The Problem

Only 5% of attorneys in the United States are Black.

In 2015, white average law school debt was $101,618 and the percentage of white students borrowing is 72%, while Black average law school debt was $183,720 and the percentage of black students borrowing was 100%.

14% of Black women and 7.3% of Black men expected to owe more than $200,000 in student loan debt, compared to only 5.5% and 4.3% white women and men respectively.

The Findings

57% of Black students will graduate with debt well above Penn Law’s average debt of $135,991 as of October 2020.

If the updated 2021 average debt figures are considered, 46% will still graduate with debt well above Penn Law’s revised average debt of $163,000 as of April 2021.

Around 18% of Black students will graduate with over $200,000.

Black students admitted through the early decision program and the waitlist received NO merit aid.

The System

Most law schools have a two-tiered financial aid program that is both need-based and merit-based.

The two approaches serve different goals and are based on different factors.

For need-based aid, several factors are considered in order to determine an individual's need if the student is under 30 years old.

The Solution

Start the financial aid assessment from an equity-based approach:

“What will students’ debt–to–income and debt–to–asset ratio be after graduation ?”

“Raise the estimated housing and living expenses budget to be more realistic and reflective of students’ needs.”

Ensure that ALL students are eligible for merit aid including students admitted from the early decision program, waitlist, and transfer program.