Many law students are seemingly out of money by the time that they’re admitted to law school. Then, they’re required to come up with even more cash for another three years. If your last name isn’t Gates, Bezos or Musk, you might have a financial issue. Unless you’re in the top 2% of admission candidates, you’re in no position to negotiate a financial aid package. Always keep the fact in mind that you’ll be sacrificing for your future though. The financial aid office at the law school that you will be attending might be your most valuable asset.
Consider State Schools
One way of saving an incredible amount of money is to attend a state supported law school near where you live. You can live at home and save even more money. It’s not like you’re going to have much of a social life anyway. Many law schools that are supported with state funds are difficult to gain admission to though. The reason why is because their in-state tuition is far less expensive than privately funded law schools. Regardless of the price break, academic standards at just about all state law schools remain high.
So Where Do I Get the Money for a State Law School?
Many law students scrape by the same way that they did in undergraduate school. They work part-time, get some free financial aid, some help from their family and take student loans. If the university where you attend law school at participates in the federal work-study program, you might be able to get a part-time job.
Complete and Submit the FAFSA Application
The first step in the right direction is to complete the Free Application for Federal Student Aid (FAFSA). Don’t wait until such time as you’re admitted to a law school to complete the FAFSA. You’re allowed to designate six law schools where you want your FAFSA application sent. Don’t complete your FAFSA before January 1 of the year that you are applying for, as you must supplement it with tax information. After you’ve submitted all necessary information, financial aid might be offered.
A significant percentage of your law school class will be financing law school the old-fashioned way with student loans. Don’t rely on the possibility of student loan forgiveness when millions of other people have financed their educations with student loans and paid them off in full. Student loans might be through federal or private sources. Like any loan, exercise due diligence in looking into its terms, and minimize any sums that you might borrow.
The Advantages of Federal Student Loans
Federal loans indeed have their advantages as opposed to private loans. Terms of payment are flexible, and interest rates are fixed for the life of the loan. Applicants need not have a credit history either.
Cover the Balance with Another Loan
Certain student loans have limits. If you’ve reached your limit for a year, there are graduate school PLUS loans. Law students might be able to borrow the remaining cost of attending law school.
Where there’s a will, there’s a way, and in the United States, there is opportunity if you’re not afraid of sacrificing for it and earning it. The practice of law remains a lucrative profession. The opportunity is there. Reap the intrinsic and financial rewords of a career as an attorney.