Student Loans for Law School

There’s no way to get around it. Law school is expensive. If you add up tuition, books, housing, food and other transactional school costs, you may be well over $100,000 in debt after graduation.

So if law school is so expensive, then how do students pay their tuition as they attend school?

The answer is financial aid. Depending on your eligibility, you may receive grants, scholarships and loans. Grants and scholarships are money awarded to you that you do not have to pay back. Loans are money that you are borrowing. You will have to pay these loans back after you graduate.

Many students have a combination of grants and loans but most of the financial burden is paid through the types of educational loans listed below.

Subsidized Federal Stafford or Ford Loan.
You can receive up to $8,500 a year if eligible. These are great loans since loan interest is paid by the federal government as you attend school. You must attend school at least half-time. You are obligated to repay the loan six months after you graduate, six months after you withdraw from school or if you fall below half-time enrollment.

Unsubsidized Federal Stafford or Ford Loan
This is similar to the Subsidized Federal Stafford and Ford Loan. The drawback to this loan is that interest will accrue as you attend school meaning that the loan amount will be higher when it’s time to repay. Repayment guidelines are the same as the subsidized loans.

Federal Perkins Loan
The maximum amount you can receive with this loan is $6,000 a year. You do not have to be enrolled at least half-time for this loan. When you pay back this loan, you’ll find that you are paying directly to your school.

Graduate PLUS Loans
This is a new loan for law students that began in July 2006. If you have fair credit you may be eligible for this loan. Interest will accrue as you attend school and you fill have a fixed percent rate for the life of the loan. Instead of the six months after graduation, the repayment period begins immediately after graduation.

Private Loans
Private educational loans can be obtained through financial lending institutions. They will check your credit report so make sure you cleared up any problems. If your credit is not satisfactory, you may be denied a loan.

You must check with your law school’s financial aid office about financing your education. You will have to fill out a FAFSA form which is available after January 1st of every year. You can go straight to the Department of Education’s FAFSA web site and fill out an online application. Be sure to check the deadlines for applying.

Don’t let the cost of law school hold you back. You will find a way to pay for school. You may have to work a part-time job or participate in Federal Work-Study to pay extra expenses, but the opportunities for you after graduation will more than make up for the hassle.

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