Law School Loses Luster as Debts Mount and Salaries Stagnate

Law School Loses Luster as Debts Mount and Salaries Stagnate

With high-paying jobs out of reach for most, graduates of the University of Miami and other well-regarded programs routinely carry six-figure student loans for years. “I thought I would come out making much more than I did,” said a recent graduate who owes nearly $300,000.

✒ Law schools can charge higher and higher amounts knowing that students can tap the U.S. government’s Grad Plus loan program (the fastest-growing federal student-loan program).

Some statistics:

Over the past decade, Miami has increased law-school tuition and fees by 43%, to $57,000 for the coming school year, according to American Bar Association data. That’s more than double the rate of inflation.

Between 1985 and 2019, the average annual tuition at private law schools nearly tripled to $49,000, adjusted for inflation, according to data from the nonprofit advocacy group Law School Transparency.

If graduates’ loans are never repaid, taxpayers will be on the hook.