A career in law can be a lucrative choice, but going to law school leaves many students with substantial debt. And a high-paying job in law after graduation isn’t a sure bet, so understanding the return on investment is critical.
It’s possible to reduce the sticker price of a law school education, and here are 13 tips to help you.
Position Yourself for Scholarships
Institutional scholarships — money from the law school itself that you don’t have to repay — are among the best ways to reduce tuition costs.
Many law schools offer merit-based scholarships to fill their incoming class, says Teria Thornton, director of pre-law and diversity initiatives at AccessLex Institute, a nonprofit that assists law students. Here’s how to increase your chances of getting one.
Earn solid credentials and apply where you stand out
Performing well on the LSAT or GRE — some schools accept either — may substantially increase your chance for merit aid. Some schools offer only need-based financial aid, but others offer merit aid, sometimes substantial, to students whose scores are above the median for that school, experts say.
Read the fine print. “Some schools will only offer the scholarship for the first year or attach conditions that must be met to keep scholarships,” Thornton says.
If the scholarship is the primary reason for attending, review the requirements before accepting.
[Read: How to Go to Law School for Free.]
Ensure the program fits your career path
Scholarships are great, but make sure the school offers good career outcomes aligned with your goals.
Top-20 schools are recognized anywhere, but outside of those, “you should know how you intend to use your degree and in which part of the country,” says Hanna Stotland, an independent educational consultant and Harvard Law School graduate. “If you go to the University of Alabama, which is a terrific school, you’re going to get more love from employers in the Southeast than from other regions.”
Look for institutional scholarships rewarding other attributes
Some schools have scholarships for students committed to public interest law, such as the Public Interest/Public Service Scholarships at American University’s Washington College of Law in Washington, D.C.
For students who fit the profile, “look for law schools that have merit-based scholarships for first-generation or lower socioeconomic status,” says Sydney Montgomery, Harvard Law School graduate and founder and executive director of Barrier Breakers, an educational consulting service for undergraduate and law school programs.
Explore outside scholarships and fellowships
Research private law scholarships, but don’t limit your search to law. Montgomery advises her students to look for scholarships and fellowships for general graduate students, which can often be applied to law school.
Outside scholarships may help finance summer living or moving costs. Find out if they’re restricted to tuition, experts advise.
Understand Types of Financial Aid
Getting into some of the most prestigious law schools can be challenging, but the need-based aid some offer could make that law school more affordable than a cheaper program if you qualify.
However, these schools may require parents’ financial information for students as old as nearly 30, so take that into consideration. Other schools look at student financial information only.
Other than merit scholarships and grant aid at top-tier schools, most financial aid comes in the form of student loans. Students can apply for federal student loans and private loans. To minimize debt, try the following tips.
[Read: How Law School Financial Aid Works.]
Explore post-graduation loan assistance
Rather than offer money up front, some law schools and employers offer loan repayment assistance programs after graduation to make careers like public interest law feasible. Just over half of 197 accredited law schools offer loan assistance, Thornton says.
But double-check who qualifies, she cautions. Assistance may be limited to specific areas such as public service, or based on your income. The law school’s website should contain the details.
Apply to a public law school
An in-state public university’s law school where tuition costs are lower than law school at a private university might save you substantially. Consider the cost of the housing in the area, however. A high-cost city may eliminate the benefits of lower tuition, Stotland says.
Negotiate your offer if needed
Compare all your financial aid offers and ask a school of interest if they’ll consider matching a competing offer. Schools expect you to ask.
“Some have a formalized process for it,” Montgomery says, so request a scholarship reconsideration form.
Run loan simulators and research past graduates’ debt
Understand your projected student loan payments after graduation — particularly if you have undergrad debt — and whether income-based repayment or loan repayment assistance options are available to you.
Also, research the average debt from a particular school. Some schools keep student debt low or provide a gateway to lucrative jobs.
“Really kick the tires before you buy,” Stotland says.
Taking loans isn’t terrible, but it’s important to evaluate whether a particular program is a good risk, she says. Not everyone earns a high salary with a law degree, and the average law graduate typically leaves school with well over $100,000 in student loan debt.
[READ: How to Pick a Cost-Efficient Law School.]
Explore alternative paths with eyes open
If you’re working and want to continue working while earning your law degree, attending part time through an online or hybrid option might be the right choice. But if you’re exploring a part-time schedule simply to save money, research whether a longer schedule actually reduces the bill.
“Just because it’s different from a traditional program doesn’t mean it’s cheap,” Thornton says.
Prepare to Live Like a Student
If you’re an employed professional, learning to live on a student budget again can be tough, but it helps minimize debt. That might mean sharing a place with a roommate or two, or reevaluating your pricey car. Besides tight budgeting, experts recommend these strategies for minimizing expenses.
Analyze your personal debt
Credit card debt can be difficult to pay down while you’re a student.
“We recommend students set themselves up for success by getting those expenses paid down prior to law school,” Thornton says.
An adverse credit history could lead to private student loans being turned down and federal graduate loans being denied until you’re in good standing, which can take time.
Look for flexible gigs that pay well
Students need plenty of time for studying, but it’s still possible to earn money on the side by working a few hours a week, Montgomery says. She babysat six to eight hours a week for a family while in law school, earning $25 per hour.
Other flexible jobs include tutoring, giving music lessons or dogsitting. Explore colleges’ job portals or find work through informal networks or websites like care.com and Rover.com, experts recommend, and start lining up work in the summer or at the beginning of the semester before you hit a financial crunch.
Look for paid campus positions
As a law student, Montgomery received a meaningful discount on her campus apartment by working for campus housing. She was responsible for planning several grad community events per year.
“I would always encourage students to see if the broader graduate school has a grad school council or some kind of paid fellowship position,” she says.
Apply for paid internships
Summer legal internships expand your resume and set you up for your second summer when job offers may begin to materialize. Cast a wide net.
More from U.S. News
How to Get a Perfect Score on the LSAT
Law School Admissions Process: A Month-By-Month Guide
7 Things I Wish I Knew When I Applied to Law School
13 Ways to Get Ready to Pay for Law School originally appeared on usnews.com
