Which law schools have the best and worst debt-to-income ratios among recent graduates? 2020 edition
Last year, a treasure trove of data from the Department of Education offered incredible insights into debt and earnings of law school graduates. A recent update for 2018-2019 has been made available, and we can look at the data again.
One intriguing figure is the “debt-to-income” ratio (last year, plenty of people hated this term, but I’m still using it), 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.) It’s entirely imperfect, of course—graduates have interest accrued on that debt when they graduate; they may have other debt; and so on. It’s just one way of looking at the data!
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. (Of course, there’s no guarantee these figures are the same person, and there may be other mismatches, like high earners with low debt or low earners with high debt. Again, just one way of looking at the data!)
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 second 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 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 for Loans Taken Out at This School
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 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 2018-2019 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 might be 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 22 schools meet that definition among median debt and earnings, and a few others are close. But it was 11 in the last data set, so the figure improved. Many ratios, however, are significantly higher than that. That said, law graduates to have higher earnings and see their salaries rise faster than a typical borrower, so maybe it’s not the best rule of thumb, either.
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 (as I mention earlier).
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.) I noted earlier that schools at the bottom of the list (i.e., with the highest ratio) appeared at a much higher risk of facing “adverse situations.”
UPDATE: A helpful commenter noted that many borrowers will be eligible for Public Service Loan Forgiveness programs. If schools have disproportionately higher percentages of students entering those programs, their debt levels will appear worse than they actually and their salaries will appear on the lower end of the income side. It’s another limitation in thinking about a single-figure metric.
| School | Debt-to-Income Ratio | Median Debt | Median Income |
| Brigham Young Univ. | 0.76 | $49,710 | $65,457 |
| Cornell Univ. | 0.78 | $139,926 | $179,153 |
| Northwestern Univ. | 0.78 | $138,065 | $176,087 |
| Stanford Univ. | 0.80 | $130,762 | $163,869 |
| Harvard Univ. | 0.82 | $141,190 | $172,423 |
| Duke Univ. | 0.83 | $139,961 | $168,296 |
| Univ. of Pennsylvania | 0.84 | $150,634 | $179,672 |
| Univ. of Virginia | 0.90 | $157,870 | $175,653 |
| Univ. of Chicago | 0.90 | $156,934 | $173,847 |
| Santa Barbara and Ventura Colleges of Law | 0.90 | $53,000 | $58,673 |
| Univ. of California-Berkeley | 0.94 | $150,000 | $160,316 |
| Univ. of Iowa | 0.94 | $59,711 | $63,788 |
| Washington Univ. in St Louis | 0.94 | $88,000 | $93,342 |
| Columbia Univ. in the City of New York | 0.95 | $177,000 | $185,760 |
| Wayne State Univ. | 0.95 | $61,500 | $64,415 |
| Univ. of Illinois at Urbana-Champaign | 0.96 | $71,701 | $74,666 |
| Yale Univ. | 0.97 | $126,398 | $130,669 |
| Temple Univ. | 0.97 | $67,518 | $69,477 |
| Univ. of Michigan-Ann Arbor | 0.97 | $141,505 | $145,235 |
| Georgia State Univ. | 0.98 | $65,768 | $67,225 |
| Vanderbilt Univ. | 0.98 | $126,907 | $129,252 |
| The Univ. of Texas at Austin | 0.99 | $105,553 | $106,117 |
| The Univ. of Alabama | 1.00 | $63,595 | $63,572 |
| Univ. of Wisconsin-Madison | 1.04 | $61,500 | $58,995 |
| New York Univ. | 1.04 | $184,952 | $177,207 |
| Univ. of Kansas | 1.04 | $61,500 | $58,898 |
| Univ. of Nebraska-Lincoln | 1.04 | $58,621 | $56,140 |
| Texas Tech Univ. | 1.05 | $73,000 | $69,732 |
| The Univ. of Tennessee-Knoxville | 1.05 | $61,500 | $58,744 |
| Univ. of Arkansas | 1.08 | $61,500 | $56,949 |
| Boston Univ. | 1.09 | $119,295 | $109,286 |
| Univ. of Houston | 1.10 | $81,118 | $73,446 |
| Univ. of Utah | 1.12 | $74,100 | $66,420 |
| Univ. of Cincinnati-Main Campus | 1.12 | $64,066 | $57,318 |
| Univ. of Missouri-Columbia | 1.13 | $63,084 | $55,840 |
| Georgetown Univ. | 1.13 | $164,954 | $145,898 |
| Univ. of California-Los Angeles | 1.13 | $124,812 | $110,067 |
| Univ. of Oklahoma-Norman Campus | 1.15 | $73,500 | $63,997 |
| Univ. of Connecticut | 1.15 | $86,158 | $74,845 |
| Univ. of North Dakota | 1.16 | $61,500 | $53,045 |
| Baylor Univ. | 1.16 | $86,862 | $74,786 |
| Univ. of Nevada-Las Vegas | 1.17 | $85,790 | $73,579 |
| CUNY School of Law | 1.19 | $70,450 | $59,438 |
| Boston College | 1.19 | $109,256 | $91,744 |
| Univ. of California-Davis | 1.20 | $89,009 | $74,200 |
| Univ. of Georgia | 1.23 | $81,080 | $65,840 |
| Rutgers Univ.-New Brunswick | 1.24 | $76,500 | $61,855 |
| Villanova Univ. | 1.25 | $78,619 | $63,140 |
| Indiana Univ.-Bloomington | 1.25 | $81,500 | $65,238 |
| Univ. of St Thomas | 1.25 | $73,500 | $58,673 |
| Univ. of Mississippi | 1.25 | $65,900 | $52,584 |
| Drexel Univ. | 1.26 | $73,894 | $58,823 |
| Univ. of Hawaii at Manoa | 1.27 | $80,116 | $63,302 |
| Fordham Univ. | 1.27 | $150,000 | $118,210 |
| Pennsylvania State Univ.-Dickinson Law | 1.29 | $70,763 | $54,867 |
| Pennsylvania State Univ.-Main Campus | 1.29 | $70,763 | $54,867 |
| Univ. of Southern California | 1.30 | $129,000 | $99,325 |
| Univ. of Arizona | 1.30 | $77,069 | $59,288 |
| Univ. of Tulsa | 1.30 | $76,373 | $58,673 |
| Univ. of New Hampshire-Main Campus | 1.33 | $83,797 | $63,005 |
| Univ. of Notre Dame | 1.33 | $126,962 | $95,295 |
| Florida State Univ. | 1.34 | $72,302 | $54,005 |
| George Mason Univ. | 1.34 | $99,248 | $73,870 |
| Mitchell Hamline School of Law | 1.36 | $78,744 | $57,948 |
| Univ. of Washington-Seattle Campus | 1.37 | $95,727 | $70,100 |
| Univ. of North Carolina at Chapel Hill | 1.39 | $95,390 | $68,778 |
| Case Western Reserve Univ. | 1.41 | $83,500 | $59,288 |
| Arizona State Univ.-Tempe | 1.43 | $92,309 | $64,706 |
| Louisiana State Univ. | 1.43 | $75,768 | $53,080 |
| Washburn Univ. | 1.44 | $75,093 | $52,226 |
| Univ. of Richmond | 1.44 | $86,056 | $59,819 |
| Univ. of Oregon | 1.44 | $86,641 | $60,156 |
| Duquesne Univ. | 1.44 | $82,620 | $57,318 |
| Univ. of Florida | 1.44 | $92,076 | $63,869 |
| Northern Illinois Univ. | 1.45 | $74,611 | $51,551 |
| West Virginia Univ. | 1.45 | $82,128 | $56,544 |
| Univ. of Akron Main Campus | 1.46 | $73,530 | $50,272 |
| Washington and Lee Univ. | 1.47 | $97,097 | $66,007 |
| Indiana Univ.-Purdue Univ.-Indianapolis | 1.48 | $89,961 | $60,714 |
| Pace Univ. | 1.49 | $94,806 | $63,699 |
| William & Mary | 1.50 | $105,414 | $70,083 |
| Ohio State Univ.-Main Campus | 1.51 | $100,481 | $66,512 |
| The Univ. of Montana | 1.51 | $76,994 | $50,922 |
| Quinnipiac Univ. | 1.51 | $93,151 | $61,516 |
| Saint Louis Univ. | 1.51 | $91,143 | $60,162 |
| St John's Univ.-New York | 1.52 | $109,414 | $71,940 |
| Yeshiva Univ. | 1.53 | $110,033 | $71,725 |
| Michigan State Univ.-College of Law | 1.54 | $90,168 | $58,402 |
| Univ. of California-Irvine | 1.56 | $119,986 | $76,998 |
| Massachusetts School of Law | 1.56 | $78,600 | $50,439 |
| Texas A & M Univ.-College Station | 1.56 | $102,723 | $65,825 |
| Univ. of Colorado Boulder | 1.57 | $100,082 | $63,600 |
| Northeastern Univ. | 1.58 | $93,751 | $59,485 |
| Univ. of Arkansas at Little Rock | 1.58 | $78,617 | $49,737 |
| Univ. of San Diego | 1.59 | $122,698 | $77,013 |
| Univ. of New Mexico-Main Campus | 1.60 | $85,991 | $53,908 |
| Illinois Institute of Technology | 1.61 | $102,823 | $64,051 |
| Southern Methodist Univ. | 1.61 | $141,372 | $87,718 |
| Univ. of Kentucky | 1.61 | $82,450 | $51,106 |
| Univ. of South Dakota | 1.63 | $83,269 | $51,169 |
| Univ. at Buffalo | 1.63 | $94,804 | $58,252 |
| Univ. of Memphis | 1.65 | $91,826 | $55,512 |
| Univ. of Toledo | 1.66 | $79,000 | $47,729 |
| Wake Forest Univ. | 1.66 | $105,577 | $63,666 |
| Univ. of Louisville | 1.66 | $80,928 | $48,703 |
| Univ. of Minnesota-Twin Cities | 1.66 | $112,944 | $67,879 |
| Concordia Univ.-Portland | 1.67 | $93,836 | $56,234 |
| Cleveland State Univ. | 1.68 | $85,892 | $51,273 |
| Albany Law School | 1.68 | $105,731 | $62,880 |
| Seton Hall Univ. | 1.71 | $114,394 | $66,781 |
| Univ. of Wyoming | 1.72 | $98,352 | $57,110 |
| Syracuse Univ. | 1.72 | $104,570 | $60,714 |
| Brooklyn Law School | 1.74 | $120,042 | $68,880 |
| Emory Univ. | 1.76 | $136,500 | $77,643 |
| Univ. of Maryland, Baltimore | 1.77 | $117,611 | $66,335 |
| Tulane Univ. of Louisiana | 1.79 | $109,928 | $61,516 |
| Univ. of Baltimore | 1.79 | $104,000 | $57,995 |
| Univ. of California-Hastings College of Law | 1.81 | $138,152 | $76,460 |
| Univ. of Pittsburgh-Pittsburgh Campus | 1.81 | $101,541 | $56,028 |
| Drake Univ. | 1.83 | $116,582 | $63,749 |
| Univ. of Idaho | 1.84 | $97,842 | $53,150 |
| Univ. of the District of Columbia | 1.85 | $111,015 | $60,099 |
| Univ. of Southern Maine | 1.85 | $100,974 | $54,655 |
| Univ. of Missouri-Kansas City | 1.86 | $98,485 | $53,017 |
| Florida International Univ. | 1.89 | $103,947 | $54,996 |
| Santa Clara Univ. | 1.90 | $151,269 | $79,561 |
| Loyola Univ. Chicago | 1.97 | $138,223 | $70,136 |
| George Washington Univ. | 1.98 | $172,333 | $87,242 |
| Loyola Marymount Univ. | 1.98 | $143,433 | $72,564 |
| Lincoln Memorial Univ. | 1.98 | $85,713 | $43,240 |
| Northern Kentucky Univ. | 1.99 | $88,500 | $44,418 |
| Suffolk Univ. | 2.03 | $119,123 | $58,629 |
| Ohio Northern Univ. | 2.04 | $100,224 | $49,064 |
| South Texas College of Law Houston | 2.05 | $133,762 | $65,338 |
| Western State College of Law at Argosy Univ. | 2.06 | $124,476 | $60,523 |
| Argosy Univ.-Orange County | 2.06 | $124,476 | $60,523 |
| Univ. of South Carolina-Columbia | 2.06 | $110,100 | $53,450 |
| St. Mary's Univ. | 2.07 | $114,578 | $55,383 |
| The Catholic Univ. of America | 2.07 | $145,649 | $70,386 |
| Gonzaga Univ. | 2.08 | $111,584 | $53,739 |
| Southern Illinois Univ.-Carbondale | 2.12 | $97,582 | $46,087 |
| New York Law School | 2.13 | $150,358 | $70,596 |
| DePaul Univ. | 2.13 | $125,162 | $58,704 |
| North Carolina Central Univ. | 2.14 | $98,248 | $45,986 |
| Appalachian School of Law | 2.14 | $101,278 | $47,260 |
| Loyola Univ. New Orleans | 2.15 | $112,662 | $52,420 |
| Chapman Univ. | 2.20 | $155,229 | $70,680 |
| Lewis & Clark College | 2.24 | $130,058 | $58,142 |
| Texas Southern Univ. | 2.25 | $116,166 | $51,652 |
| Regent Univ. | 2.25 | $116,588 | $51,750 |
| Southern Univ. Law Center | 2.26 | $101,655 | $44,959 |
| Howard Univ. | 2.26 | $153,893 | $68,033 |
| Florida Agricultural and Mechanical Univ. | 2.27 | $103,971 | $45,826 |
| Univ. of Denver | 2.28 | $140,174 | $61,558 |
| Creighton Univ. | 2.29 | $130,998 | $57,168 |
| Touro College | 2.29 | $141,289 | $61,622 |
| Pepperdine Univ. | 2.30 | $162,500 | $70,651 |
| Hofstra Univ. | 2.30 | $146,890 | $63,749 |
| California Western School of Law | 2.33 | $141,521 | $60,643 |
| Capital Univ. | 2.35 | $111,600 | $47,553 |
| Mercer Univ. | 2.35 | $129,917 | $55,356 |
| Univ. of Detroit Mercy | 2.35 | $135,776 | $57,657 |
| Univ. of Massachusetts-Dartmouth | 2.36 | $116,322 | $49,214 |
| Widener Univ. | 2.37 | $128,868 | $54,462 |
| Seattle Univ. | 2.45 | $154,269 | $62,856 |
| Univ. of Miami | 2.46 | $153,562 | $62,384 |
| Roger Williams Univ. | 2.49 | $123,384 | $49,547 |
| Roger Williams Univ. School of Law | 2.49 | $123,384 | $49,547 |
| Belmont Univ. | 2.50 | $135,522 | $54,275 |
| Samford Univ. | 2.50 | $127,411 | $50,952 |
| Univ. of the Pacific | 2.55 | $160,450 | $63,005 |
| Willamette Univ. | 2.58 | $147,911 | $57,318 |
| Stetson Univ. | 2.59 | $141,439 | $54,543 |
| American Univ. | 2.70 | $177,999 | $65,833 |
| Univ. of Dayton | 2.76 | $133,728 | $48,432 |
| New England Law-Boston | 2.78 | $146,068 | $52,542 |
| Golden Gate Univ.-San Francisco | 2.84 | $158,774 | $55,813 |
| Campbell Univ. | 2.85 | $140,880 | $49,498 |
| Trinity Law School | 2.85 | $138,605 | $48,667 |
| Trinity International Univ.-Illinois | 2.85 | $138,605 | $48,667 |
| The John Marshall Law School | 2.87 | $157,559 | $54,970 |
| Marquette Univ. | 2.87 | $156,615 | $54,622 |
| Valparaiso Univ. | 2.87 | $136,455 | $47,553 |
| Mississippi College | 2.95 | $140,178 | $47,595 |
| Univ. of San Francisco | 2.96 | $196,166 | $66,240 |
| Univ. of La Verne | 3.10 | $161,762 | $52,107 |
| Nova Southeastern Univ. | 3.14 | $162,536 | $51,829 |
| Charleston School of Law | 3.18 | $144,682 | $45,500 |
| St. Thomas Univ. | 3.23 | $152,124 | $47,056 |
| Southwestern Law School | 3.40 | $211,466 | $62,192 |
| Ave Maria School of Law | 3.54 | $158,206 | $44,666 |
| Inter American Univ. of Puerto Rico | 3.65 | $100,520 | $27,532 |
| Barry Univ. | 3.86 | $167,186 | $43,345 |
| Western Michigan Univ.-Thomas M. Cooley | 3.97 | $180,337 | $45,383 |
| Thomas Jefferson School of Law | 4.27 | $205,025 | $48,041 |
| Arizona Summit Law School | 4.27 | $198,258 | $46,432 |
| Atlanta's John Marshall Law School | 4.31 | $180,883 | $41,937 |
| Savannah Law School | 4.31 | $180,883 | $41,937 |
| Charlotte School of Law | 4.36 | $196,998 | $45,213 |
| Pontifical Catholic Univ. of Puerto Rico-Ponce | 4.94 | $106,290 | $21,508 |
| Florida Coastal School of Law | 4.95 | $204,226 | $41,280 |
| Whittier College | 5.02 | $204,664 | $40,747 |