Lana Oconnell
Paying for law school can be a daunting task, and many law students turn to student loans to cover the cost of attendance, including tuition and living expenses. While loans can be a helpful option, it is important to consider other avenues as well, such as scholarships, grants, and work-study programs. Creating a budget and exploring options for reducing expenses, such as living with roommates, can also help law students manage their living expenses more effectively. Additionally, working part-time or during summer breaks can provide extra income to supplement their financial resources. With careful planning and exploration of various options, law students can find ways to pay for their living expenses during their studies.
| Characteristics | Values |
|---|---|
| Student Loans | Federal student loans are preferred over private loans. Students can borrow up to the remaining cost of attendance minus other aid received. |
| Scholarships and Grants | Scholarships and grants are the best option as they don't need to be repaid. They are usually merit-based or awarded to those with diverse backgrounds. |
| Work | Many law students work part-time to cover expenses. On-campus jobs, such as research assistants or library staff, are popular. Federal work-study programs are also available. |
| Military Service | The military provides funding for veterans or active-duty officers through programs like the Yellow Ribbon Program and Funded Legal Education Program (FLEP). |
| Budgeting | Creating a budget and cutting back on expenses can help reduce financial burden. |
| School Choice | Attending an affordable or in-state public law school can reduce costs. |
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Student loans
Private student loans are also an option for law students, but they lack the same financial security as federal loans. Private lenders may offer lower rates and fees, but they do not have the same income-driven repayment and loan forgiveness programs as federal loans. If a law student is confident they will be working in the private sector with a high salary after graduation, private loans may be a good option. However, it is important to borrow wisely and only take out the amount of loans necessary, as law school debt can be significant.
To apply for federal student loans, law students should complete the FAFSA to determine their eligibility for need-based aid. The FAFSA will take into account factors such as savings, financial support from family and friends, and earnings. Law students can borrow up to the remaining cost of attendance at their school, minus any other aid received. It is recommended to apply for scholarships and grants first, as these do not need to be repaid, and then consider federal loans before turning to private loans.
Additionally, law students can work part-time jobs to help cover living expenses. Working for the school, such as research assistant positions or library jobs, can be a great option as it allows students to earn money while still having time to study. Other creative job options can include finding employment that provides housing or meals, reducing overall living expenses. Law students can also consider saving money during summer breaks or internships to reduce the amount of loan debt.
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Scholarships and grants
Your first step should be to fill out the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for need-based aid, such as scholarships and grants. You can also apply for privately funded scholarships and grants, which are offered by law firms, bar associations, and community organizations, and are often available to underrepresented groups or students studying specific types of law.
If you are a veteran or the child of a veteran who is eligible for Post-9/11 GI Bill benefits, you may also want to look into the Yellow Ribbon Program. This program provides additional funding to veterans or their children who attend participating law schools, and the Department of Veterans Affairs matches the school's contribution, potentially allowing you to attend at a fraction of the price.
If you are still on active duty, you may be interested in the Funded Legal Education Program (FLEP). Program participants agree to serve multiple years as military attorneys in exchange for tuition and living expenses at the law school of their choice.
Remember that scholarships and grants are competitive, so be sure to put together a strong application that highlights your strengths and achievements. You may also want to consider applying to multiple programs to increase your chances of receiving funding.
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Work-study jobs
Federal Work-Study (FWS) is a financial aid programme that allows students to work part-time and earn funds to offset their living expenses. The FWS is a need-based programme, and the amount a student is eligible to earn is designed to contribute to their academic expenses. A portion of the FWS wages are paid through federal funds, allowing on-campus employers to hire students for positions that would otherwise be unfunded. Students can work up to 10 hours per week during their first year and up to 15 hours per week as upper-class students.
Students can find FWS positions within their school, such as working for law professors as research assistants or at the school library. Off-campus FWS positions are also available and are usually advertised by law school faculty and through newsletters.
In addition to the FWS programme, there are other work-study options available, including Institutional Work Study (IWS) and State Work Study (SWS). The IWS is a non-need-based programme funded directly by the institution, while the SWS is a need-based programme for eligible 2L and 3L students. SWS helps continuing students secure off-campus, career-related jobs to earn money while gaining career preparation experience.
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Budgeting
Understand Your Expenses
The first step in budgeting is to identify your essential living expenses, such as rent, groceries, transportation, and utilities. Calculate the total cost of these expenses each month to set a baseline for your budget.
Track Your Spending
Keep a record of every purchase and expense, no matter how small. This will help you identify areas where you may be overspending and make more informed decisions about your money.
Set Realistic Goals
Determine how much money you need to cover your living expenses for the semester or year. Consider expenses that may vary, such as seasonal costs (e.g., higher heating costs during winter months). Set a realistic monthly budget that aligns with your financial situation, including any income, scholarships, or grants received.
Prioritize Necessities
Ensure that your basic needs are met first. Allocate money for rent, food, transportation, and other essentials. Be mindful of the cost of books and supplies, which can be significant.
Reduce Discretionary Spending
Examine your spending habits and identify areas where you can cut back. For example, instead of eating out frequently, cook at home, or opt for less expensive leisure activities. Consider sharing accommodation to reduce rent costs.
Explore Income Opportunities
Law students can explore various income opportunities to supplement their budgets. Working part-time or during the summer can provide extra funds. On-campus jobs, such as research or library assistant positions, can be ideal as they often offer flexible hours and may even allow you to study while working. Tutoring or babysitting are also viable options.
Choose the Right Loans
When taking out student loans, understand the terms and conditions, interest rates, and repayment options. Federal student loans generally offer more flexibility and lower interest rates than private loans. Only take out the amount you need, as borrowing too much can lead to unnecessary debt.
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Military funding
To be eligible for the FLEP, applicants must meet specific requirements, including being a US citizen on the Active Duty List (ADL) in certain grades while applying and at the time of selection. They must also be accepted by an accredited law school in the United States, with a preference for institutions in their state of legal residency or those that offer in-state tuition rates to out-of-state students. The selection process considers various factors, including undergraduate and graduate transcripts, LSAT scores, and letters of recommendation.
In addition to tuition coverage, the Army also offers benefits such as student loan repayment of up to $65,000, eligibility for the Public Service Loan Forgiveness Program, and benefits under the Post 9/11 GI Bill for continuing education costs. These benefits can significantly reduce the financial burden on law students and help them cover their living expenses.
It is important to note that the FLEP application cycle has specific deadlines, and applicants must ensure they meet all the requirements and provide the necessary documentation on time. Serving in the JAGC provides a unique opportunity for law students to gain early litigation experience, hold respected leadership positions, and make an immediate impact as attorneys or judges in the military law branch of the government.
While military funding through the FLEP can be a great option for law students with a military background or interest, it is not the only option available. Law students can also consider part-time work, scholarships, and student loans to cover their living expenses. Working for the school, taking up tutoring or babysitting jobs, or finding creative ways to reduce expenses can also help law students manage their finances effectively.
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Frequently asked questions
There are several ways law students can pay for living expenses. The most common way is to take out student loans. However, students can also work part-time, apply for scholarships and grants, or even save money over the summer break.
A law student can take out up to $20,500 per year in federal student loans. The total cost of attendance, including tuition and living expenses, can be covered by loans, but this is not recommended.
Working for the school is a great option. Law professors often hire research assistants, and libraries hire students to work at the circulation desk. Tutoring and babysitting are also viable options.
Scholarships and grants are awards based on merit or financial need that do not need to be repaid. They are offered by law schools, private organisations, and the government. To apply, students should fill out the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CSS) Profile.
Yes, students can also save money by making a budget and cutting back on expenses, or consider attending a more affordable law school or living with roommates to reduce costs.
