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Welcome to the CLEO Diversity in Legal Education Blog! On this site we will talk about the reality of a prelaw education, the programs that CLEO sponsors, and the challenges and triumphs you encounter as you diversify the legal field. CLEO staff and colleagues will share practical insights and discuss how to become a competitive law school applicant.

Most importantly, this blog will give voice to our valuable assets...CLEO participants like you!

On this Blog you will:
1. get advice from current CLEO Scholars
2. learn about the CLEO Scholars Program, A.S.A.P., Sophomore Summer Institute, and CLEO Connection
3. share your profound moments

The CLEO Diversity in Legal Education Blog is an open space for us to talk about our experiences, to plan our next steps, and to support one another. The road to law school is rigorous, but as students, advisors, and professionals we can reach our goal.

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CLEO Blog
CLEO Blog - What's in Your Wallet? Staying Out of Trouble: Part 3
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January 27, 2010
  What's in Your Wallet? Staying Out of Trouble: Part 3
You worked hard to get to law school - Don't fail out because you lost control of your finances! Law students stray from financial security, but Dean Aguilar is going to share how to keep your "money on your mind ..."

"I think the way students most commonly stray from the path of financial security during law school is by not considering or acknowledging the full financial implications of committing to law school until very late in the admissions process." - Dean Reyes Aguilar.

    The Problem: Students end up putting themselves into a reactive financial model when they should be working from a proactive model. It is understandable that students are focusing on admissions and creating opportunities to be admitted into law school.
    The Fix: Expand that focus to include financial considerations during the entire admissions process-not just at the commitment stage. Click the Download link on Dean Aguilar's Pre-Law Financial Aid Timeline website. Are you on track?
By considering long term implications and doing cost benefit analysis during the admission process, students will be in the practice of having finances be a part of their overall decision making plan.
    The Problem: Students need to know how debt adverse they are before committing to a program.
    The Fix: Students should establish what amount of debt begins to make them concerned (uncomfortable). This planning, in turn, will make it more likely that they will be able to stay on the path to creating and maintaining financial security during and after law school.

Now having said this, there are a few specific things Dean Aguilar has seen law students commonly do in regard to their finances that should be addressed.

    The Problem: Carrying too much debt into law school and thinking financial aid will help support that debt.
    Ones undergraduate educational loan payments can be deferred while in law school. However, depending on the type of loans they are, interest may be accruing. That will make the debt grow if the borrowers are not making quarterly interest payments.

    For most other types of debt (credit cards, car loans, mortgages, etc.) payments will continue to be due on a monthly basis.
    The Fix: Students need to be aware that the financial aid packages they will be awarded are established to only support the students' educational need for the 9 month school year. (If students attend summer school, an additional package for that time period can be created for them.)
    Students need to prepare themselves by paying down their debt-especially consumer debt- before entering law school. That may require delaying enrollment.
    The Problem: Students borrowing all they can, not just what they need to meet educational expenses.
    Borrowing educational loans is not difficult-especially when one gets to the point of signing the promissory note. Students will often just fill in the maximum award amount they are eligible for without really thinking about what costs need to be met.
    The Fix: It takes time to compute ones individual semester or First Year Law Student Budget and compare it to a financial aid award package. But only by going through that exercise can students determine what they really need versus what they can borrow.

Finally, students can't keep track of how much they are borrowing and from what programs unless they keep records.

    The Problem: Record Keeping and missing deadlines-this one is simple.
    In regard to deadlines, the best financial assistance (for example: scholarships and Perkins loans) is limited. Once awards have been made the funds are committed and some funds are awarded on a first-come-first served basis. If students miss the deadline, they miss out on the funding.
    The Fix: Visit with your college Financial Aid Advisors to create a guide/worksheet of your financial aid options. Make a plan to submit applications early and to seek fee waivers for admissions applications, LSAT testing, and apply for Federal Financial Aid.

Special Note: Don't be caught unaware of the financial commitment you are making. A legal education is an all encompassing endeavor. You will be challenged intellectually, emotionally, and financially. Do your research now and you will trim your stress as a 1-L!

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    Posted By: Lynda Cevallos @ 01/27/2010 11:51 AM     Prelaw Advising  

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