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3 Law School Admissions Trends to Expect This Cycle

The relationship between supply and demand is one of the most basic principles of market economics. As the supply of a certain good decreases and demand stays the same, the good becomes more valuable.

This concept of supply and demand can be applied to the law school admissions process. From a law school admissions committee’s perspective, the good it is selling is admission to its incoming class, the supply is the number of applicants and the demand is the number of seats in the incoming class.

The vast majority of schools have a target class size that stays the same from year to year, thus keeping their demand fixed. The supply of law school applicants, however, has been decreasing steadily for several years, with last year having the fewest applicants in many years. This means that schools in general value law school applicants more highly than they have in past years. This week, I’ll discuss three major effects of this recent trend and how to adjust your application strategy accordingly.

[Check out the U.S. News top law schools rankings.]

1. Gaining admission to many law schools is more attainable. Since law schools are clamoring for qualified applicants, schools across the board have lowered their admissions standards. The LSAT and GPA ranges for accepted students at most schools have dropped, with LSAT scores in particular dropping several points in many cases.

Despite this general trend, competition for admission at the top schools remains fierce. The drop in overall applicants tends to affect lower-ranked schools much more than it does higher-ranked schools, because admission to higher-ranked schools remains coveted by all applicants.

This trend enables applicants to expand their list of reach schools, and to some degree, recalibrate which schools they should consider target and safety schools. In other words, now is a great time to apply.

2. Submitting applications early has become less important. One of the most commonly repeated pieces of advice regarding law school admissions is that the earlier an application is submitted, the more likely one is to gain admission.

Because of the rolling nature of law school admissions, this advice is generally correct, but the importance of applying early is often exaggerated. You should not rush to submit applications simply in order to gain the advantage of applying earlier in the cycle.

The diminishing importance of applying early in the cycle is especially true this year as the number of applicants continues to decrease. This is especially important for applicants who have not yet taken the LSAT or are planning to retake the LSAT.

If you are planning on taking the October LSAT but do not feel adequately prepared, you should likely postpone until December as the disadvantage of postponing the submission of your applications is now significantly outweighed by even a few more points on your LSAT score.

Because of the decreasing number of applicants, schools find themselves with more and more spots to fill later in the admissions cycle, enabling applicants to apply successfully very late in the cycle. In fact, my admissions counselors worked with a client who began working on his applications in late spring this year, past the deadline for many schools.

His dream school was Fordham University, and although the deadline for submitting applications had passed, he contacted the admissions office requesting to submit an application. The admissions office agreed to consider his application and he was admitted with an LSAT and GPA that in previous years would have made Fordham a reach school.

[Follow four final steps before submitting law school applications.]

3. Merit-based scholarship money is more readily available. In addition to relaxing admissions standards, law schools attract candidates by offering merit-based scholarship money. As a result of the decrease in applicants, schools have begun to more aggressively offer merit-based scholarship money to admitted applicants.

One significant advantage this creates for applicants is the ability to negotiate for higher merit-based scholarship awards after acceptance.

For example, I worked with a student last year who was admitted to both the University of Southern California and the University of California–Los Angeles and was offered merit-based scholarships from both schools. By tactfully informing each school of the other’s offer, she increased her offer at USC by $30,000, a significant portion of the total cost of attending. We expect that such increases will be easier to negotiate this year.

How are you seeing these trends come to life? Email me or tweet me.

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3 Law School Admissions Trends to Expect This Cycle originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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