A recent survey finds that nearly half of law students say if it were possible, they would likely not have chosen to go to law school due to the price.
The survey, by Test Max Prep, asked over 1,000 law students questions regarding the affordability of a law school education.
There were some key findings that Text Max Prep found.
For one, half of law students regret their decision to pursue law school based on the high cost of tuition and living expenses.
When asked whether the weakened job market leads them to believe their education is overpriced, an overwhelming 74% agreed that the price of a law degree is too expensive.
63% of law students surveyed say their income-earning abilities have been diminished by an average of 45%.
In terms of student loans, roughly 73% of law students surveyed say they are concerned that it may take them longer than expected to pay off student loans.
Going forward, law students collectively agree that higher education institutions need to do more to reduce the costs to students in earning a degree. 87% of those surveyed say that if higher education wants to remain competitive, they will have to reduce tuition in years to come.
HOW COSTS HAVE CHANGED
The price of a law school degree has continuously climbed over the years in the US.
In 1985, the average private school tuition for law school was $7,526, equivalent to $17,871 in 2019, according to data from Law School Transparency. In 2019, however, the average tuition was $49,312 – nearly 2.76 times as expensive as a law degree in 1985 after adjusting for inflation.
Interested in saving on law school costs? Check out some factors to consider here.