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February 10, 2009
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Money, Money, Money... Financing Law School!
If you live like an attorney when you are in law school, then you will live like a student when you graduate!
You may have learned that talking about a woman's age, religion, or money in public is taboo. But when it comes to planning for law school you need to get comfortable talking about Savings, Loans, and Debt! Completing applications, writing personal statements, and sweating through the LSAT can all be for naught if you find your wallet empty and the tuition bill in the mail. One reality of law school is that you are making a huge financial investment in your future and it can be overwhelming. The good news is that CLEO has expert Financial Aid advisors facilitating workshops at programs like Achieving Success in the Application Process (ASAP) to help you be successful. Like good health care, financial planning is preventative. If you ignore it now; you'll pay for it later! We have asked our financial aid expert, Dino Koff, Director of Financial Aid at Dartmouth Medical School, how you should prepare for the sticker shock of law school tuition. Read carefully. Then register online for ASAP. And, finally schedule an appointment with your school's Financial Aid Advisor. There is a lot to do and the clock is ticking. CLEO Blog: What are the first steps when planning financial aid/financing for law school? All financial aid will allow you to live and attend law school. The important part to know about the aid is which dollars you will need to pay back and what is free money. Furthermore, if it needs to be paid back, is it accruing interest while you are in school? Tip! If a family member offers you a financial gift while you are in school to help you live - consider paying off interest while you are in school because keeping your debt at principal only while in school is an amazing gift. CLEO Blog: What Plan of Action do you recommend to undergraduates who want to prepare for the cost of law school? While you are choosing a school, it is important to (1) note which schools offer merit aid compared to need based aid - And, which schools offer both? (2) Obviously, figuring out what merit aid is based on - is it LSAT, GPA, other talents? (3) Finding this out early so you can better prepare/market yourself. Different law schools list or publish different outside scholarships. These are scholarships that the schools do not control/award but promote because it helps students finance law school. A simple Google search (I typed in "law school scholarship") comes up with over 21 million different hits. It is not worth checking out all 21 million, but it is worth narrowing the search down to a manageable number that can be investigated. There is plenty of outside scholarship money available but the key is finding it early enough to apply for it. Preparation early will allow you to know the requirements and deadlines for all scholarships before it is too late. TIP! Don't forget-Loan repayment/loan forgiveness can be almost as valuable as a scholarship if you are planning on a public interest/public service career. Make sure you ask law schools if they offer these programs before you enroll. CLEO Blog: How do law school students stray from the path of financial security, and what wisdom do you share with them when they stray? When I work with students in creating spending plans, I advise them that any money saved on [daily] living is normally loan money saved. For example, living alone in an apartment may be $700 a month with full utility cost but living with a roommate maybe $500 a month with split utilities. If you are living on loans, it is important to take the economical path. Most financial aid offices will help you create a spending plan and help you get organized. I remember working with a student who would not eat at home but only at restaurants. This student was burning cash and life was becoming financially stressful. We sat down and talked about a spending plan and we agreed to a meal out a week. The amount saved was staggering and made it easier for the student to agree to this. TIP! A major way to keep from straying is to remember that loans are not income. Most (students) do not have a job in law school so if you are coming from a job- adjusting your living style is important because the lower the loans, the lower the payments. In order to be more comfortable talking about your money and the costs of law school, you can start by getting a clear picture of your spending habits and income. Take an hour to complete a budget review of your expenses for the last month. Then, make a budget plan for this month and keep track of any times you stray from your plan. Your goal is not to break the bank! Finally, if talking about gross adjusted income, the hundreds of dollars you spend at Starbucks, or the thought of being bound to debt makes you squirm, register now for the summer ASAP event nearest to you and meet Dino Koff in person. Now, start saving! |
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