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Law school costs money. According to a survey by U.S. News, the average tuition fees for the year 2018-2019 were $49,095 for private law schools, $40,725 for public out of state, and $27,591 for public in state. To cover the cost, many students normally rely on student loans and other types of financing. While loans are helpful, you should find ways to minimize the amount of money you borrow to pay your fees and day to day expenses. By doing so, you won’t have to graduate with huge debt. To achieve this, consider the following.
Look for Scholarships
With great GPA and LSAT scores, you can actually get through law school without paying a single cent. Thus, work hard and get a good GPA and prepare well for your tests. This will give you a better chance of qualifying for a full scholarship. When applying for scholarships, don’t focus on one institution only. Look for numerous opportunities and submit applications where you qualify. Also, check out law firms and other organizations offering scholarships for law schools.
Look for scholarship opportunities and submit applications where you qualify. Also, check out law firms and other organizations offering scholarships for law schools.Tweet This
Note that some scholarships are geared towards specific groups. For example, law scholarships for women and law scholarships for veterans. To increase your chances of approval, send your application as early as possible. Also, ensure that your application is complete and attach all the required documents. Finally, note that some scholarships, especially full scholarships, come with some conditions. Read through them and ensure you are comfortable before sending out your application.
Consider putting a portion of the money you get from summer jobs, part-time jobs, and full-time work in a savings account, preferably one without a debit card attached to it. When you start saving early, you won’t have to borrow too much to get through school. Savings are better than loans because with loans you will have to pay interest and this makes the total cost of getting through law school higher.
“You’re not the first person to go through this struggle, and you won’t be the last, either. Every lawyer has also had to answer this question, so why not use them as a source of advice? Speak to lawyers working in all fields about the process they used to find their practice area, and whether they would change anything if they could do it all again. Whatever area you eventually decide upon, make sure that you’re doing it for the right reasons.” – Future Lawyers
Get a Part-Time Job
By working a part-time job, you can earn some extra money to pay for your tuition. Also, if you get a part-time job in the legal field, you will gain experience and get some connections. However, go for a job that will not affect your studies. Your performance has an effect on your career and thus don’t compromise that to earn some money.
Don’t Live Above Your Means
Before joining law school, identify how much money you can afford to spend every month. Get a house that is within that range and budget for other expenses based on that. Also, find ways to cut your living expenses. For example, you could share an apartment with another student to save on rent.
After you graduate, continue being financially responsible. While then you have the means to upgrade your life, plan well and think about the future. Treat and reward yourself for your hard work, but do it wisely. When you manage your money well, you can avoid falling into huge debt in the future.