How Much Debt?

Copyright © 2001 DeLoggio Achievement Program. All rights reserved. This notice supersedes our usual copyright notice. No permission to reproduce this chart is granted unless expressly given in writing by the author.

2005 NOTE: In the last several years, costs have risen more than starting salaries, so it can take longer to repay debts than reported here. However, the relative length of time to repay loans is still pertinent -- i.e., it will still take the average graduate longer to repay the debt load at Southern Cal. than it will at UCLA.

The commonest cause of heart palpitations among law school applicants (besides opening skinny envelopes) is calculating how much debt they'll carry. Well, there are two pieces of good news for those of you experiencing such anxiety.

The first is that the amount is often less than you think it'll be. Additional grant money for your second and third years plus cushy summer jobs (and maybe more help from the family than was originally promised) will reduce the amount you have to borrow.
The second is that you can now get a realistic sense of that debt! The chart below will help give you an idea of how long it will take you to get out from under that massive debt, given the massive salary that will accompany it.

Unfortunately, there are so many caveats, approximations, and explanations required that it will take you almost as long to read about it as it took me to compile it!

First, the column headings:

Average salary: reported to USNWR by the law schools for 1999. This number went way up in 2000 and 2001, but with the recession, it probably won't rise, and may drop, but probably not to as low as it was in 1999. So overall, this is a realistic to pessimistic salary figure.
Take-home pay: you may be familiar with the concept of "after-tax dollars," but your law associate's salary will add a new level of awareness to this concept. Most of you will bring home 2/3 of your gross salary. If you have dependents, this proportion can be higher. If you're making really big bucks, it can be lower. Since I don't know you, I used the generic 2/3 figure.
Cost of living: how much do you need to live? Rock bottom for a single adult? I figured costs for a cheap apartment in an average neighborhood, or a comfortable apartment in a less trendy one, plus public transportation -- no car payments. I came up with a number of $1,000 a month for a cheap city, up to double that for an expensive one, using the Places Rated Almanac's rent costs for each city. (You don't want to live that cheaply? I know; I've taken that into account in "available income.")
- But the hard question was, "What city?" It's easy to say that NYU grads live in Manhattan. But Alabama grads don't live in Tuscaloosa, and Michigan grads don't live in Ann Arbor. So I got out my map of the U.S., plus my ABA Guide. The former told me that Alabama residents work in Birmingham, Montgomery, and Mobile, so I checked the costs for those cities. The latter told me that 1/5 of Michigan grads take the Michigan bar, and an equal number take the New York bar. So I figured out a "generic big city" rate for New York, DC, Los Angeles, and Chicago, and used that. I adjusted for schools with a particular leaning, (like Cornell's 80% New York 20% California).
- I also adjusted for the schools' reputation and salary, figuring that New York Law School grads might choose the cheaper housing in Brooklyn over the awe of Manhattan's towers, while NYU grads would make the opposite choice.
- All in all, the cost of living figure is a true work of art!
Available income: that was easy! Subtract the cost of living from the take-home pay. That's your discretionary income. Then I decided to build in a fudge factor. Maybe I estimated the cost of living too low. Maybe you won't want to live in that cheap an apartment, or it will take too long to get to work from there. Maybe you're tired of eating Ramen Noodles. So I cut the discretionary amount in half, to leave some extra to play with.
- For the number-friendly, available = (take home-living)/2, or ((salary*.67)-living)/2.
Average Debt: reported to USNWR by the law schools for 1999. Will it have increased since then? Maybe. I don't know whether grants have gone up to offset the increase in tuition (or more likely, whether tuition has increased to finance the grant wars).
Years to pay: divide the debt by the available income, et voila! this is how many years it will take you to get out from under the debt burden.

Second, the numbers themselves:

All numbers were rounded to even thousands.
All tier, salary and debt numbers were taken from Best Graduate Schools: 2002 Edition, by U.S. News and World Report.
All cost of living figures were calculated from the "rent" percentage in Places Rated Almanac, Millennium edition, by David Savageau and Ralph D'Agostino.
The number-crunching was done in Microsoft Excel, which insists on remembering the stray decimals even when I try to make it forget them, so available income may look off by $1,000.
For schools that did not report average salary, I estimated based on whatever seemed equivalent. For instance, I thought NYU's salary made a good approximation for Columbia's. These are marked with an asterisk (*).
For schools that did not report average debt, I likewise ballparked, but this number should be considered to be very approximate. My guess of whose financial aid policies are like whose is the weakest piece of the chart. These are marked with a double asterisk (**).

Well I warned you it would take a while to understand what I did! All that being said, here's what you've been waiting for -- the chart itself!

(Schools are in order of USNWR tier and years to repay debt.)

NAME	tier	avg. sal	take home	living	avail- able	avg debt	years
BRIGHAM YOUNG	1	75	50	14	18	24	1.3
CAL-UCLA	1	125	84	18	33	49	1.5
GEORGE MASON	1	95	64	18	23	40	1.7
WASHINGTON	1	90	60	19	21	37	1.8
CAL-DAVIS	1	90	60	13	24	43	1.8
GEORGETOWN	1	145	97	18	40	79	2.0
TEXAS	1	89	60	15	22	45	2.0
UTAH	1	75	50	14	18	40	2.2
GEORGIA	1	75	50	16	17	38	2.2
HOUSTON	1	78	52	14	19	43	2.2
NORTH CAR. CHAPEL HILL	1	75	50	14	18	41	2.3
IOWA	1	75	50	12	19	43	2.3
VIRGINIA	1	125	84	18	33	75**	2.3
ARIZONA	1	74	50	14	18	40	2.3
CAL-HASTINGS	1	100	67	25	21	48	2.3
OHIO STATE	1	80	54	12	21	50	2.4
ILLINOIS	1	90	60	18	21	51	2.4
CINCINNATI	1	70	47	11	18	43	2.4
WILLIAM AND MARY	1	90	60	18	21	54	2.5
WISCONSIN	1	80	54	14	20	50	2.5
MINNESOTA	1	75	50	14	18	46	2.6
CAL-BERKELEY	1	89	60	22	19	48	2.6
CONNECTICUT	1	72	48	15	17	45	2.7
FORDHAM	1	110	74	21	26	71	2.7
MARYLAND	1	83	56	16	20	55	2.7
NOTRE DAME	1	90	60	17	22	61	2.8
VANDERBILT	1	90	60	17	22	62	2.9
BOSTON COLLEGE	1	98	66	19	23	67	2.9
CHICAGO	1	100	67	18	25	72	2.9
COLORADO	1	70	47	15	16	47	2.9
YALE	1	100	67	19	24	71	3.0
ALABAMA	1	60	40	11	15	44**	3.0
TENNESSEE	1	54	36	10	13	39	3.0
WASHINGTON U.	1	90	60	12	24	72	3.0
STANFORD	1	100	67	19	24	72	3.0
SOUTHERN METHODIST	1	86	58	15	21	65	3.1
HARVARD	1	100	67	21	23	72	3.1
NORTHWESTERN	1	90	60	19	21	65	3.2
WASHINGTON AND LEE	1	80	54	18	18	58	3.2
PENN	1	103	69	20	25	79	3.2
BOSTON UNIVERSITY	1	95	64	19	22	72	3.2
GEORGE WASHINGTON	1	95	64	18	23	75	3.3
KENTUCKY	1	60	40	11	15	48	3.3
SOUTHERN CAL.	1	95	64	19	22	73	3.3
CORNELL	1	102	68	20	24	80**	3.3
MICHIGAN	1	100	67	19	24	80**	3.3
COLUMBIA	1	106*	71	21	25	84	3.4
FLORIDA	1	57	38	12	13	45	3.4
NEW YORK UNIVERSITY	1	106	71	21	25	86	3.4
INDIANA-BLOOMINGTON	1	76	51	15	18	62	3.5
DUKE	1	96	64	18	23	80	3.5
EMORY	1	80	54	17	19	67	3.6
WAKE FOREST	1	75	50	14	18	77	4.2
TULANE	1	85	57	16	20	87	4.3
PITTSBURGH	2	112	75	13	31	56	1.8
GEORGIA STATE	2	80	54	16	19	37	1.9
RUTGERS-NEWARK	2	100	67	18	24	51**	2.1
AMERICAN	2	93	62	18	22	48	2.1
ARIZONA STATE	2	70	47	14	16	38	2.3
CASE WESTERN RESERVE	2	85	57	14	22	52	2.4
RUTGERS-CAMDEN	2	85	57	15	21	51	2.5
BROOKLYN	2	108	72	19	27	66	2.5
SAINT JOHN'S	2	96	64	18	23	58	2.5
NEBRASKA	2	58	39	12	13	34	2.6
BAYLOR	2	75	50	15	18	46	2.6
OKLAHOMA	2	60	40	10	15	39**	2.6
TEMPLE	2	85	57	15	21	55	2.6
KANSAS	2	72	48	11	18	50	2.7
ARKANSAS-FAYETTEVILLE	2	55	37	11	13	36	2.8
BUFFALO-SUNY	2	60	40	13	14	38	2.8
SOUTH CAROLINA	2	60	40	12	14	42	2.9
SAN DIEGO	2	90	60	17	22	65	3.0
CARDOZO	2	101	68	21	23	70	3.0
LOYOLA-CHICAGO	2	95	64	18	23	70	3.1
OREGON	2	65	44	13	15	48	3.2
INDIANA-INDIANAPOLIS	2	65	44	12	16	54	3.4
MISSISSIPPI	2	54	36	11	13	44	3.5
CATHOLIC	2	90	60	18	21	75	3.5
CHICAGO-KENT	2	85	57	18	19	70**	3.6
LOUISVILLE	2	60	40	11	15	53	3.6
HAWAII	2	60	40	18	11	41	3.8
VILLANOVA	2	78	52	15	18	73	4.0
MIAMI	2	70	47	12	17	71	4.1
SETON HALL	2	74	50	18	16	66	4.2
LEWIS AND CLARK	2	65	44	13	15	64	4.3
RICHMOND	2	65	44	15	14	62	4.3
FLORIDA STATE	2	60	40	13	14	60	4.4
NEW MEXICO	2	45	30	12	9	39**	4.4
MISSOURI-KANSAS CITY	3	62	42	11	15	18	1.2
MEMPHIS	3	90	60	11	24	37**	1.5
DENVER	3	62	42	15	13	21	1.6
SAINT LOUIS	3	74	50	11	19	32	1.6
WAYNE STATE	3	70	47	13	17	40	2.4
HOFSTRA	3	103	69	21	24	66**	2.7
NORTHEASTERN	3	90	60	19	20	60	2.9
SOUTHWESTERN	3	85	57	17	20	61	3.0
DEPAUL	3	85	57	18	19	60	3.1
SOUTHERN ILLINOIS	3	42	28	11	9	27	3.1
PENN STATE	3	70	47	12	17	55	3.2
ARKANSAS-LITTLE ROCK	3	50	34	11	11	36**	3.2
TOLEDO	3	56	38	11	13	43	3.3
CLEVELAND STATE	3	60	40	14	13	44	3.3
LOUISIANA STATE	3	54	36	11	13	43	3.4
WEST VIRGINIA	3	50	34	11	11	39	3.4
LOYOLA-L.A.	3	90	60	19	21	71	3.5
SYRACUSE	3	80	54	13	20	70**	3.5
WILLIAM MITCHELL	3	70	47	14	16	57	3.5
SAN FRANCISCO	3	94	63	25	19	70**	3.7
AKRON	3	50	34	12	11	40**	3.7
IDAHO	3	48	32	12	10	38	3.7
PEPPERDINE	3	90*	60	19	21	76	3.7
PACE	3	84	56	19	19	70**	3.8
MISSOURI-COLUMBIA	3	53	36	11	12	49	4.0
NORTHERN ILLINOIS	3	45	30	17	7	27**	4.0
SANTA CLARA	3	87	58	24	17	70	4.1
MARQUETTE	3	67	45	14	16	66	4.2
SUFFOLK	3	75	50	19	15	66	4.3
JOHN MARSHALL	3	73	49	18	15	66	4.3
VALPARAISO	3	60	40	13	14	60	4.3
WILLAMETTE	3	55	37	12	12	59	4.8
CAMPBELL	3	55*	37	10	13	64	4.8
SEATTLE	3	69	46	19	14	66	4.9
MAINE	3	52	35	14	11	54	5.1
NORTH DAKOTA	3	42	28	12	8	43	5.2
ALBANY	3	55	37	13	12	68	5.7
MERCER	3	50	34	11	11	65	5.7
CREIGHTON	3	52	35	12	11	66	5.9
VERMONT	3	60	40	15	13	76	6.0
DRAKE	3	47	31	12	10	59	6.0
LOYOLA-NEW ORLEANS	3	54*	36	12	12	75**	6.2
WYOMING	3	36	24	14	5	32	6.4
MONTANA	3	36	24	11	7	45	6.7
GONZAGA	3	47	31	11	10	69	6.8
STETSON	3	53	36	12	12	81	7.0
SOUTH DAKOTA	3	34	23	13	5	48**	9.4
FLORIDA COASTAL	4	60	40	11	15	16	1.1
TEXAS TECH.	4	105	70	15	28	39	1.4
HOWARD	4	95	64	18	23	45	2.0
WESTERN STATE	4	115	77	18	29	63	2.2
DUQUESNE	4	80	54	11	21	50**	2.3
CHAPMAN	4	70	47	18	14	47	3.3
FRANKLIN PIERCE	4	85	57	15	21	72	3.4
SAINT MARY'S	4	71	48	12	18	61**	3.5
WASHBURN	4	46	31	11	10	35	3.5
NEW YORK LAW SCHOOL	4	83	56	19	18	65	3.5
SOUTH TEXAS	4	70	47	13	17	61	3.6
BALTIMORE	4	60	40	13	13	50	3.7
OKLAHOMA CITY	4	60	40	10	15	58	3.9
DETROIT COLL. - MSU	4	64	43	13	15	60	4.1
DISTRICT OF COLUMBIA	4	55*	37	18	10	40**	4.1
CAPITAL	4	65	44	12	16	66	4.2
CITY U OF NEW YORK	4	55*	37	19	9	40**	4.5
DETROIT MERCY	4	60	40	13	13	60	4.5
NORTH CAROLINA CENTRAL	4	45*	30	12	9	41**	4.5
MISSISSIPPI COLLEGE	4	50	34	11	11	52	4.6
MCGEORGE	4	62	42	13	14	67	4.7
DAYTON	4	53	36	12	12	57	4.8
NORTHERN KENTUCKY	4	50	34	11	11	56	5.1
OHIO NORTHERN	4	52	35	13	11	57**	5.1
SOUTHERN	4	40*	27	10	8	43**	5.1
THOMAS JEFFERSON	4	60*	40	17	12	63**	5.4
WESTERN NEW ENGLAND	4	57	38	14	12	65**	5.5
NEW ENGLAND	4	63	42	19	11	63	5.5
HAMLINE	4	51	34	14	10	57**	5.7
GOLDEN GATE	4	70	47	25	11	63	5.7
REGENT	4	50	34	12	11	61	5.8
QUINNIPIAC	4	60	40	15	13	75	6.0
SAINT THOMAS	4	60	40	15	13	76	6.0
TEXAS WESLEYAN	4	50	34	15	9	55**	6.1
TEXAS SOUTHERN	4	40*	27	13	7	43**	6.2
CALIFORNIA WESTERN	4	53	36	16	10	66	6.6
TULSA	4	50	34	11	11	76	6.8
WHITTIER	4	60	40	18	11	74	6.8
SAMFORD	4	60	40	19	11	72	6.9
WIDENER (DELAWARE)	4	50	34	15	9	67	7.4
NOVA	4	49	33	15	9	76	8.5
TOURO	4	55	37	21	8	81	10.2
ROGER WILLIAMS	4	42	28	14	7	73	10.4
THOMAS COOLEY	4	41	27	17	5	60	11.2

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