Easy Ways to Pay for Law School
Student loans are one of the main causes of stress for law students. However, if you know where to look, there are numerous useful repayment methods to be found.
Entering law school can be very exciting. However, many students feel a sense of dread because they don’t know how they are going to pay for it. Luckily, there are plenty of options that may fit whatever circumstance you are facing. Here are just a few of the ways you can pay for your post-graduate education.
Free Money Comes First
You should always check out free money over all else. This free money is called grants and does not need to be repaid unless you drop out of school. While grant money will not cover all of your tuition, it could cover a good portion of it. Check with the financial aid office at your college to learn about which grant programs may be available to you. Unfortunately, the most-known grant program, the Pell Grant, may not be available to you as it is set aside typically for undergraduate students only.
Scholarships
By the time you reach law school, you should have access to many more scholarship opportunities than you did as an undergraduate. These scholarships will be much more specific to what you are going for. Just as with grant money, these do not have to be repaid after graduation. Have the financial aid officer help you to apply as there are hundreds, if not thousands, of scholarships available and you will need to narrow them down to the ones that actually apply to you.
Private Lenders
Most people don’t think about applying for student loans from private lenders, but they are a great way to get help paying for your schooling. Many graduates find that they are much easier to negotiate with if you need to adjust your payments. There is also the little-recognised fact that by borrowing from a private lender, you have the opportunity to develop a positive relationship with that lender that you can use later in your life, such as if you need an auto loan or a home loan. If you are wondering how much your payments might be after you graduate, most lenders offer a student loan repayment calculator to help with your calculations.
Work Study
Many law schools offer work-study programs that allow the student to work and earn money. Since it is a real job, you can spend the money however you see fit, but you may want to use at least a portion of it to help pay your school expenses. This will leave you with less money you have to repay in the future. A huge benefit about work-study is that the job schedules are tailored to your school schedule, so you never have to worry about having to skip a class to get to your job or vice-versa.
Loan Forgiveness
There are certain types of loans that may be forgiven in their entirety if you meet certain guidelines, such as practicing law in low-income areas of the country or if you work in the legal department for non-profit organizations. Check your financial aid office to verify which loans would qualify for this and what you need to do to have them forgiven.
