Financing Law School

Financing Law School

Despite the fact that the cost of many top tier law degrees currently hovers near $150,000, there has been no sign that people are no longer interested in applying to law school. For most people, what this obviously means is that some form of financial aid is imperative.

In financing law school, there are several important factors to keep in mind. First, aside from tuition, what will be your estimated living expenses? Most law schools do not offer housing, so one should consider the rent in the area in or around his or her law school, a major expense. Additionally, money for utilities, food, recreation, transportation, and an emergency reserve should all be considered. These factors often help people choose between schools inside or outside of major cities in that the financial burden apart from education is often very different between urban and rural areas.

Also to consider in financing law school is education as an investment. Obviously education is always an investment to some level, but in terms of law school how quickly one might be able to pay back educational debts may have a huge impact on where one decides to study and what type of law one decides to study. Consider what type of law you'd like to practice as well as starting salaries and general availability of jobs in that specific field.

Another thing to take into account is the cost of both the LSAT and the bar exam. The LSAT is the standardized test that most law schools require as part of the application for admission. Taking the test costs about $75 but most people spend additional hundreds of dollars on prep classes or books. Further, once one graduates from law school he or she must take the bar exam in order to become a practicing attorney. The cost of this varies depending on the state in which one wishes to practice, but it hovers around $250.

Finally, consider the actual fees for applying to law school. These range from free to over $100, depending on the school. This may impact which schools you apply to and to how many you apply. Consider finding out whether or not you qualify for a fee waiver before applying.

Taking all of these factors into account law school is often a huge financial encumbrance. Fortunately there are several options. When applying to law school, one should still always fill out a FAFSA application in order to request aid as all law schools offer some form of financial aid. Additionally, when filling out a FAFSA one possibly becomes eligible for a Stafford law school loan, which is beneficial for its fixed rate and fast availability. Otherwise, as with undergraduate loans, there are myriad private loans and scholarships available for law school.