Massholes Start Law School

One of the few law schools not handed instant accreditation by the ABA opened its doors to 182 students who watched too many episodes of Boston Legal. I’m sure it will prove more useful than the education they are about to receive.

University of Massachusetts Law School plans to spend over 13.8 million dollars to try and convince the ABA to give it accreditation. Here’s an idea: Why don’t they just call India and ask how much the ABA expects for a bribe? Might be easier, and the number might be lower than the 13.8 million they are about to spend. That way, they can use more of their suckers students money for inflated salaries.

Moonlighting White Collar Workers

Professionals are doing whatever they can to make ends meet: game shows, prostitution, laundering money for the mob, and now, working two jobs.

The Wall Street Journal reports that because of pay cuts and layoffs, many white-collar workers are starting to work two jobs to make up for the pay cuts. Want to get in on the action? Here’s one way the moonlighters are doing it:

The growth of freelance websites to higher-paid, white-collar occupations is making it easier to moonlight. Accountants, lawyers, marketers and other managers and professionals seeking work on have more than doubled in the past year to 58,000, says founder Xenios Thrasyvoulou.

Proposal To Cut Fed Funding

A reader sent this article in. It made my day, enjoy!

Could the tide be turning? For-profit colleges are starting to get burned. And for added fun, they face more regulation and higher costs:

The government is now cracking down. The U.S. Education Department has proposed restricting admissions growth or cutting federal funding if not enough students can repay their loans. This would partly be based on starting salaries following graduation. The significance of these new schoolyard rules can’t be understated: federal aid makes up at least three-quarters of revenue at many for-profit educators.

The real toilet colleges will get toasted first:

Preliminary estimates suggest many of the big schools will get hit. Corinthian Colleges, the Washington Post’s Kaplan Higher Education, ITT Educational Services, and DeVry had estimated overall loan repayment rates that would fall well below the 45 percent proposed threshold.

Imagine how many law schools will have to shut their doors if these proposals expand to include them. Enrollments will go way down, and standards to get in will go way up. Maybe future classes of lawyers will actually have a shot at getting a job. Another reason to default!

Law School Scam Article

The New Jersey Star-Ledger has an article today about the law school scam. It focuses on Seton Hall grad Scott Bullock, who wrote one of the scam blogs.

Unless students graduate from schools like Harvard or Yale, they “might as well be busing tables,” Bullock said.“It’s really just a big Ponzi scheme,” said Bullock, 33, of Bridgewater. “They’re just cranking kids out for $45,000 a year.”

The scam artists school administrators admit they’re watching:

School administrators, who admit to keeping tabs on these so-called “scam blogs,” which now number in the dozens, bristle at the charge that they run diploma mills.

They don’t deny it, but they still won’t put this on those shiny welcome to law school brochures:

What law school officials don’t deny is that these are challenging times for new graduates. Job openings are scarce. Firms are increasingly turning to outsourcing or contract work.

Here is why I spend time writing this blog:

But the critics ask: How can prospective students make informed decisions when they aren’t given enough information in the first place?

The schools continue to lie report numbers like this:

On its website, the school currently reports an employment rate of 94 percent for the 2009 class, but does not break that down into full-time, part-time or temporary work. The school also claims a starting salary of $145,000 in private practice, though it does not specify how many grads reported salaries in this area.

It’s not just that there is no longer a return on your monetary investment, the educational value is questioned by this recent graduate of Loyola Law School in Los Angeles:

However, Rothman, who graduated last May, says he soon questioned the value of his education when classes proved so easy that he slept through them and still achieved middling grades. He began wondering whether admissions officers would have “let a dead squirrel roll in.”

If a squirrel could get loans, they will let the squirrel in, dead or alive. They will just charge the little guy extra for insurance in case he chews on a human’s nuts while in class. It will pay another over-priced and worthless professor’s salary.

Outstanding Student Loan Debt Soars

The same journalist who wrote an article on the law school scam (see post below) also wrote about school debt.

In the article, she notes that, for the first time, Americans owe more on their student loans than their credit cards. That didn’t surprise me, but the amount did:

Outstanding student loans now amount to nearly $830 billion, surpassing the $827 billion owed in revolving credit, according to an analysis by Mark Kantrowitz, publisher of and At least $300 billion of the student debt was incurred in the last four years.

I think it’s time for a bailout for students, or controls to keep the schools competitive enough that the degree means something when you get out. Right now, my law degree has about the same value as a used movie ticket stub.

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