These law schools set you up to make bank. Pictured: graduates of Fordham Law, which ranked 15th.Fordham Law/FacebookEarning a law degree was once a sure-fire path to a lucrative career. Law school enrollment remains high, but an oversaturation of lawyers has left graduates struggling in the job market. Even the grads who find jobs aren't guaranteed a six-figure salary, leaving many stuck under a mountain of student debt.
For its new report exploring the value of a law school degree, online lender SoFi culled data from 60,000 of its student loan refinancing applicants who self-identified as having a law degree and, on average, three years of work experience.
They used the applicants' self-reported data to determine which schools produce the highest-earning graduates and how that salary compares to the amount of student debt they incurred. About 20% of applicants reached the underwriting stage where their degree and salary were verified by SoFi.
SoFi ranked 218 law school programs, excluding schools for which they didn't have sufficient data. When ranked solely by average salary, the data shows that while banner laws schools like Harvard and Yale expectedly produce high earners, a degree from a prestigious school isn't the only ticket to big earnings.
Grads of the top-20 law schools on SoFi's list earn an average salary of $166,155 three years after graduating. And the top-3 schools — all located in New York — earn upwards of $175,000. Moreover, each school on the list leaves grads with a positive salary-to-debt ratio where they earn more money in a year than they owe in student debt.
Below, check out SoFi's ranking of the 20 law schools that lead grads to the highest salaries.
20. University of Texas at Austin
University of Texas Law/Facebook Location: Austin, Texas
Average salary 3 years after graduation: $147,444
Average total debt: $105,254
Salary-to-debt ratio: 1.40
19. Vanderbilt University
Vanderbilt University Law School/Facebook Location: Nashville, Tennessee
Average salary 3 years after graduation: $149,475
Average total debt: $130,130
Salary-to-debt ratio: 1.15
18. University of California at Los Angeles
UCLA School of Law/Facebook Location: Los Angeles, California
Average salary 3 years after graduation: $152,469
Average total debt: $125,579
Salary-to-debt ratio: 1.21
17. George Washington University
The George Washington University Law School/Facebook Location: Washington, DC
Average salary 3 years after graduation: $153,302
Average total debt: $147,134
Salary-to-debt ratio: 1.04
16. Stanford University
Location: Stanford, California
Average salary 3 years after graduation: $158,088
Average total debt: $122,964
Salary-to-debt ratio: 1.30
15. Fordham University
Location: New York, New York
Average salary 3 years after graduation: $160,590
Average total debt: $151,406
Salary-to-debt ratio: 1.06
14. University of Southern California
USC Gould School of Law/Facebook Location: Los Angeles, California
Average salary 3 years after graduation: $161,823
Average total debt: $148,690
Salary-to-debt ratio: 1.10
13. University of California at Berkeley
UC Berkeley School of Law, Boalt Hall/Facebook Location: Berkeley, California
Average salary 3 years after graduation: $163,940
Average total debt: $138,677
Salary-to-debt ratio: 1.20
12. University of Michigan at Ann Arbor
University of Michigan Law School/Facebook Location: Ann Arbor, Michigan
Average salary 3 years after graduation: $164,713
Average total debt: $138,688
Salary-to-debt ratio: 1.20
11. University of Virginia
University of Virginia School of Law/Facebook Location: Charlottesville, Virginia
Average salary 3 years after graduation: $166,396
Average total debt: $137,368
Salary-to-debt ratio: 1.21
10. Duke University
Location: Durham, North Carolina
Average salary 3 years after graduation: $169,096
Average total debt: $137,257
Salary-to-debt ratio: 1.23
9. University of Pennsylvania
Location: Philadelphia, Pennsylvania
Average salary 3 years after graduation: $170,954
Average total debt: $146,708
Salary-to-debt ratio: 1.17
8. Yale University
Location: New Haven, Connecticut
Average salary 3 years after graduation: $171,779
Average total debt: $123,793
Salary-to-debt ratio: 1.40
7. Northwestern University
Northwestern Law/Facebook Location: Chicago, Illinois
Average salary 3 years after graduation: $173,204
Average total debt: $157,363
Salary-to-debt ratio: 1.10
6. Georgetown University
Location: Washington, DC
Average salary 3 years after graduation: $$173,464
Average total debt: $150,359
Salary-to-debt ratio: 1.15
5. Harvard University
Robert Spencer/Stringer/Getty Images Location: Cambridge, Massachusetts
Average salary 3 years after graduation: $173,578
Average total debt: $134,374
Salary-to-debt ratio: 1.30
4. The University of Chicago
The University of Chicago Law School/Facebook Location: Chicago, Illinois
Average salary 3 years after graduation: $174,238
Average total debt: $153,210
Salary-to-debt ratio: 1.14
3. New York University
NYU School of Law/Facebook Location: New York, New York
Average salary 3 years after graduation: $177,962
Average total debt: 156,052
Salary-to-debt ratio: 1.14
2. Columbia University
Columbia Law School/Facebook Location: New York, New York
Average salary 3 years after graduation: $177,962
Average total debt: 156,052
Salary-to-debt ratio: 1.14
1. Cornell University
Location: Ithaca, New York
Average salary 3 years after graduation: $183,377
Average total debt: $148,443
Salary-to-debt ratio: 1.24