How to Finance Law School
Few students are able to pay for law school out of pocket. Unless you are one of them, you will mustlook for other sources of funding. There are many sources of funding available to law students, though, and they are easy to seek.
- Difficulty:
- Easy
Instructions
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1
Budget for your financial needs. Determine how much money you will need to finance law school, as well as to live. Compare that amount to what you can afford to pay. You may need to make up the shortfall with funds from several sources.
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2
Contact the financial-aid office on your law school's campus. No matter what, the first question asked will likely be whether or not you have completed your FAFSA. After that, you will be able to ask whether any financial aid is available from the school itself.
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3
Research scholarships. There are scholarships available to law students based on every sort of characteristic.
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Complete the Free Application for Federal Student Aid (FAFSA) online at the FAFSA website (see Resources below). The form will require information from your last tax return. You must have completed the FAFSA in order to qualify for any of the many federal loans available to law students, as well as to take part in the Federal Work-Study Program.
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Check for low-cost loans. If you need additional help to finance school, look for interest-free loans. Many religious and heritage groups offer these types of loans to members.
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Look for private loans, often secured through banking and other lending institutions, as your last resort. Private loans are last resorts because they are among the most expensive ways to finance your legal education. However, if you are a member of a credit union, you may qualify for lower interest rates than you could secure at a traditional bank.
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Tips & Warnings
Many scholarship and loan programs will require proof of need. Be prepared to provide a copy of your last tax return.
Many law students start school with the intention of working part time. However, it can be very difficult to schedule time for both work and school. Avoid overloading yourself.
Don't forget to factor in the costs of such things as books, transportation and clothing when figuring out your financial needs.
