Thursday, January 26, 2012
Third Tier Meconium: University of Missouri-Kansas City School of Law
Tuition: Missouri residents attending this Dumpster on a full-time basis will pay $16,730.40, in tuition for the 2011-2012 school year. This equates to $557.68 per credit hour. The school notes the following: “Non-resident fees are an additional $558.06 per credit hour and apply to all applicants who do not qualify as Missouri residents.” At 30 credit hours, tuition would run to $33,472.20 for out-of-state UMKC law students, for 2011-2012. Who says that public schools are cost-effective?!?!
Total Cost of Attendance: According to this same page, total COA for in-state, full-time UMKC law students will amount to $39,024 - for 2011-2012. Based on the info above, this figure will reach $55,766, for non-resident, full-time law students at UMKC, for the current academic year. By the way, unlike many other commodes of law, this school at least has the decency to explicitly state that it calculates costs, on a nine-month basis.
Common sense dictates that law students will require living expenses, for the entire twelve month calendar year. As such, total COA for a Missouri resident attending this dump on a full-time basis will be $44,964.40, whereas full-time, non-resident law students will face a total tab of $61,706.20 - for 2011-2012 alone.
Ranking: If you are eagerly anticipating attending this law school in Fall 2012, you may want to turn away for a minute. Robert Morse and the hags at US “”News” & World Report rate the UniversiTTTy of Missouri Kansas CiTTTy Sewer of Law as the 113th greatest and most magnificent law school in the nation. What an elite institution, huh?!
Embarrassing Employment Placement and Starting Salary Statistics: This PDF states that 72.9% of the UMKC Law Class of 2010 was employed or seeking another degree, within nine months of graduation! This is based on an alleged 100 percent response rate. Keep in mind that this figure includes grads working in non-legal positions, i.e. insurance adjusters, school teachers, baristas, etc. Yes, this school is clearly worth paying $16,370.40 or $33,472.20 in yearly tuition, right?!?!
The mean salary - for those in the private sector - is listed as $57,897. The school published a figure of $44,198 as the mean salary, for those working in the public sector. Furthermore, the school notes that 19 members of the Class of 2010, working in private practice, ended up as solo practitioners. Additionally, 41.3 percent of this cohort went to work for firms with 2-10 lawyers. Before any apologists cite the 96.9 passage rate, for UMKC taking the Missouri bar exam, know that your “argument” is undermined, by the figures above. In the end, bar passage does not equal legal employment - which is the point of attaining a law license.
Average Law Student Indebtedness: USN&WR lists the average law student indebtedness - for those members of the UMKC Law Class of 2010 who incurred debt for law school - as $90,767. Then again, only 84 percent of this dung heap’s particular class took on such toxic debt. This figure does not take undergraduate debt into account. Who wouldn't want to take out such monstrous debt for a law degree that is overpriced, based on student outcomes?!?!
When you enter the amount of $90,767 into the FinAid student loan calculator, at 6.8% interest, the results show $213,026.26 over 361 monthly payments. Enjoy making your $590.10 payment each month. By the way, at this level, you will end up taking out private loans, which means that a fair amount of your debt will be repaid at a much higher rate - perhaps 8.5 percent or even 10 percent. Do you still have your heart set on practicing law and seeking “justice”?!?! Keep in mind that the average listed does not include debt from undergrad.
“It is estimated that you will need an annual salary of at least $71,007.60 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. This corresponds to a debt-to-income ratio of 1.3. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $47,338.40, but you may experience some financial difficulty. This corresponds to a debt-to-income ratio of 1.9.”
Conclusion: The University of Missouri Kansas City School of Law is a third tier commode that provides its students and graduates with anemic employment prospects. Would you willingly take out $95K-$135K in NON-DISCHARGEABLE debt, for a chance to earn $45K-$55K per year?!?! If you attend this dump, that is exactly what you will be doing. Take your debt from undergrad into account, as well.
On November 3, 2010, psychotherapist and former Biglaw associate Will Meyerhofer succinctly sums up the law school model:
“For the record, a law degree is not “versatile.” Being a lawyer amounts to a strike against you if you ever decide to pursue another career.
So why do people keep insisting it’s an “extremely versatile degree”?
A bunch of reasons.
Law schools are in it for the money. Teaching law doesn’t cost much, but they charge a fortune – made possible by not-[dischargeable]-in-bankruptcy loans. That makes each law school a massive cash cow for the rest of the university. Money flowing from the law school pays the heating bill for the not-so-profitable Department of Neo-Structuralist Linguistics.” [Emphasis mine]
Have fun in financial hell, if you choose this TTT path.
Posted by Nando at 6:22 AM