Law School Loans

law studentGetting into law school is a daunting experience. Of course, you will first have to take the LSAT, a test where some say the fail rate is as high as 50%. Another burden is the cost to attend law school. The cost to attend law school adds up due to high tuition, books and materials, living expenses and other costs. For some students the only way to pay for these is to apply for law student loans.

Typically, most students start the process by applying for financial aid by the submitting a FAFSA form to the Department of Education. The student will then be informed of what financial aid the student is eligible to receive from the federal government or school. From this figure, it will be possible to calculate if the student is eligible for enough financial aid to cover the costs to attend law school.

Some students have the option to apply for various scholarships, which can come from particular organizations, or they can be specific to the law school the student is hoping to attend. For example, there are scholarships from the American Bar Association, but at the same time, there are scholarships available for students attending the Harvard School of Law. However, scholarships could be few and far between and they could be difficult to obtain because a lot of students apply for them.

The other option would be to take out a loan for tuition and living costs. The disadvantage is that the loan will be required to be repaid. Therefore, unlike a grant or scholarship, you will have to pay back the money to lender with interest. The interest can be expensive, but, conversely, it can be quite reasonable. The interest being charged by the lender will reflect the risk the lender is taking with the borrower.

The loans available are from both the federal government and private organizations. Of course, the former could offer lower interest rates than the latter. Most loans require that you do not need to start to make repayments until after you graduate and have found a job.

 

Types of Student Loans