Factors and Tips for Managing the Cost of Law School
An investment in legal education does not come cheap, yet as with anything, “you get what you pay for” still rings true.
Many factors play into the cost of law school. Students should carefully consider their options and plan to live frugally. Here we discuss some of the major expenses related to law school as well as offer strategies for budgeting expenses.
Tuition
An education from one of the nation’s premier law schools can open doors at major firms, but comes at a significant price tag. Columbia Law has listed their cost of attendance as being $110,450 annually which covers tuition as well as living accommodations, books transportation costs and student health insurance plans; far surpassing the national average of $42,823.
Public law schools tend to be less expensive than their private counterparts, yet even they don’t come cheap. When considering your options for law school attendance, do your research thoroughly as some schools offer scholarships or grants specifically for law students that could significantly cut the costs of attendance. Also keep an eye out for opportunities offered through organizations like the American Bar Association as they support legal professionals.
Students relying on student loans for at least part of their legal education must carefully plan and budget for this investment in themselves, which could possibly qualify them for loan forgiveness programs after graduation should they pursue work within certain fields like government or nonprofit employment.
When it comes to law school costs, one of the best ways to lower them overall is taking out as little loan debt as possible. To do this, create a financial plan before starting law school which details how you will cover three years of tuition and associated expenses using online calculators provided by your school as a resource for creating realistic budget plans. Also be sure to apply annually for federal student aid grants or work-study programs by filing out the Free Application for Federal Student Aid (FAFSA).
Books
Books and materials represent an integral component of attending law school, from textbooks and laptops to printer ink and paper supplies and any additional items required to succeed during classes. Your book needs may depend on which school and which classes you enroll in; some require on-campus attendance while others allow online courses; depending on which option suits you best, books could cost anywhere from $1,700 for first year (L1) students up to as much as $10,000 (for 2L and 3L students).
Additionally, you will require binders or folders for holding handouts, outlines and other loose papers. It would also be wise to invest in some pens and pencils, a stapler with staple remover and binder clips as well as legal-sized notepaper – not forgetting matching envelopes for sending out resumes when searching for jobs!
Your academic life also requires having access to a legal-sized calculator and good pen, both of which will come in handy during classes as writing tools and for research projects or taking quizzes and exams. Pens can help take notes during lectures while calculators come in handy when doing research or taking exams.
According to the ABA, approximately 90 percent of law graduates surveyed took out student loans to finance their legal education; approximately half felt it was worth taking on debt for. Unfortunately, however, many feel as if they weren’t adequately informed of costs before attending law school and almost one-quarter reported increased debt balances postgraduate.
Student Loans
Attending law school requires three years and costs hundreds of thousands of dollars, with many students leaving with significant student loan debt when they graduate. Unfortunately, this debt can have lasting repercussions for their lifestyle and career goals; fortunately there are ways you can lower costs of your education.
Step one of determining how much debt to take out for law school is creating a budget and estimating expenses related to studying. This will enable you to calculate how much money could be saved through taking out lower interest rate loans or clearing off debt before enrolling.
Tuition and books may be the primary expenses when considering law school education; however, other expenses should not be overlooked – including housing, meals, transportation costs and equipment purchases. The exact costs can differ significantly depending upon which law school is chosen – more prestigious schools could increase costs significantly per year.
Students also have the option of applying for scholarships and grants, which provide free money that does not need to be repaid back. Scholarships and grants may be awarded by law schools; bar associations; bar sororities/fraternities; religious organizations; business or civic groups; the US Department of Veterans Affairs or even private employers – please visit your financial aid office’s website to determine which scholarship/grant options may apply in your school district.
Law school students rely heavily on student loans as their main source of financing, with student loan amounts having a major influence over your future income and job options post graduation. Therefore, you should carefully consider which types of loans to take out and their terms when borrowing money for law school.
Living expenses
An education is a significant investment and should be approached with care and planning as with any significant financial commitment. Tuition costs should certainly be factored in; however, understanding all factors that go into calculating law school costs is critical to its success.
Living expenses in any given region or city should also be considered when making a decision about law school attendance. You should research the average costs for rent, food and transportation before making your final choice – these living expense amounts could have a dramatic impact on the total price tag associated with attending law school in that location.
Some students can obtain merit-based scholarships that help defray expenses associated with law school. Such awards are determined based on academic performance and LSAT score, making this an effective way of making the most out of law school while simultaneously lowering its total cost. It would also be wise to reach out to each law school’s financial aid office and inquire if any further scholarship opportunities exist there.
Before enrolling in law school, it is a wise move to carefully consider your loan options. With different kinds of loans and interest rates that vary considerably – some lenders provide fixed-interest rate loans which make managing budget and debt loads after graduation easier.
Gaining a law degree can open up incredible career possibilities. Now is an incredible time to be entering the legal industry, and becoming a lawyer. Receiving proper education can pave the path toward a prosperous and fulfilling career path.
Other expenses
Tuition and fees are only one component of law school cost; students also must consider living expenses. This is especially essential in large cities where rent may be higher. Students should budget for housing, books, health insurance and transportation as well as food. Thankfully, most schools will provide their students with an estimated Cost of Attendance (COA) that includes tuition and fees plus room and board expenses, books & supplies costs, meals personal items miscellaneous costs.
The Cost of Attendance (COA) will help determine your financial aid award and should encompass all anticipated expenses for an academic year, enabling you to compare total estimated cost of attendance between different law schools. You should be able to locate their COA on their websites.
Enjuris Tip: Before enrolling at a new school, it is wise to speak to their financial aid department as soon as possible. They can often assist in understanding the total costs of attendance and developing a realistic plan to cover them. In addition, they can advise which loans would work best with your repayment options – usually federal loans are best as they don’t require cosigners and offer flexible terms of repayment.
As with any major purchase, law school represents an investment worth making and must be evaluated carefully before being made a commitment to. Be sure to research what exactly it entails as well as search around for the best price before making your final decision.
