Law School Discussion

How are increases in tuition going to affect law schools?

Re: How are increases in tuition going to affect law schools?
« Reply #10 on: May 23, 2007, 07:46:02 PM »
to put it into perspective... since 1990 the cost of law school, in real dollars, has doubled.

Re: How are increases in tuition going to affect law schools?
« Reply #11 on: May 23, 2007, 08:07:53 PM »
to put it into perspective... since 1990 the cost of law school, in real dollars, has doubled.

I heard that tuition has doubled in the past 10 years and that salaries are almost the same as they were ten years ago. Like I mentioned above, I dont think supply and demand is going to fix this. An average debt of 50k or 100k isnt going to scare most students if they know thats the "average" debt for law students. Its such a large number that it could just as well be 200k. I am exaggerating a little. If I was a prospective student 10 years from now looking at 200k of debt to go to law school, and I knew that 200k was the average, I would assume that this kind of debt must be manageable. If it wasn't, then why are people still going to law school?

One of my paramount concerns in deciding which law school to attend next fall was the cost (I'm sure this is a paramount concern for most prospective students). However, even if I did not receive a scholarship from any school, I would still plan on attending one of them next fall. I don't think my attitude is uncommon, nor will it ever be...

Is there any end in sight for tuition hikes? Can something be done about it?

Re: How are increases in tuition going to affect law schools?
« Reply #12 on: May 23, 2007, 08:24:58 PM »
for instance, the state of washington caps the rate of tuition increase for UW at something like 7% (and they... go for the max whenever they can). Unfortunately, grad school tuition is not capped, so it goes up by like 10%

It isn't sustainable. The rise of college education is a phenomenon of the last 50 years or so since the GI Bill. In the end... there's always the cost-accountability.

Re: How are increases in tuition going to affect law schools?
« Reply #13 on: May 23, 2007, 09:03:42 PM »
for instance, the state of washington caps the rate of tuition increase for UW at something like 7% (and they... go for the max whenever they can). Unfortunately, grad school tuition is not capped, so it goes up by like 10%

It isn't sustainable. The rise of college education is a phenomenon of the last 50 years or so since the GI Bill. In the end... there's always the cost-accountability.

It isnt sustainable? So what do you think is going to happen, and when?

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Re: How are increases in tuition going to affect law schools?
« Reply #14 on: May 24, 2007, 09:12:22 AM »
Hardly anyone can afford a legal education, which is why lenders are lining up to make money off student loans.  Perhaps some of the less well-known schools will price themselves out of the market, particularly in areas like OK (as noted by a previous poster) where there are too many graduates and not enough jobs.  That being said, it really doesn't make sense (to me) to argue that in general law schools will become so expensive no one will want to go.

What will happen is that the supply of law school applicants will shrink, which means that law schools will have fewer people paying tuition, which means that law schools will either have to consolidate, go out of business, or charge enough in tuition that the smaller number of students covers the same amount of costs as the larger student body. 

In the first instance, law schools combine resources and costs maybe don't go up.  They might actually go down if two law schools use the same buildings, faculty, etc. 

In the second instance some schools close, meaning instead of 200 ABA-approved law schools, maybe there are 150.  Costs neither increase or decrease proportionally because the supply is reduced to meet demand.  That might be the best option.  This would also be a good way to reduce the future supply of lawyers to meet the market demand for lawyers.

In the third instance, no law schools close but they charge even more up the wazoo.  That would exacerbate the problem and lead to even less demand for the same supply.  This would probably be the worst option, but perhaps the most likely.  There is always a subset of the demand population that is elastic (or was it inelastic?).  That is, some people will pay the cost no matter what it is. 

I don't really know where I'm going with this, except to say that law school as a whole will never go out of business. 

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Re: How are increases in tuition going to affect law schools?
« Reply #15 on: May 24, 2007, 09:24:12 AM »
$1-$2K/year increase is about a 4%-5% increase.  This is pretty much a national truth, most everything doubles in cost/price every 20 years during natural growth.  Forget about the money and focus on the idea that you'll get to ruin peoples lives with your career! 

Re: How are increases in tuition going to affect law schools?
« Reply #16 on: May 24, 2007, 10:44:56 AM »
$1-$2K/year increase is about a 4%-5% increase.  This is pretty much a national truth, most everything doubles in cost/price every 20 years during natural growth.  Forget about the money and focus on the idea that you'll get to ruin peoples lives with your career! 

Tuition has risen much faster than inflation, and faster than almost any other good - even housing.

Re: How are increases in tuition going to affect law schools?
« Reply #17 on: May 24, 2007, 10:54:15 AM »
on average, law school has gone up at twice the rate of inflation.

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Re: How are increases in tuition going to affect law schools?
« Reply #18 on: May 24, 2007, 11:29:12 AM »
tag for later