Most law schools have become more affordable in the last three years, 2019 edition
Six years ago, I noted that around 30 law schools had become “more affordable” over the a three-year period. Three years ago, I noted that most law schools had become more affordable. In the last three years, law schools have continued to become more affordable—at least, in the measure of student debt.
USNWR reports average indebtedness at graduation among law school graduates and the percentage who took out loans. (Go there to see the highs and the lows.)
I removed all schools that failed to disclose debt figures for either 2016 graduates or 2019 graduates. (I had a partial data set from 2016, apologies!) That brought us to 150 schools.
Some schools are unable to read the USNWR forms correctly and only report some of the debt one year and the cumulative debt another year; I don't attempt to determine which schools made that error, but schools appear better at reporting data over the years.
I calculated 6.5% inflation between the Class of 2016 and the Class of 2019, and adjusted the 2016 figures accordingly. (Inflation adjustment comes with its own controversial choices, to be sure!) The debt figures listed on USNWR 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 150 schools, 120 saw a decline in overall debt loads; just 30 saw an inflation-adjusted increase.
Many possible reasons for the changes are possible. As I explained in 2016, students may graduate without debt for many reasons: "That could be because they are independently wealthy or come from a wealthy family willing to finance the education; they could have substantial scholarship assistance; they could earn income during school or during the summers; they could live in a low cost-of-living area, or live frugally; or some combination of these and other factors. It's worth noting that several thousand students graduate each year without any debt."
Scholarship awards appear to be outpacing tuition hikes—which has been a several-year trend and places schools in increasingly precarious financial positions. Students are no longer purchasing health care due to the ability to remain on their parents' health insurance under federal law, a significant cost for students a few years ago. Schools have increasingly eased, or abolished, stipulations on scholarships, which means students graduate with less debt. Some schools have slashed tuition prices. We might simply be experiencing the decline of economically poorer law students, resulting in more students who need smaller student loans—or none at all. Students may be taking advantage of accelerated programs that allow them to graduate faster with less debt (but there are few such programs). Finally, as JD class sizes shrink, it's increasingly apparent that students who would have paid the "sticker" price as increasingly pursuing options at institutions that offer them tuition discounts.
Additionally, as I've noted before, the "percentage may be somewhat deceptive, because at a very low-cost school, a modest increase in debt load may appear, on a percentage basis, much higher than comparable increase at a high-cost school. A $10,000 increase in debt at a school that previously had just $20,000 in debt looks like 50%; at a school with $100,000 in debt, just 10%. But I thought percentage would still be the most useful."
And of course, these debt figures are only an average; they do not include undergraduate debt, credit card debt, or interest accrued on law school loans while in school. And, as I've written, "The averages are not precise, either, for individuals. The average may be artificially high if a few students took out extremely high debt loads that distorted the average, or artificially low if a few students took out nominal debt loads that distorted the average."
It's worth noting that some of these changes are hardly random.
Major announcements from institutions like Iowa, Arizona, and Chicago back in 2013 signaled major changes in tuition or scholarship structures in 2016; those schools led the reduction in debt for the Class of 2016. Those reductions remained largely steady for the Class of 2019 for Iowa and Arizona, but Chicago saw a fairly sizeable increase in debt loads.
Similarly, announcements from Tulsa, George Mason, Texas A&M, and Wayne State on slashing tuition or major scholarship programs turned into significant reductions in student debt loads.
Finally—and while it should go without saying, I fear I need to say it anyway—this is hardly a statement about whether any particular law school is a "good" value or whether the debt loads are appropriate. It's simply a relative comparison of debt loads over three years.
| Inflation-Adjusted Average Law School Debt Incurred by All Law Students Between 2016 & 2019 | ||||
| School | 2016 | 2019 | Dollar diff | Pct diff |
| University of Tulsa | $94,834 | $40,340 | -$54,494 | -57.5% |
| Northeastern University | $92,739 | $45,714 | -$47,025 | -50.7% |
| Ohio Northern University (Pettit) | $99,056 | $52,743 | -$46,313 | -46.8% |
| University of Detroit Mercy | $90,919 | $50,769 | -$40,149 | -44.2% |
| George Mason University | $79,264 | $45,946 | -$33,319 | -42.0% |
| Texas A&M University | $99,638 | $58,396 | -$41,242 | -41.4% |
| University of Missouri | $68,569 | $43,423 | -$25,146 | -36.7% |
| Elon University | $143,573 | $91,630 | -$51,943 | -36.2% |
| Wayne State University | $64,458 | $41,659 | -$22,799 | -35.4% |
| University of Kansas | $72,021 | $48,728 | -$23,293 | -32.3% |
| University of Wyoming | $77,451 | $52,565 | -$24,886 | -32.1% |
| University of Arkansas--Fayetteville | $58,285 | $40,030 | -$18,255 | -31.3% |
| Indiana University--Indianapolis (McKinney) | $102,264 | $70,370 | -$31,894 | -31.2% |
| University of Cincinnati | $67,928 | $46,985 | -$20,943 | -30.8% |
| Texas Tech University | $72,171 | $50,692 | -$21,478 | -29.8% |
| University of New Hampshire | $79,842 | $56,719 | -$23,123 | -29.0% |
| Florida State University | $72,692 | $52,888 | -$19,804 | -27.2% |
| New York Law School | $136,346 | $100,312 | -$36,033 | -26.4% |
| Western State College of Law at Westcliff University | $101,993 | $75,454 | -$26,539 | -26.0% |
| University of Richmond | $93,356 | $69,776 | -$23,580 | -25.3% |
| Drexel University (Kline) | $86,604 | $64,862 | -$21,742 | -25.1% |
| University of Louisville (Brandeis) | $84,498 | $63,427 | -$21,071 | -24.9% |
| Regent University | $112,752 | $85,343 | -$27,409 | -24.3% |
| Pace University (Haub) | $106,847 | $81,061 | -$25,786 | -24.1% |
| University of Toledo | $76,705 | $58,258 | -$18,447 | -24.0% |
| Illinois Institute of Technology (Chicago-Kent) | $89,096 | $68,387 | -$20,709 | -23.2% |
| University of Minnesota | $78,017 | $59,947 | -$18,070 | -23.2% |
| University of Tennessee--Knoxville | $68,864 | $53,255 | -$15,610 | -22.7% |
| University of Alabama | $55,130 | $43,057 | -$12,073 | -21.9% |
| Emory University | $94,348 | $73,766 | -$20,582 | -21.8% |
| Southern Illinois University--Carbondale | $78,174 | $61,142 | -$17,032 | -21.8% |
| University of North Carolina--Chapel Hill | $75,952 | $59,444 | -$16,508 | -21.7% |
| University of Dayton | $98,846 | $77,929 | -$20,917 | -21.2% |
| University of California (Hastings) | $121,322 | $96,303 | -$25,019 | -20.6% |
| University of Akron | $75,190 | $59,816 | -$15,374 | -20.4% |
| University of Nevada--Las Vegas | $75,979 | $60,637 | -$15,342 | -20.2% |
| Marquette University | $130,402 | $104,256 | -$26,146 | -20.1% |
| University of Georgia | $69,415 | $55,724 | -$13,690 | -19.7% |
| University of California--Davis | $77,712 | $62,486 | -$15,226 | -19.6% |
| University of Michigan--Ann Arbor | $113,064 | $91,026 | -$22,038 | -19.5% |
| Washburn University | $66,857 | $53,847 | -$13,010 | -19.5% |
| St. John's University | $95,450 | $76,945 | -$18,505 | -19.4% |
| Liberty University | $59,671 | $48,107 | -$11,565 | -19.4% |
| University of Pittsburgh | $89,232 | $72,596 | -$16,636 | -18.6% |
| Samford University (Cumberland) | $108,188 | $88,037 | -$20,151 | -18.6% |
| Suffolk University | $106,737 | $87,090 | -$19,648 | -18.4% |
| Northwestern University (Pritzker) | $107,778 | $88,138 | -$19,640 | -18.2% |
| Albany Law School | $89,205 | $72,957 | -$16,248 | -18.2% |
| University of Colorado--Boulder | $81,575 | $66,766 | -$14,809 | -18.2% |
| University of Oklahoma | $67,108 | $54,938 | -$12,171 | -18.1% |
| University of Miami | $108,997 | $89,275 | -$19,722 | -18.1% |
| Villanova University | $75,422 | $61,872 | -$13,549 | -18.0% |
| University of Illinois--Urbana-Champaign | $76,180 | $62,659 | -$13,521 | -17.7% |
| DePaul University | $111,743 | $91,990 | -$19,754 | -17.7% |
| Willamette University College of Law | $131,498 | $108,357 | -$23,141 | -17.6% |
| University of St. Thomas | $78,999 | $65,504 | -$13,495 | -17.1% |
| Baylor University | $113,629 | $94,415 | -$19,214 | -16.9% |
| Brooklyn Law School | $84,611 | $70,414 | -$14,196 | -16.8% |
| Stanford University | $109,728 | $91,379 | -$18,349 | -16.7% |
| Georgetown University | $131,170 | $109,668 | -$21,502 | -16.4% |
| Louisiana State University--Baton Rouge (Hebert) | $68,023 | $56,878 | -$11,145 | -16.4% |
| University of Montana | $71,101 | $59,526 | -$11,576 | -16.3% |
| Pepperdine University (Caruso) | $126,341 | $106,229 | -$20,112 | -15.9% |
| Golden Gate University | $150,786 | $126,974 | -$23,812 | -15.8% |
| Boston College | $80,194 | $68,029 | -$12,166 | -15.2% |
| Roger Williams University | $116,497 | $99,060 | -$17,437 | -15.0% |
| University of Maryland (Carey) | $88,863 | $75,764 | -$13,099 | -14.7% |
| Florida International University | $87,527 | $74,927 | -$12,600 | -14.4% |
| Fordham University | $94,529 | $81,126 | -$13,403 | -14.2% |
| Washington and Lee University | $90,547 | $78,408 | -$12,139 | -13.4% |
| University of Missouri--Kansas City | $91,276 | $79,055 | -$12,221 | -13.4% |
| University of Arkansas--Little Rock (Bowen) | $55,520 | $48,139 | -$7,381 | -13.3% |
| Quinnipiac University | $92,334 | $80,074 | -$12,261 | -13.3% |
| University of Utah (Quinney) | $81,371 | $70,607 | -$10,763 | -13.2% |
| University of Southern California (Gould) | $103,426 | $91,037 | -$12,389 | -12.0% |
| University of South Dakota | $58,014 | $51,107 | -$6,906 | -11.9% |
| University of Maine | $74,405 | $65,690 | -$8,715 | -11.7% |
| Wake Forest University | $84,549 | $74,714 | -$9,835 | -11.6% |
| Indiana University--Bloomington (Maurer) | $78,538 | $69,410 | -$9,128 | -11.6% |
| University of the Pacific (McGeorge) | $135,007 | $119,595 | -$15,412 | -11.4% |
| CUNY | $64,328 | $56,992 | -$7,337 | -11.4% |
| Duquesne University | $98,700 | $87,572 | -$11,129 | -11.3% |
| Seattle University | $124,338 | $110,377 | -$13,961 | -11.2% |
| Northern Illinois University | $77,824 | $69,191 | -$8,633 | -11.1% |
| University of Wisconsin--Madison | $58,933 | $52,502 | -$6,432 | -10.9% |
| University of Texas--Austin | $73,528 | $65,513 | -$8,014 | -10.9% |
| Mississippi College | $103,608 | $92,948 | -$10,660 | -10.3% |
| Drake University | $105,759 | $95,067 | -$10,692 | -10.1% |
| Yeshiva University (Cardozo) | $81,204 | $73,348 | -$7,856 | -9.7% |
| University of Mississippi | $53,796 | $48,644 | -$5,151 | -9.6% |
| University of Baltimore | $94,694 | $85,627 | -$9,067 | -9.6% |
| University of Pennsylvania (Carey) | $118,391 | $107,516 | -$10,876 | -9.2% |
| University of San Francisco | $145,407 | $132,305 | -$13,101 | -9.0% |
| University of North Dakota | $48,761 | $44,488 | -$4,274 | -8.8% |
| University of Nebraska--Lincoln | $48,245 | $44,066 | -$4,180 | -8.7% |
| University of Virginia | $111,177 | $102,309 | -$8,868 | -8.0% |
| University of Denver (Sturm) | $129,882 | $119,929 | -$9,953 | -7.7% |
| University at Buffalo--SUNY | $79,323 | $73,514 | -$5,808 | -7.3% |
| University of California--Berkeley | $111,367 | $103,316 | -$8,051 | -7.2% |
| Cornell University | $109,464 | $101,769 | -$7,695 | -7.0% |
| Duke University | $105,132 | $97,766 | -$7,366 | -7.0% |
| University of Notre Dame | $99,175 | $92,261 | -$6,914 | -7.0% |
| Harvard University | $125,210 | $117,278 | -$7,933 | -6.3% |
| Creighton University | $111,743 | $104,672 | -$7,071 | -6.3% |
| University of California--Los Angeles | $92,890 | $87,053 | -$5,837 | -6.3% |
| Lewis & Clark College (Northwestern) | $115,655 | $108,659 | -$6,996 | -6.0% |
| New York University | $113,752 | $107,997 | -$5,755 | -5.1% |
| Nova Southeastern University (Broad) | $136,978 | $130,501 | -$6,477 | -4.7% |
| Brigham Young University (Clark) | $42,862 | $41,168 | -$1,694 | -4.0% |
| University of Arizona (Rogers) | $55,949 | $53,878 | -$2,071 | -3.7% |
| Santa Clara University | $113,377 | $109,363 | -$4,014 | -3.5% |
| Ohio State University (Moritz) | $72,098 | $69,938 | -$2,160 | -3.0% |
| Temple University (Beasley) | $69,212 | $67,282 | -$1,930 | -2.8% |
| University of Illinois--Chicago (John Marshall) | $141,204 | $137,338 | -$3,866 | -2.7% |
| Vanderbilt University | $87,247 | $85,179 | -$2,068 | -2.4% |
| West Virginia University | $68,747 | $67,226 | -$1,520 | -2.2% |
| Tulane University | $106,019 | $103,693 | -$2,326 | -2.2% |
| American University (Washington) | $127,674 | $125,256 | -$2,418 | -1.9% |
| Loyola Marymount University | $113,944 | $113,036 | -$909 | -0.8% |
| University of South Carolina | $76,948 | $76,898 | -$50 | -0.1% |
| University of Houston | $67,319 | $67,467 | $149 | 0.2% |
| Hofstra University (Deane) | $117,074 | $117,624 | $549 | 0.5% |
| California Western School of Law | $139,637 | $140,401 | $764 | 0.5% |
| University of Florida (Levin) | $62,549 | $63,195 | $645 | 1.0% |
| University of Iowa | $55,262 | $56,082 | $819 | 1.5% |
| St. Mary's University | $115,854 | $117,939 | $2,085 | 1.8% |
| Boston University | $74,210 | $76,152 | $1,942 | 2.6% |
| Stetson University | $109,562 | $112,575 | $3,013 | 2.8% |
| Columbia University | $108,041 | $112,226 | $4,185 | 3.9% |
| Seton Hall University | $76,352 | $80,080 | $3,728 | 4.9% |
| University of California--Irvine | $83,373 | $87,917 | $4,545 | 5.5% |
| Gonzaga University | $92,832 | $98,372 | $5,541 | 6.0% |
| Southern Methodist University (Dedman) | $90,731 | $96,344 | $5,614 | 6.2% |
| Yale University | $88,832 | $94,334 | $5,502 | 6.2% |
| The Catholic University of America | $102,315 | $109,379 | $7,064 | 6.9% |
| University of Massachusetts--Dartmouth | $87,623 | $95,554 | $7,931 | 9.1% |
| Charleston School of Law | $117,018 | $128,379 | $11,361 | 9.7% |
| George Washington University | $93,366 | $104,642 | $11,276 | 12.1% |
| Washington University in St. Louis | $57,885 | $65,834 | $7,949 | 13.7% |
| University of Memphis (Humphreys) | $62,321 | $71,139 | $8,818 | 14.1% |
| University of Connecticut | $52,844 | $62,206 | $9,362 | 17.7% |
| Oklahoma City University | $88,184 | $103,827 | $15,643 | 17.7% |
| University of San Diego | $91,396 | $108,298 | $16,902 | 18.5% |
| Ave Maria School of Law | $114,409 | $136,034 | $21,625 | 18.9% |
| University of Chicago | $89,043 | $107,795 | $18,751 | 21.1% |
| Florida Coastal School of Law | $118,266 | $147,238 | $28,971 | 24.5% |
| Campbell University | $115,833 | $162,478 | $46,645 | 40.3% |
| University of Idaho | $62,984 | $91,180 | $28,196 | 44.8% |
| University of Kentucky | $44,578 | $65,102 | $20,525 | 46.0% |
| North Carolina Central University | $58,588 | $100,022 | $41,435 | 70.7% |