Prepare to Pay for Law School
A law degree is often a costly investment. At private schools, students paid $40,000 on average for tuition and fees in 2012, according to the American Bar Association. Those at public schools in 2012 paid, on average, between $23,000 and slightly more than $36,000.
Below are 10 tips to help aspiring J.D.s make smart choices about how to finance a law degree.
1. Take Stock of Personal Finances
Before school begins, students should estimate how much they’ll need to spend on things like transportation, living expenses, and even undergraduate loans, says Shawn P. O’Connor, who writes the U.S. News blog Law Admissions Lowdown.
Payment for undergraduate loans may be deferred in some cases, but not without a cost. “When you defer payment on student loans, your loans will generally continue to accrue interest, which is usually added to the principal amount of the loan,” O’Connor wrote in a 2014 blog post.
2. Understand School Scholarship Requirements
Law schools may have strict requirements for students who receive scholarships.
For example: Because a school may predetermine the number or percentage of students who will get a certain GPA or grades, it may be impossible for all of the 1L scholarship recipients to meet the requirements that would enable them to keep their scholarship as 2Ls, Hanna Stotland, who advises law school applicants and legal professionals as a private consultant, told U.S. News earlier this year.
3. Look Outside of School for Free Money
A number of organizations also offer scholarships for students in law school. Citizens Bank, the Federal Circuit Bar Association and the American Bar Association are just a few organizations that award money to future J.D.s.
Some of these scholarships are specifically for minority students and law school applicants, while others welcome a larger pool of potential recipients.
4. Carefully Weigh Two-Year Options
Several schools have recently started to offer two-year options, instead of the traditional three years, for law school. These programs, however, aren’t guaranteed money savers.
“You get two years of a legal education, at some schools, but you pay for three. They charge you basically by the degree. That’s where the student as a consumer has to be very careful,” said Steven Sedberry, author of “Law School Labyrinth: The Guide to Making the Most of Your Legal Education,” in a previous U.S. News story.
5. Consider Career Goals
As students figure out how much they’ll pay in tuition and fees, they should also consider what type of law they’ll get into and where they’ll practice, experts say.
“If you’re going to be practicing in Kentucky, obviously the salary you’re going to be earning is less but at the same time the amount of money you’re going to have to spend to live is a lot less,” said Matthew Shinners, who helps prospective law students get into school, in a previous U.S. News story.
6. Research Debt for Past Graduates
Some schools are known for having students graduate with relatively low debt. The Bowen School of Law at University of Arkansas–Little Rock, for example, had the lowest average law school debt for 2013 graduates who borrowed out of 181 ranked institutions that reported data to U.S. News in an annual survey.
Researching how much debt students graduate with may help applicants decide which school will cost them the least.
7. Take a Gap Year
It’s common for people to wait a year or two after getting their bachelor’s degree before starting a J.D. program. A gap year before applying to law school can be spent doing volunteer work, exploring a nonlegal career or working in an area of law prospective students would like to learn more about in law school.
If applicants choose to work, they can save some of their salary for law school expenses.
8. Consider Part-Time Offerings
Going to school part-time allows law school students to work while getting their degree. Prospective students should see if their current employer will allow them to switch from working full-time to part-time, says O’Connor in the U.S. News blog Law Admissions Lowdown.
“In that scenario, you are familiar with the work environment and hopefully have a good relationship with your supervisor, whose understanding and flexibility will be invaluable during school. If that is not possible, consider searching for part-time work,” he said in a 2014 blog post.
9. Know About Graduate Student Aid
The type of financial aid available for a graduate student is different from what is available for an undergraduate student. For example: Graduate students cannot borrow federal subsidized loans and typically are not eligible for Pell Grants.
Knowing the loan options available can help aspiring law students decide how they’ll pay for school.
10. Understand Loan Repayment Options
A six-month grace period before repaying student loans, which is common for those paying back undergraduate loans, is not always available for law school graduates who borrowed. On the other hand, those with high graduate school debt may be able to use income-based repayment plans for getting rid of their loans.
Experts encourage graduate students to understand the range of repayment options for all of their student loans.
Learn More About Paying for Law School
Consider more ways to reduce law school expenses and get our complete rankings of the 2015 Best Law Schools to help make your decision.
For more advice and information on how to finance a law school education, connect with U.S. News Education on Twitter and Facebook.
More from U.S. News
Figure Out Which Area of Law Fits Your Career Goals
Sharpen Law Skills With a Master of Legal Studies
Consider Practicum Offerings When Deciding on a Law School
10 Ways to Get Financially Ready for Law School originally appeared on usnews.com
