Is a Stafford Loan the Right Choice for Your Law School Education

If you have been accepted into law school, congratulations–you have been admitted to a group of people that is on the flat side of the educational bell curve, and are among the nation’s brightest. Now comes the question–how are you going to pay for it?

Expenses in law school are much higher generally than during your undergrad years. You are going to face higher tuition, higher materials costs, and may have additional living expenses as well. Law schools can cost thousands and thousands more than the bachelor’s degree program you just came from, and even more if you are attending a private school for your law degree. However, this doesn’t mean that you have to choose a school you don’t want to attend just because it’s cheaper. You should be able to accept the highest level school to which you have been accepted.

 When evaluating your programs make sure you look at the program and its value first, not the tuition cost. Make your decision on where you want to go first. Then look at the costs all the way around–tuition, books, living expenses, etc.–and write down how much it will cost you. Then take a look at the loan programs out there that can help you achieve your goal.

One of the favorite programs is the Stafford Loan program. This highly-effective government loan is the answer for many who are pursuing law degrees. If you meet the requirements, you can qualify for the subsidized loan, where the government will pay your interest as long as you are in school, then you take over the interest when you begin making your scheduled repayments. If you are a dependent student, you will probably not be able to get the subsidized loan, but the unsubsidized loan also offers the same grace period–six months–as well as low interest rates and no origination fees.

However, the Stafford Loan is not for everyone. If you are attending a private law school, the limits may be too low for you. You also may have living expenses to cover that the
Stafford won’t provide for, and you may need to fill in the gaps with private loans. Remember that government loans and the Act Private Student Loan program only cover school expenses, and if you have additional loan needs you will have to seek other private personal loans. Many times banks and other lending institutions have special loans for such a need, and you should check with them before you turn down a great opportunity at a top-notch law school just because of money.

The Act Private Student Loans are a lot like the Stafford Loan. They have the same grace period of six months and are low interest and carry no origination fees. Some also cover the bar study period for one year after graduation, much like the Stafford Law Bar Exam Loan. Remember that the bar study loan is a one-time loan, and you should plan accordingly.

Also keep in mind that some private loans will require employment in your field during your educational years, and this will be difficult for those in professional schools like law school. Law school is very demanding on your time, and working could prove disastrous for your grades.