With law student debt outpacing lawyer salaries, it is more important than ever to make smart choices about your own debt load. And above all else, work to clean up or keep your credit rating clean. Your school selection and lifestyle choices can have a big impact on how much debt you will incur.
Fill out a FAFSA
This form qualifies you to receive federal student loans both subsidized and unsubsidized, and you cannot receive federal loans without it. It’s an essential step. Check with your law school on deadlines.
Apply for federal loans
Federal Stafford loans are the lowest cost and most widely available loans for law school, so they should be your focus. A Perkins loan is paid for with money the federal government allots to colleges and universities each year.
Look into private loans
Borrow as little private money as you have to, to cover the rest of your costs, because interest rates are generally higher and repayment options are usually not as good.
Investigate Scholarships and grants
Look into free money from scholarships and grants. There isn’t as much available for law schools as there was for undergraduate programs, but the financial aid office at your law school should have some information.
Think about work-study programs
Many schools have government-funded programs where you can work a few hours a week, earn money to help for school, and get some legal experience to add to your resume at the same time.
Be prepared for surprises
You can plan all you want, but there will still be surprises. Keep in mind – supplements such as study aids and outlines are not usually included in the estimated book costs the school will give you.
