Plan ahead for Law School Debt

It’s always wise to plan ahead…Good for you! You likely already know that law school is pricey, and that law school grads are not guaranteed a high-paying career after graduation.  Some of the country’s top law-school programs might help you achieve a high-earning paycheck right out of school, but consider ways to cut your student debt, which will help you prosper more quickly after graduation. Remember too, that while it may not currently be a good time to look for legal work, 2013 shows marked improvement than previous years and there is hope for continued improvement.

Cut Law School Debt

In 2010, 85 percent of law graduates from ABA accredited schools carried an average debt load of $98,500. At 29 schools, the amount went up to over $120,000.  In 2012, the mean total of law school loans taken out in 2012 was $112.600. This is heavy indebtedness and does not even include the undergraduate loans. See some Law Graduate Debt Figures at lawyergusmoney blog

Plan ways to cut your need to borrow for law school

The following are actions to consider and are in no particular order of importance

1. Several compelling financial reasons to consider a part-time law school. See our post:  Part-time Law School
2. Begin with a second-tier school and transfer after your first year. Top tier schools are accepting the best students from lower-ranked schools.
3. Consider an in-state public law school. Over the last 20 years, law-school tuition increases were nearly triple the rate of inflation.
4. Law school graduates may have some of their student loans forgiven by doing some non-profit work. Equal Justice Works has a list of law schools that have a loan repayment assistance program. Contact the financial aid department of your school to see how you might have part of your student loans forgiven.
5. Apply to law schools with a reputation for offering a lot of merit based aid…even if you don’t want to attend these schools.
   From US News: The key is to apply to law schools that have a reputation for offering significant merit-based aid (even if you are not sure you would want to attend these schools). If and when these schools offer you aid, you can parlay these offers at other schools, in order to try to convince them to offer you merit-based grants as well. Tens of thousands and even hundreds of thousands of dollars can be saved by leveraging this strategy. (In addition to money off tuition, some schools might offer free housing and other stipends, and student recipients can save an enormous amount by not having to take loans.) [See which public law schools award the most financial aid.]

Increase your marketability for employment after law school

1. Consider going to the school where you will get the biggest tuition discount and where you will be among the top incoming students. That will increase your chances of being ranked at the top of your class (most law schools grade on a curve), making you more attractive to employers.
2. Research the employment results for the schools you are considering. https://www.usnews.com/education/best-graduate-schools/top-graduate-schools/paying/articles/2013/03/29/follow-these-steps-before-borrowing-for-law-school
3. Attempt to realistically estimate your likely starting salary after graduation.
   See: https://www.law.ucalgary.ca/lawcareers/system/files/SalaryGuide_RobertHalfLegal_2013%5B1%5D.pdf
4. Get some legal experience during law school. If you have this, it matters much less where you attend law school or what tier the school was. If you think that going to a tier 4 school is going to make you less  marketable, think more positively. So, look for legal experience, even if it is unpaid experience.
5. Attend local bar association meetings. This is a good way to “network.” People will talk to you and very view law students do this.
6. Think Positively!  In reality, the legal job market is improving and the demands for attorney services is high. Newspapers and other media sources make their money by selling, so they will print the news that sells…which usually is negative!  Bottom line: If you do not believe you will do well, then…you probably won’t.

Tags: law school