Paying for Law School part II

SCHOLARSHIPS AND GRANTS!!

FAFSA-government financial aid program, apply for it!

Look through the scholarship/grant page in school web sites.

If possible, apply to all of them.What do you have to lose? I have heard of many experiences from friends and families applying for scholarships they were skeptical about on their qualifications but were chosen.

Search online.
One site I found was the Online Education Database, it gives you a list of law school scholarships ranging from $1,000/year to $15,000/year. Although the choices are limited, it doesn't hurt to skim through.

I found a website with a list of public schools that award the most financial aid: grad-schools.usnews

Example: University of Baltimore-Median grant: $22,136, 20.4% full-time students receiving grants
University of California-Berkeley-Median grant: $16,369, 62.3% full-time students receiving grants
Indiana University-Bloomington-Median grant: $14,420, 88.5% full-time students receiving grants

You can sort the list by specialty, ex. healthcare law, legal writing, intellectual property law, etc.

Even with scholarships you should budget your money. Scholarships should be received with a grateful and humble heart, they are saving you from loans and debts.


Image credit:http://www.scholarshipsforwomens.net/

Paying for Law School

Think about your dream law school.
Got it? How much is the tuition?
Expensive? How are you going to pay for it?

I've heard a lot of people say that debt from college (especially graduate school) is "good."
...Well the reality is, DEBT IS DEBT.
It's awesome to have the words "Harvard Law School" on your resume, but how long would it take for you to pay off the loans?
Instead of just choosing law schools for their reputation, make your decision based on what field you want to study, and the average salary of that field.

For example, jdadmission.com stated that if you want to be a public defender, a less expensive school would be a better choice.

The bottom line is, debt is debt. Heike Spahn, assistant dean at the University of Chicago Law School said that law school debt is " like having a second house, with no house to live in."

So what should you do?

Be realistic!
Think about what you really want to do with a law degree and look for a school that most fits your goal.
Nowadays, it doesn't really matter the name of the school you went to. The economy is expected to continue to be...well...kind of horrible and the demand for lawyers are pretty high.

Don't be impulsive
This is thousands of dollars on the line. You literally can't afford to impulsively pick a school.

Be smart with your money
If you choose to get a student loan, practice good budgeting.
Spahn also said: "If you live like a lawyer when you're a student then you'll live like a student when you're a lawyer."
You're not a lawyer making six figures just yet. Look for cheaper apartments (you're gonna practically live in the library on campus anyway), commute if possible, find a part time job, don't splurge on material things (actually don't splurge at all), etc.


Think about it, three years of suffering for a financially secure career? A pretty good investment if you ask me.