A Refund On Law School?

A Refund On Law School?

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Seems like a dream at best…

A cruel joke at worst…

For students just coming out of law school, on the hunt for a job, this headline seems to be playing on their desperation to find work to pay down major student loans…

But –

One law school now comes with a money-back guarantee.

No. SERIOUSLY.

According to Brooklyn Law School , this announcement was made last month…

The school promises to refund 15% of tuition costs to any student who doesn’t find the job of their choice nine months after graduation, starting with the class of 2015…

We can see some of you reading this right now with your jaws slightly ajar…

You’re drooling a bit on the keyboard so close your mouth and keep reading…

At Brooklyn Law School, tuition is NOT cheap at $43,237 a year…

Okay your jaw is dropping again…

The president and dean of the school, Nicholas W. Allard believes that their students put a lot of time, effort and money into earning their law degrees (don’t we all!)

What’s more is that he believes that some students just need more time and support in finding that perfect first time job to begin their careers (again – don’t we all?!)

According to the New York Times, the school chose the nine month mark because that’s how long it takes students on average to find a gig after graduation.

And lawyers aren’t doing so hot: in 2013, 11.2% of law school grads were unemployed nine months after graduation — a figure that’s slightly higher than the national unemployment rate for college graduates…

(Note: Add that to your list of why not to go to law school…)

Brooklyn Law School does have a pretty good track record: 90 percent of the school’s class of 2014 is employed…

But the school has taken heat publicly for its post-grad success rate — in 2012, five grads who were unable to find jobs after graduation sued the school and charged that “attending Brooklyn Law and forking nearly $150,000 in tuition payments is a terrible investment.”

(Note: A judge eventually tossed out that suit..Don’t try this at home)

Brooklyn Law School isn’t alone in the criticism though…

Many continue to question the value of a law degree as the profession continues to stumble back from the recession — the field has only gained back about a third of the 60,000 jobs it lost between 2007 and 2009….

And what’s worse is the looming debt hovering between $84,000 and $124,000…

You can keep your jaw ajar for that one…

Law schools, which last year saw their lowest enrollment rates since since 1973, have responded to the pressure placed on the profession by downsizing class sizes and slashing tuition to attract more students…

Now students are paying way more attention to how much law school costs and making a much more wise cost-benefit analysis.

Brooklyn College’s move to cut its tuition by 15 percent may just be a marketing move to stay competitive in the new “lowered rates” across the nation.

So a money back guarantee may sound like a sweet deal right now but only time and the economy will tell.

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