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Monday, April 28, 2014
Law School Tuition on Sale
According to the American Bar Association, law school tuition is cheaper now than it has been in a very long time. In 2012, for instance, public law schools dropped their median tuition by a whopping 8%. Private law school tuition was up-but only by 4%-the lowest increase in three decades.
This move is just one of many made by law schools in recent years following dramatic drops in applications as a result of a woeful job market for attorneys. Some schools downsized their classes. Others trimmed salaries, faculty and amenities. All of the belt-tightening prompted national discussion. Even President Obama entered the fray, suggesting that the traditionally three-year law programs be pruned down to two.
A recent Time article notes that several public law schools have recently cut tuition by nearly 20%-and the reductions are paying off. At the University of Iowa Law School, a 16% in 2014 tuition triggered a 70% increase in applications.
In some regards, the dismal job market makes it astonishing that people are still applying to law school at all. This is especially true given law schools' notoriously hefty price tags. Yet most of us find it hard to pass up a good deal.
Time argued that law schools could teach colleges a few things about cutting costs to boost business. The flaw with that logic is that colleges-unlike law schools-aren't suffering a shortage of applicants.
If you're still considering law school, now might ironically be the best time of all to take the leap. After all, law degrees are still a form of currency. Their present value may be low, but there's no telling what the future of the market may hold.
For the Hechinger Report article from Time: Time
Labels: Law School Tuition on Salelaw
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