By going to law school, you are taking on a significant financial burden, so you should be aware of that.Many new attorneys struggle to repay their law school debt even though they will go on to work at large law firms and earn large salaries.If you know how to reduce the cost of law school, you will have a better chance of paying for it.
Step 1: Understand how much law school costs are.
The potential costs for law school are calculated.The cost of tuition and fees, room and board, student health insurance and books and supplies must be considered.In 2012 the average cost of tuition and fees for a public law school was $23,214 for in-state residents and $36,192 for out of state residents.The average cost of tuition and fees for a private law school was over $40,000.The location of the law school will affect room and board costs.Law schools give this information on their websites.According to Harvard Law School, students should budget for $21,373 over the course of nine months for a moderate standard of living.The students are told to budget $17,008.For an academic year, the cost of books and supplies can be between $1,000 and $2,000.You will need to purchase a computer which could cost between $700 and $1,500.You may be able to avoid this cost if you already have health insurance through a parent or spouse.Law schools often require students to purchase a student health plan if they don't have health insurance.Student health plans can cost a lot.
Step 2: A law school budget needs to be created.
Before applying for law school, it is important to consider how much you can afford to pay, how to save money, and how you will meet your financial obligations.Your law school budget will be similar to a regular budget.Expenses for three years of law school should be included in your budget.
Step 3: The cost of law school is estimated.
The costs associated with law school must be included in your budget.If you know where you want to attend, you can either search the school's website for the schedule of costs and fees or use estimated costs based on the amounts set forth above.Take the costs for travel and transportation into account.If you can't take public transportation, walk, drive or bike to school, the cost of travel will go up.As a guide, Harvard Law School recommends a budget of $1,500 a year for travel costs.The cost of all financial obligations should be calculated.calculate the cost of cell phone bills, credit card payments, clothing allowances, food allowances and any other costs that you are responsible to pay when considering this budget item
Step 4: Determine your sources of income.
Money from family members, savings, income from a part-time and/or summer job, and student loans are some of the sources of income that you must include in your budget.
Step 5: The budget should be based on costs and sources of income.
You will have a good idea of how much additional resources you will need in order to pay for law school once you have calculated your financial obligations and subtracted from your sources of income.
Step 6: Go to law school and save money.
If you want to save money for law school, you should plan for it as soon as possible.If you want to save money for law school, you should get a part-time job.If you want to attend law school after graduation, you should consider getting a part-time job.If you can work, you should try to offset your law school costs.If your schedule allows for an additional weekend job, you should.Lower your living expenses.If you apply to law school, you should reduce your expenditures and tighten your budget.You can put money in a separate account for law school.
Step 7: You can choose schools with loan repayment programs.
You might be interested in working in the public interest sector.Law schools that offer loan forgiveness programs should be considered.Repayment assistance or full repayment of law school debt for public interest law attorneys can be provided by over 100 law schools.Once you get a public interest position, your school will make repayments on your student loans.
Step 8: Merit-based financial aid is available to law students.
Merit-based financial aid awards are usually awarded based on the strength of the applicants profile including grades, law school essays and other application questions.The financial awards can be used to reduce the cost of tuition.You should apply to schools that give a lot of scholarships.You can negotiate with the school to get an even higher award if you get a merit-based scholarship.You can find a list of the public law schools that give the most financial aid at: http://grad-schools.usnews.rankingsandreviews.com/best-graduate-school/top-law- schools.
Step 9: If you want to apply for scholarships, you must do so.
You should consider applying for scholarships outside of a law school's financial aid package.You should conduct an internet search for law school scholarships.There are a number of scholarships that support women.There are some diversity scholarships listed here: http://www.usnews.com/education/blogs/the-scholarship-coachYou should conduct an internet search for "diversity scholarships for law school" in order to locate as many scholarships as possible.There are scholarships for law students offered by the Federal Circuit Bar Association.Law school scholarships are given to undergraduate students who have been accepted to law school.Information on these scholarships can be found on the website.
Step 10: You can attend a law school in the area.
It is possible to make law school more affordable by choosing a school near a family member's home.It is possible to reduce the cost of law school by staying at a family member's home.
Step 11: You can borrow federal loans.
You should take federal loans first if you need to pay for law school.Federal Stafford Loans allow a law student to borrow up to $20,500 per academic year.Students have the option of in-school deferment and forbearance.The federal government pays the interest on subsidized student loans if you register at least half-time.The total amount of loans required to pay for a law school's tuition is determined by the school.The borrowers is responsible for paying the interest on unsubsidized federal student loans.Capitalize means that accrued interest will be added to the principal/amount that you originally borrowed, if you choose not to pay your interest while in school.You want to pay the interest before it's too late.
Step 12: Loans for private law school.
Private companies lend money to law students.These companies may not allow you to lock in a low interest rate because they don't offer the same protections as federal student loans.It is recommended that you take out the least amount possible if you need to borrow private law school loans.
Step 13: Money can be borrowed from family.
If you want to avoid paying interest, you may be able to work out a personal loan with a family member.This could save you a lot of money over the course of the loan.
Step 14: You can get a part time job during the school year.
A part-time job can help you pay for the costs not covered by financial aid or reduce the amount of money you take in loans.You should be careful about how much time you work.It is possible that having a job while in school will affect your ability to get a good job.
Step 15: You can use your summer legal job to help with costs.
If you are interested in working for a large law firm and you have good grades, you may be able to get a summer associate position during the summer after your second year of law school.In the summer of 2013, summer associates at top-paying law firms earned $3,156.39 in take- home pay.A year of tuition could be paid for by this money.