Here’s a step toward ending the higher education bubble: Brooklyn Law School is putting its own money on the line for its grads (well, their money spent on tuition).
The New York Times reports:
Beginning with students entering this year — whether in two-, three- or four-year programs — Brooklyn Law School is offering to repay 15 percent of total tuition costs to those who have not found full-time jobs nine months after graduating. That, according to school officials, is how long it typically takes graduates to get such jobs and, if necessary, to obtain the requisite licenses.
Law school enrollment has taken a dive in the past few years, with the legal sector shedding 60,000 jobs during the recession and average tuition still above $40,000, though Brooklyn Law School among a few others has lowered its tuition in response. (It’s still more expensive than the national average for American Bar Association-approved schools, the Times says.)
It also helps that Brooklyn Law School has a $133 million endowment:
To qualify, students must take the bar exam after graduating, though they need not pass it. They must also demonstrate that they have actively searched for full-time work and have made use of the school’s career resources.
The 15 percent reimbursement applies only to out-of-pocket tuition expenses, including loan payments; scholarships and grants are not covered.
h/t TaxProf Blog
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