So the ABA has promptly acted on the Task Force on the Future of Legal Education’s recommendation to convene a new task force to investigate the financing of legal education. I think the stakes for this task force are going to be higher than for the previous one because its focus is more specific and it will have to address concrete questions like what impact the federal loan program has on law school costs. Its mission?
The task force is charged with looking at the cost of legal education for students, the financing of law schools, student loans and educational debt. It will also consider current practices of law schools regarding the use of merit scholarships, tuition discounting and need-based aid.
To commemorate the task force, here’s some info on tuition and discounting from the Official Guide for the 2012-13 academic year, the most recent one for which data are available. Notably, the average private law school lost many students who were paying full tuition.
This translated into a sudden loss of $215 million in revenue from full-time students for private law schools, which comes to about $1.9 million per school on average.
As a result, the percentage of full-time students paying full tuition at the average private law school fell below 44 percent, a loss of about 10 percentage points since 2001. Public law schools follow the same trend.
Increasingly, the stated tuition price is not indicative of what the first year of legal education really costs.
That’s all for now.
[Updated for comments below, here are the first two charts with lines excluding the top 20 private law schools by U.S. News ranking.