Many students opt for law school in an effort to pursue a career in legal practice. Unfortunately, this can be an expensive venture.
Over the past four decades, law graduates’ average student loan debt has increased four times faster than inflation. This results in many borrowers graduating with more debt than their annual incomes, making it increasingly difficult to repay their loans.
Expenses
According to the American Bar Association, many law students and attorneys incur substantial debt during their education. This can be a financial burden that continues to follow them even after graduation.
Though attending law school can have its advantages, it’s essential to recognize that not everyone can afford it. This is especially true for those without financial aid and who must cover their tuition out of pocket.
Fortunately, there are numerous resources to make law school more affordable. These include loans, grants and scholarships.
If you can’t afford to cover all the tuition for law school out of pocket, consider applying for scholarships that cover the full cost. These awards are often available to underrepresented first-year students and can be an excellent way to make attending law school more affordable.
Additionally, ensure you can afford all living expenses associated with law school. Costs such as rent, food and transportation can add up quickly.
Calculating your total legal education expenses requires multiplying the tuition and fees from your law school by the number of years it takes you to finish your degree. If you attend public school, this calculation will be lower than for private students.
Some of the more prestigious schools, such as Harvard University and Stanford, charge tuition that exceeds $100,000 annually. Although this isn’t true for all law schools, it’s important to remember that top-tier colleges and universities often charge exorbitant prices.
That is why it is essential to carefully consider the cost of education at each school before making your decision. Doing this will allow you to decide if it is financially advantageous for you.
Another essential consideration is whether or not you can afford to finance the school with your own funds or take out loans. A substantial portion of your income may go toward paying off your law school debt, so it’s essential that you make the most of your funds and pay off the loan as quickly as possible.
Time commitment
Law school may offer the potential for a lucrative career, but it also comes with financial obligations. That is why it’s essential to factor in your debt load when making decisions regarding where and what type of degree to pursue and how much debt you should borrow.
Typically, law schools take three years to complete their degree program. This time includes pre-law coursework, LSAT prep and actual law school classes. Some colleges offer accelerated programs which enable students to finish their degree faster than the standard full-time schedule would allow.
Many legal education websites provide resources that can help you decide if an accelerated program is suitable for you. These include academic advisors, campus tours, online research and a wealth of helpful information.
The great thing about all of this is that you can usually determine how long it will take you to graduate before applying for scholarships or borrowing from a private lender. Knowing your expected completion timeframe helps determine how much debt you should borrow and how to pay off that debt.
If you need an extra push to finish law school, flex schedules from employers might be just what the doctor ordered. Many companies now allow remote work and will even give employees free days or two off during certain times of year. Doing so saves you from having to commute every day to class and gives more free time for study or leisure pursuits.
Career opportunities
If you’re thinking of starting your own business, a law degree can be invaluable. Jacqueline Dinsmore, who had worked as a corporate lawyer for six years before founding Luvali Convertibles, credits her legal training with helping her navigate the beginnings of a venture and negotiate complex contracts.
A law degree equips you with the ability to solve problems, think critically, communicate effectively, research and work collaboratively in teams. These abilities can be applied in a range of career fields such as business, communications and entertainment.
Students unsure of their career path after law school should explore different practice areas by interning or externing in various firms. If you’re lucky, you might even get selected for a clerkship with a judge in either your local court system or federal court, providing invaluable experience and an advantage in networking from day one.
Another option is pursuing a career as a legal academic. Utilizing your law degree to teach at universities or colleges can be an excellent way to build valuable experience and income. According to the Bureau of Labor Statistics, the average salary for a law professor is $80,560; however, with appropriate expertise and credentials you could easily make more than this amount.
If you have a passion for community development, becoming a regional planner could be your dream job. You would likely be hired by local governments or engineering and development firms, and this job requires extensive knowledge of city planning laws and regulations.
Alternatively, you could become a policy advocate using your law degree to promote policies that benefit the community. This career is ideal for those passionate about social and environmental issues but requires extensive writing and critical thinking skillset.
The Office of Academic Planning and Career Development strives to promote diversity in the legal profession by connecting law students and alumni with fellowships, internships, diverse professional associations, cultural events and social gatherings. Furthermore, our career counselors can assist you with compiling a portfolio of relevant experience.
Financial aid
Students pursuing a law degree can access various types of financial aid. These may include federal student loans, private scholarships and grants from their school. Furthermore, some law schools provide an all-inclusive package with need-based and merit scholarships.
When applying for financial aid at your law school, the key is to plan ahead. Speak with the financial aid office at your school to determine how much assistance is available and which loan type would be most suitable in your case.
The amount of debt you must repay depends on the type of loan and interest rate. You have the option to refinance your student loans for a lower interest rate and faster payoff.
Some students may want to consider working part time while in school in order to generate extra income and cover living expenses and tuition payments, thus helping reduce loan debt they must repay.
If you’re uncertain how much money you can make while in school, contact the Financial Aid Office at your law school to discover what work-study opportunities they have available. These positions usually require that you work on campus and meet certain academic qualifications, but these positions can be a great way to make money while attending classes.
Finally, some employers offer a student loan repayment assistance program (LRAP). Through these initiatives, employees are given money to reduce their debt burdens upon hire – either immediately or after several months of employment.
Many big firms and other legal employers offer Legal Repayment Assistance Plans (LRAPs), so you can ask if they offer them or would be interested in creating one for you. An LRAP can help make debt payment more manageable – especially if you can’t afford a higher paying job after graduation.
Ideally, only borrow the amount necessary to finance your education. However, if you’re uncertain that you will earn enough income to repay your debts, then taking out as little money as possible may be wise. The more money borrowed, the higher interest charges may accrue over time.