Saturday, March 18, 2017
Enjoy the US News & World Report Law School Indebtedness Rankings, for the Class of 2016, Lemmings!
Bend Over: On March 16, 2017, Matt Leichter posted a Law School Tuition Bubble piece that was labeled “ Only 13 Law Schools Didn’t Report 2016 Graduate Debt to U.S. News.” Take a look at this opening:
“Each year U.S. News & World Report lists law schools by the average indebtedness of their graduates. Importantly, the figures exclude accrued interest, which can be quite considerable. However, these numbers are probably the best estimate of the cost of attendance at a particular law school presented in a comparable form. The ABA does not publicize graduate debt in the 509 information reports, making U.S. News an unfortunately necessary source.
Here’s the debt table. A recurring problem in U.S. News’ debt data is law schools that misreport their graduating students’ annual debt as opposed to their cumulative debt, which is what the magazine asks for. Thus, I include last year’s numbers for illustration and encourage ridicule of law schools that cannot follow basic directions, but I welcome corrections.
# SCHOOL 2015 DEBT 2016 DEBT PCT. CHANGE
1. Thomas Jefferson 172,726 182,411 5.6%
2. Whittier 148,316 179,056 20.7%
3. San Francisco 162,434 167,671 3.2%
4. New York University 166,022 167,646 1.0%
5. Georgetown 160,606 166,027 3.4%
6. American 160,274 164,194 2.4%
7. Golden Gate 143,740 161,809 12.6%
8. Columbia 168,627 159,769 -5.3%
9. John Marshall (Chicago) 162,264 158,888 -2.1%
10. Florida Coastal 160,942 158,878 -1.3%” [Emphasis mine]
Still want to take the plunge, Dumbass?!?! Would you also like the waiter to pour toilet water in your soup the next time you go to your favorite sit down restaurant? Perhaps, you wouldn’t mind paying your senile neighbor $8,000 in cash for his 1989 Buick LeSabre – with 298K miles on the odometer.
Later on, Leichter points out the following:
“And per this post’s title, here’s the List of Shame: Law schools that chose not to submit their graduates’ debt information to U.S. News, along with their last-reported figures and the year in which they reported them. Thanks to the gainful employment rule, I was able to track down median graduate debt at three for-profits. As I am merciful, I exclude the three Puerto Rico law schools from this count.
Arizona Summit [Phoenix] – $178,263 [2015, median, for-profit]
Atlanta’s John Marshall – $161,910 [2015, median, for-profit]
Charlotte – $145,834 [2015, median, for-profit]
Touro – $154,855 (2014)
Southwestern – $147,976 (2012)
Thomas (FL) – $140,808 (2014)
New England – $132,246 (2013)
WMU Cooley – $122,395 (2012)
Appalachian – $114,740 (2012)
La Verne – $112,628 (2012)
Texas Southern – $99,992 (2012)
Concordia – NEVER
Indiana Tech – NEVER [Emphasis in original]
Here’s a rule of thumb: if you are considering a particular cesspit to piss away the next three years of your life – and those bastards do not disclose their most recent average law student indebtedness figures – do not apply! It’s that simple. If you wouldn’t rent an apartment without stepping inside the place first, why the hell would you make such a HUGE financial decision without this vital info?!?! You would likely refrain from purchasing a moderately priced piece of art, without a certificate of authenticity from a reputable firm. Frankly, you wouldn't buy from a store that doesn't offer returns. Don’t toss your brain in the trash when looking at law schools. Exercise some critical judgment.
Straight From USN&WR: Here is the direct source, for Leichter’s figures. I know that people love the latest rankings each year. Hell, it’s about the only thing keeping this magazine even remotely relevant. However, as we all know if you’re attending the 40th, 57th, or 89th “best” law school in the county, it doesn’t really matter for your future job prospects. The only difference might be the debt you incur – depending on cost of living, tuition discounts, and whether your commode is private or public. Last year, Bob Morse went with an idiotic format – in which he listed ABA diploma mills by state, which were listed by alphabetic order.
Conclusion: If you are still seeking to attend law school, with all the available evidence showing that it is a terrible gamble for the vast majority of students, then you are a simpleton. At least, now you can access the charts above so that you don’t completely ruin yourself financially, in the process of attaining a “legal education.” Look at the top 10 list, cited by Leichter. Only NYU and Columbia are highly rated, and Georgetown is historically a “top 14” diploma mill. The rest are festering piles of garbage.
What will your employment outlook be coming out of a place such as TTTThoma$ Jeffer$on Sewer of Law, WhiTTTTier, or Florida Coa$TTTTal? Even if you perform better than the average sucker enrolled at those dung heaps, decent law firms and workplaces will still see that name on your resume or cover letter. Good luck, Bitch. That’s akin to asking out a lovely woman – right after disclosing that you have a rash on your balls.
Posted by Nando at 7:33 AM