Tuesday, July 23, 2013

And In Other Legal Ed. Reform - Schools Consider June LSAT & IBR Swap



If you took the LSAT in June 2013, you may be able to use your score for admission into law school this fall. "Eager to beef up admissions, at least 25 law schools have announced they will consider scores from the June LSAT for fall admissions."

Generally, the June LSAT is taken by prospective law students hoping to get a jump on admissions for the following year. The February test is usually the last test used for fall admissions.

"Among the schools considering June scores are the University of Alabama School of Law, ranked No. 21 by U.S. News & World Report, and the University of North Carolina School of Law, ranked No. 31."

And if your June LSAT is strong enough to get you into the fall admission process, there may also be a new way to finance your legal education.

American University tax law professor Benjamin Leff is suggesting another way to finance a law school education—through an 'income-based rate swap.'

"The idea: Students would still borrow to finance their education from a bank or the federal government. But the law school would then contract with students to make loan payments, and the students would agree to pay the school a percentage of their income over time. The IBR Swap is a student’s exchange of a fixed obligation to lenders for an income-based obligation to the school."

Commenters suggest that Leff’s plan would give law schools an incentive to find good jobs for their students. So the schools will be on the hook for the amount that the student doesn't pay back before he or she dies? Something tells me that this won't take off. But nice try putting your thinking cap on!

ABA Journal -- Law schools hope to beef up admissions by considering June LSAT takers

ABA Journal -- Prof offers alternative to traditional law school loans: Structure a swap transaction

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