Law school is an expensive investment that must be carefully evaluated against its costs, benefits, and alternatives before making your decision. Ultimately, your personal financial circumstances and willingness to incur significant student debt will play a part in whether law school is worth it for you.
Understanding the full cost of attending law school is crucial, including tuition, fees, books, housing and living expenses. This article will detail each element individually:
Tuition
Law school tuition alone can exceed $70,000 annually; that doesn’t include living costs such as rent or boarding fees! Luckily, scholarships exist to help law students afford their education without incurring massive debt loads when starting their careers.
Costs associated with law school vary considerably, depending on the institution you attend and whether or not you attend full time or part-time. Some law schools also offer special financial aid packages for exceptional students that could cover 100% of tuition!
Although law school costs can be costly, its benefits can be just as tempting. An education in law can lead to rewarding careers across a wide variety of fields; starting associate salaries have recently increased at top firms which means students graduating from top-ranked law schools can quickly repay their loans after graduation.
Books and supplies
Law school books and supplies can quickly add up. Beyond tuition and fees, students also must purchase textbooks for all courses – often totalling in excess of $1,000 annually.
As part of their efforts to assist law students with the costs associated with law school, most institutions establish what’s known as a Cost of Attendance figure that covers tuition and fees as well as living expenses; it then serves to calculate financial aid eligibility.
Law school tuition may seem steep, but the investment can pay dividends for many graduates. Lawyers earn an average annual salary of $127,990 according to the Bureau of Labor Statistics; additionally there are scholarships and grants specifically designated for law students that can reduce total attendance costs without needing to be repaid later on.
Student loan debt
Law school will likely leave you indebted, whether that is through student loan debt or another source. No matter what, this debt could remain for many years to come and could even change careers later down the line.
Education Data suggests that on average law school borrowers leave with $130,000 of student loan debt; however, these figures mask individual borrowing experiences: some schools offer higher tuition costs while others may provide scholarships or grants that help offset this debt burden.
Brigham Young University provides members of The Church of Jesus Christ of Latter-day Saints an amazing deal with its J. Reuben Clark Law School, while many schools also offer scholarship and grant programs to assist with paying for legal educations. Finding an affordable law school may help students pursue the career they want without accruing six-figure debt.
Living expenses
When contemplating a law degree, it’s essential to carefully consider the cost associated with attending. Tuition alone won’t cover living expenses such as housing, food and transport – students need to account for this when budgeting their studies.
Be mindful that the cost of living for law students can differ drastically depending on their location, with housing in major cities typically being more costly than rural settings and roommate arrangements being an effective way to save money on rent payments.
Notably, one must consider application fees and Credential Assembly Service (CAS) charges. The latter is a non-profit organization that collects an applicant’s credentials such as transcripts, LSAT scores and letters of recommendation to create reports costing $45. Thankfully, fee waivers may be obtained through LSAC; scholarships and grants may also help lower expenses associated with legal education.