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CLEO Blog - What's in Your Wallet? Living in this Economy!: Part 4 |
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What's in Your Wallet? Living in this Economy!: Part 4
Foreclosures, unemployment, and soaring tuition costs affect everything - especially financial aid. If you missed the financial melt-down, then you must have been living under a rock or locked in the library. In the final installment, Dean Reyes Aguilar (SJ Quinney College of Law) shares recommendations on today's economic situation for Pre-law students and paying for law school?
There are two primary challenges I see students confronted with in paying for law school as a result of the current economy. The second is after graduation. More new lawyers are finding they are under-employed or having difficulty finding a job. That results in their being unable to make loan payments. In regard to students' credit histories, people are behind on loan payments or are defaulting on debt, due to job losses or reductions in salaries, thereby making them ineligible for some educational loans. The Stafford and Perkins loan programs are affected only if a borrower is in default on a federally guaranteed student loan. But Stafford and Perkins loan programs limit how much a student can borrow annually. Perkins loan is limited to $6,000. The Graduate PLUS loan is the bridge between those amounts and the total Cost of Attendance. So it is very frustrating, understandably so, for students who are qualifying for some aid, but not enough to get them through the school year. My first recommendations in this situation are: Know your credit score early may have enough time to rehabilitate negative marks on the report or make alternative arrangements, like seeking a co-signer for the loan. For new lawyers who find themselves underemployed or having difficulty finding a job, their challenges will be making student loan payments. If their debt is from the federally guaranteed loan programs, they can take advantage of the income-sensitive repayment option. (I discussed this payment plan option in Financial Aid: What's in Your Wallet Part 2.) The Income-sensitive option adjusts a borrower's monthly loan payments to be sensitive to his/her income. This repayment option can be a very helpful safety-net for high debt /lower income borrowers. New attorneys can stay up-to-date with news from the ABA Journal online. In this four part Financial Aid series, you should learn that financial planning is as important in preparing for law school admissions as your personal statement or your LSAT score. Acceptance to a law school you can't afford can be more disheartening than a mailbox full of rejection letters. Take the following steps now so that you can be more successful in law school tomorrow. Learn the types of aid (loans &scholarships) and choose wisely! Don't stray from the path of security with unplanned financial commitments! Know the economic environment. Don't be caught off guard by current events! |
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