |
| Univ. of Georgia | 1.43 | $82,480 | $57,600 |
| Univ. of Missouri-Columbia | 1.45 | $71,603 | $49,500 |
| Univ. of Southern California | 1.45 | $129,223 | $89,300 |
| Villanova Univ. | 1.47 | $83,761 | $56,900 |
| Univ. of Tulsa | 1.48 | $75,326 | $50,800 |
| Univ. of Florida | 1.49 | $84,508 | $56,900 |
| Univ. of California-Davis | 1.49 | $99,716 | $67,100 |
| Quinnipiac Univ. | 1.51 | $82,000 | $54,300 |
| Washington & Lee Univ. | 1.52 | $97,276 | $64,200 |
| Fordham Univ. | 1.53 | $151,250 | $99,000 |
| Univ. of Arizona | 1.53 | $81,178 | $52,900 |
| The Univ. of Montana | 1.54 | $76,666 | $49,900 |
| Univ. of Cincinnati-Main | 1.55 | $76,173 | $49,300 |
| Indiana Univ.-Bloomington | 1.55 | $85,162 | $55,100 |
| Rutgers Univ.-New Brunswick | 1.55 | $82,000 | $53,000 |
| Georgetown Univ. | 1.56 | $163,688 | $105,000 |
| Univ. of South Dakota | 1.61 | $79,143 | $49,200 |
| Univ. of Wyoming | 1.62 | $84,032 | $52,000 |
| West Virginia Univ. | 1.65 | $84,227 | $51,100 |
| Univ. of Arkansas at Little Rock | 1.65 | $77,208 | $46,800 |
| Coll. of William & Mary | 1.65 | $98,700 | $59,800 |
| Case Western Reserve Univ. | 1.65 | $82,570 | $50,000 |
| Univ. of Memphis | 1.66 | $76,622 | $46,200 |
| Arizona State Univ.-Tempe | 1.66 | $94,325 | $56,800 |
| Massachusetts Sch. of Law | 1.67 | $75,467 | $45,300 |
| Duquesne Univ. | 1.67 | $84,428 | $50,600 |
| Ohio State Univ.-Main | 1.67 | $97,238 | $58,100 |
| Yeshiva Univ. | 1.68 | $111,031 | $66,000 |
| Cleveland State Univ. | 1.68 | $83,868 | $49,800 |
| Washburn Univ. | 1.68 | $82,194 | $48,800 |
| Univ. of New Mexico-Main | 1.69 | $83,999 | $49,600 |
| Pace Univ. | 1.69 | $102,821 | $60,700 |
| Univ. of St Thomas | 1.70 | $84,261 | $49,600 |
| St John's Univ.-New York | 1.71 | $112,662 | $65,900 |
| George Mason Univ. | 1.71 | $114,383 | $66,900 |
| Northern Kentucky Univ. | 1.71 | $79,951 | $46,700 |
| Concordia Univ.-Portland | 1.72 | $93,755 | $54,500 |
| Florida State Univ. | 1.73 | $81,159 | $47,000 |
| Univ. of Notre Dame | 1.73 | $130,589 | $75,500 |
| Univ. of Washington-Seattle | 1.74 | $109,405 | $63,000 |
| Univ. at Buffalo | 1.75 | $90,928 | $52,100 |
| Univ. of California-Irvine | 1.75 | $119,986 | $68,700 |
| Univ. of Akron Main | 1.75 | $73,756 | $42,200 |
| Michigan State Univ.-Coll. of Law | 1.75 | $90,674 | $51,700 |
| Univ. of Oregon | 1.76 | $88,306 | $50,300 |
| Drexel Univ. | 1.76 | $87,864 | $49,800 |
| Univ. of New Hampshire-Main | 1.77 | $89,700 | $50,800 |
| Univ. of Idaho | 1.77 | $85,550 | $48,400 |
| Illinois Institute of Technology | 1.77 | $104,921 | $59,300 |
| Southern Methodist Univ. | 1.78 | $134,484 | $75,600 |
| Univ. of Colorado Boulder | 1.80 | $101,626 | $56,600 |
| Univ. of Southern Maine | 1.80 | $94,364 | $52,300 |
| Humphreys Univ.-Stockton & Modesto | 1.81 | $89,317 | $49,400 |
| Brooklyn Law Sch. | 1.81 | $119,909 | $66,100 |
| Univ. of Richmond | 1.82 | $97,625 | $53,500 |
| Northern Illinois Univ. | 1.85 | $83,660 | $45,200 |
| Syracuse Univ. | 1.86 | $106,000 | $57,000 |
| Univ. of Minnesota-Twin Cities | 1.92 | $112,603 | $58,700 |
| Univ. of North Carolina at Chapel Hill | 1.94 | $107,059 | $55,300 |
| Emory Univ. | 1.97 | $131,738 | $66,800 |
| Univ. of Toledo | 1.99 | $81,546 | $41,000 |
| Pennsylvania State Univ.-Dickinson Law | 2.00 | $96,321 | $48,200 |
| Pennsylvania State Univ.-Main | 2.00 | $96,321 | $48,200 |
| Univ. of Missouri-Kansas City | 2.02 | $99,005 | $49,000 |
| Indiana Univ.-Purdue Univ.-Indianapolis | 2.02 | $109,422 | $54,100 |
| Univ. of California-Hastings Coll. of Law | 2.04 | $137,787 | $67,600 |
| Saint Louis Univ. | 2.04 | $106,638 | $52,200 |
| Albany Law Sch. | 2.05 | $110,549 | $53,900 |
| Wake Forest Univ. | 2.05 | $113,656 | $55,400 |
| Univ. of Baltimore | 2.07 | $109,510 | $52,800 |
| Northeastern Univ. | 2.08 | $107,082 | $51,600 |
| Univ. of South Carolina-Columbia | 2.11 | $102,007 | $48,300 |
| Univ. of Maryland Baltimore | 2.13 | $118,155 | $55,400 |
| Univ. of Pittsburgh-Pittsburgh | 2.15 | $101,186 | $47,100 |
| Florida International Univ. | 2.16 | $104,971 | $48,600 |
| Univ. of San Diego | 2.16 | $134,348 | $62,100 |
| Tulane Univ. of Louisiana | 2.16 | $122,886 | $56,800 |
| Gonzaga Univ. | 2.18 | $109,362 | $50,200 |
| New England Law-Boston | 2.19 | $109,422 | $50,000 |
| Southern Illinois Univ.-Carbondale | 2.19 | $98,215 | $44,800 |
| Loyola Univ. Chicago | 2.19 | $141,244 | $64,400 |
| George Washington Univ. | 2.20 | $163,300 | $74,300 |
| St. Mary's Univ. | 2.20 | $102,500 | $46,600 |
| Univ. of Louisville | 2.21 | $94,503 | $42,800 |
| Texas A & M Univ.-Coll. Station | 2.23 | $119,803 | $53,800 |
| Drake Univ. | 2.24 | $116,863 | $52,200 |
| Loyola Marymount Univ. | 2.26 | $144,200 | $63,700 |
| Seton Hall Univ. | 2.28 | $126,050 | $55,200 |
| Univ. of Massachusetts-Dartmouth | 2.30 | $102,500 | $44,500 |
| South Texas Coll. of Law Houston | 2.33 | $132,415 | $56,900 |
| Belmont Univ. | 2.34 | $120,498 | $51,400 |
| Santa Clara Univ. | 2.43 | $160,558 | $66,200 |
| Catholic Univ. of America | 2.43 | $142,868 | $58,900 |
| Suffolk Univ. | 2.45 | $129,384 | $52,900 |
| North Carolina Central Univ. | 2.47 | $94,358 | $38,200 |
| Ohio Northern Univ. | 2.52 | $100,224 | $39,800 |
| DePaul Univ. | 2.54 | $132,803 | $52,200 |
| Southern Univ. & A & M Coll. | 2.59 | $95,437 | $36,800 |
| Southern Univ. Law Center | 2.59 | $95,437 | $36,800 |
| Chapman Univ. | 2.61 | $148,852 | $57,100 |
| Roger Williams Univ. | 2.61 | $123,384 | $47,300 |
| Roger Williams Univ. Sch. of Law | 2.61 | $123,384 | $47,300 |
| Univ. of Denver | 2.61 | $143,792 | $55,000 |
| Regent Univ. | 2.62 | $118,275 | $45,200 |
| Pepperdine Univ. | 2.63 | $161,300 | $61,400 |
| Florida Ag. & Mech. Univ. | 2.69 | $105,703 | $39,300 |
| Hofstra Univ. | 2.70 | $148,342 | $55,000 |
| Touro Coll. | 2.70 | $150,767 | $55,800 |
| Lewis & Clark Coll. | 2.76 | $134,180 | $48,700 |
| Widener Univ. | 2.76 | $134,806 | $48,900 |
| Stetson Univ. | 2.78 | $137,217 | $49,300 |
| Creighton Univ. | 2.78 | $132,800 | $47,700 |
| Western New England Univ. | 2.80 | $129,662 | $46,300 |
| New York Law Sch. | 2.82 | $167,078 | $59,300 |
| Capital Univ. | 2.82 | $129,089 | $45,800 |
| Univ. of Dayton | 2.86 | $120,274 | $42,000 |
| Western State Coll. of Law at Argosy Univ. | 2.87 | $114,795 | $40,000 |
| Argosy Univ.-Orange County | 2.87 | $114,795 | $40,000 |
| Univ. of Miami | 2.90 | $150,896 | $52,100 |
| Marquette Univ. | 2.90 | $154,154 | $53,100 |
| Seattle Univ. | 2.96 | $155,575 | $52,600 |
| Howard Univ. | 2.97 | $156,563 | $52,800 |
| Univ. of the Pacific | 2.99 | $158,437 | $53,000 |
| Samford Univ. | 3.02 | $135,438 | $44,800 |
| Mississippi Coll. | 3.04 | $128,722 | $42,300 |
| Mercer Univ. | 3.05 | $140,818 | $46,200 |
| Nova Southeastern Univ. | 3.09 | $161,219 | $52,100 |
| California Western Sch. of Law | 3.10 | $147,095 | $47,500 |
| Loyola Univ. New Orleans | 3.12 | $130,522 | $41,800 |
| Texas Southern Univ. | 3.17 | $117,935 | $37,200 |
| American Univ. | 3.20 | $177,226 | $55,300 |
| Trinity Law Sch. | 3.21 | $133,925 | $41,700 |
| Trinity International Univ.-Illinois | 3.21 | $133,925 | $41,700 |
| Univ. of Detroit Mercy | 3.21 | $149,993 | $46,700 |
| The John Marshall Law Sch. | 3.25 | $154,079 | $47,400 |
| Campbell Univ. | 3.36 | $144,330 | $43,000 |
| Willamette Univ. | 3.43 | $154,190 | $45,000 |
| Lincoln Memorial Univ. | 3.46 | $91,323 | $26,400 |
| Charleston Sch. of Law | 3.62 | $154,378 | $42,700 |
| Univ. of San Francisco | 3.63 | $195,820 | $53,900 |
| Appalachian Sch. of Law | 3.74 | $117,964 | $31,500 |
| Valparaiso Univ. | 3.78 | $139,821 | $37,000 |
| Univ. of La Verne | 3.81 | $140,182 | $36,800 |
| St. Thomas Univ. | 3.82 | $149,322 | $39,100 |
| Inter American Univ. of Puerto Rico-Sch. of Law | 3.84 | $99,403 | $25,900 |
| Ave Maria Sch. of Law | 3.89 | $158,206 | $40,700 |
| Arizona Summit Law Sch. | 4.16 | $188,191 | $45,200 |
| Elon Univ. | 4.23 | $160,285 | $37,900 |
| Golden Gate Univ.-San Francisco | 4.24 | $166,264 | $39,200 |
| Southwestern Law Sch. | 4.30 | $193,653 | $45,000 |
| Western Mich. Univ.-Thomas M. Cooley Law Sch. | 4.50 | $162,011 | $36,000 |
| Atlanta's John Marshall Law Sch. | 4.60 | $177,854 | $38,700 |
| Savannah Law Sch. | 4.60 | $177,854 | $38,700 |
| Barry Univ. | 4.65 | $168,309 | $36,200 |
| Pontifical Catholic Univ. of Puerto Rico-Ponce | 5.09 | $97,269 | $19,100 |
| Charlotte Sch. of Law | 5.11 | $188,985 | $37,000 |
| Thomas Jefferson Sch. of Law | 5.24 | $195,892 | $37,400 |
| Whittier Coll. | 5.31 | $196,008 | $36,900 |
| Florida Coastal Sch. of Law | 5.63 | $198,655 | $35,300 |
| John F. Kennedy Univ. | 6.45 | $116,722 | $18,100 |