Once upon a time, more than half of law students at the typical law school paid full tuition.
But that fairy tale is now over. Behold:
I’m astonished. Now, only about a third of law students at the average law school pay full tuition. These schools must be hemorrhaging money given how much they’re fighting over applicants.
At the average private law school in 2014, there were more students who received less-than-half tuition grants than there were students given a full bill. It appears that in a couple years, even the half-to-full-tuition crowd will outnumber the full freighters—and this is last year’s data!
Speaking of hemorrhaging money, in 2014, full-time law students paying full tuition only contributed $1 billion to private law schools. This year, it’s probably less.
Finally, here’s what tuition discounted by the median grant looks like at private law schools by the mean of their full tuition quintiles. The idea here is to set full tuition as the independent variable and let the discounted tuition float.
Last year, the mean discounted tuition among law schools in the second full-tuition quintile was lower than the third’s, meaning second-quintile schools are discounting much more than schools that nominally charge less. I think it’s trivial, but it indicates pricing competition.
That’s all for now.