03.01.10 | Life After Undergrad: Law school edition
Law school can be a terrific option for those looking to continue their education. But it can get expensive. The average cost of a public law school is $16,836 per year (according to the American Bar Association), and that’s before books and other fees. It can be even more expensive if you attend a private law school and/or elect to live on campus.
If you envision leaving law school and becoming senior partner right away, living in a big house with fancy cars, you’re in for a rude awakening. Even the most successful law students from the most prestigious law schools have to cut their teeth in internships and low-paying positions as associates. So if you’re serious about the law, you have to be prepared to spend time and money.
To make sure that you can obtain your law degree and still be able to eat once you pass the bar, it is imperative to have all of the necessary information.
Federal loans
Many of the same federal loan options available to you for undergraduate school are available for law school. Just as it is for an undergraduate degree, you can fill out a new FAFSA application as an independent student to determine your financial aid need. You can borrow up to $20,500 ($8,500 of which can be subsidized) and the loan carries a 6.8 percent interest rate. You can also file for a GRADPlus loan, which allows you to borrow up to the cost of education minus any other financial aid. The GradPLUS loan carries an 8.5% interest rate.
The Bar exam
Once you graduate law school, you must next pass the bar exam for the state in which you wish to practice law. Studying for the bar is a difficult and grueling experience. Many students devote much of their time to studying, and can only support a part-time job. To stay up to speed on your bills and other assorted living experiences, you could consider a Law Board Exam Loan. This is a one-time loan for up to $15,000 and carries a low interest rate.
Law Internship Loan
Getting your foot in the door of the firm of your dreams is tough. Once you pass the bar, you will need some credible experience. Many firms offer internships that can help you pad your resume, but sadly, many of them are unpaid. One option is to take out a Law Internship Loan. Like the Bar Exam loan, this is a one-time $15,000 maximum loan with a low interest rate.
Getting through law school and beyond is a costly and time-consuming affair, but if you really have your heart set on becoming an attorney, it can be a rewarding experience. As with your undergrad loans, you have the option to consolidate once you graduate, spreading out your loan payments and possibly lowering your interest rate.
Click here for a complete overview of your law school financial aid options.
We’ll be back next week with an in-depth look at getting into medical school. Until then, court’s adjourned.
ScholarshipPoints code: LAW32010
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quite the informational article. it covered a lot of points i needed to know myself
March 26th, 2010 | #
It's a really though decision in which we as people/students should take that as a consideration of their own personal career.
March 25th, 2010 | #
Law is a great career but i dont think thats what i want to do.
March 24th, 2010 | #
i use to be interested in law but after reading this im glad i changed my mind
March 21st, 2010 | #
I know Federal loan can help a lot. But my cousin also borrowed a lot of loans and now she graduates and she has to sign bankruptcy because she couldn't afford to pay all of the money that she borrowed…
March 21st, 2010 | #
You have to be willing to put the time and money into your education in order to be successful in the long run.
March 18th, 2010 | #
Law school would seem to be expensive.
Thanks for the info!
March 16th, 2010 | #
Good Info
March 15th, 2010 | #
Students intending to go for law will find this comment useful
March 12th, 2010 | #
Really good information to people that wants to take a law career.
March 9th, 2010 | #
very good information for all.
March 9th, 2010 | #
This is great information for those people who aspire for legal careers. It gives a little more insight into the different levels that need to be obtained in the climb to the top.
March 5th, 2010 | #
this reminds me of my friend.
March 3rd, 2010 | #
Nice info
March 3rd, 2010 | #
Not my field of interest, but thanks for the info.
March 3rd, 2010 | #
Definitely pass on our site, there's a ton of information here that she would find useful.
Also, http://www.studentplatinum.com/ has a lot of great credit card advice too.
March 2nd, 2010 | #
I know someone that has been going to law school for years. She has like no money, yet she likes to spend extravagantly.
I suppose sites and/or advice like this would benefit her greatly.
March 2nd, 2010 | #
law is no really the career i want but it is really helpful
March 2nd, 2010 | #
it is a though decision to go for Law. I am not going but I think it is a great career and it is worth the time, effort, and money.
March 2nd, 2010 | #
law is something i am thinking abput but dont know if i should really do it
March 2nd, 2010 | #