What Everyone Needs to Know About Financial Aid
The price of going to law school has risen dramatically in the past decade.
Few law schools are able to offer full rider scholarships for their students. More commonly, law students use loans to get through law school.
It is imperative that students live with their means and take into account their future debt load.
Remember to fill out the Federal financial aid form available in the Financial Aid office as early as possible in January and file, or have your parents file, their taxes as early as possible.
Today's law students can count on having a substantial debt to repay upon graduation.
After you graduate from law school, your student loans will become a part of your financial burden.
When looking for a career or job, you will need to consider if your chosen field will allow you to make a payment of $1,000.00 per month or more on your student loans.
CONSIDER THE FOLLOWING when deciding how to finance law school:
- Tuition and Fees (in-state vs. out-of-state; many public law schools have differing fees dependent upon residency)
- Tuition increases (there is an estimated increase of 5.5-5.9% each year)
- Style of living
- Future choices of region and starting salary
- Placement & average salaries of graduates
- Monthly debt repayment in the future
- Length of time to repay loans
- Loan forgiveness/repayment for public service
- Current and/or future financial obligations (car payments, mortgage, insurance, etc)
- Other aid sources: parents organizations, or scholarships
- Total real living costs (rent, bills, food, school, entertainment, etc...)
- Savings & resources
- Current debt accrued
- Current credit rating (check www.experian.com) *It is very common for admissions committee's to research your credit score; it would be wise to know for yourself*
- Ease of borrowing money
- Resources in a money crisis: i.e. Parents, Bank's, Savings account, or Personal savings
Organizations offering further information on financial help for law school:
662 Penn Street
Newton, PA 18940
(215)968-1001
Council on Legal Educational Opportunity (CLEO)
1800 M Street, NW
Suite 160
South Lobby, Washington DC 20036
(202) 785-4840
Equal Justice Works (formerly NAPIL)
2120 L St NW, Suite 450
Washington, DC 20037
(202) 466-3686
Puerto Rican Legal Defense and Education Fund
99 Hudson St., 14th Floor
New York, NY 10013
(212) 219-3360
Earl Warren Legal Training Program
99 Hudson St.
Suite 1600
New York, NY 10013
(212) 219-1900
Mexican American Legal Defense and Educational Fund
634 S. Spring St., 11th Floor
Los Angeles, CA 90014
(213) 629-2512
400 Maryland Ave. SW
Room 2177
Mail stop: 6335
Washington, DC 20202
(202) 401-1902
Keep these "golden rules" of financing your legal education in mind
- Financing law school may be a greater accomplishment than being accepted for admission.
- Not all loans are alike. Know the differences and borrow wisely.
- Limit your use of credit cards. Save them for emergencies.
- Pay all consumer credit on time. Bad credit may prevent you from attending school.
- Don't pay tuition with credit cards. There may be payment plans available from your school.
- Maintain complete records of your loans. Keep track of your total debt, your lenders, and the terms of each loan.
- Use your financial aid office as a resource in your financing decisions.