At a time when many college students in the United States are looking at extended educations, it is more important than ever to understand student loans for college.
The simple fact of the matter is that a college education is expensive. The basis of the education, undergraduate studies and the bachelor degree, are expensive in themselves but graduate school and law school are a whole another story altogether. Most students just can’t afford to attend one of these schools without getting some sort of financial help, often in the form of a loan. While we talked about the essential info for graduate school student loans last week, this week we are going to focus on how to obtain law school student loans.
Law school student loans, whether or not they are worth it, and how to find them are all discussed below. If you are planning on attending law school, then you need to know this essential information on loans.
Student Loans for Law School
Student loans for law school are a way for college students looking to attend law school to help pay for their education. Both federal and private student loans can be found.
When looking for a student loan for law school, you must meet several individual requirements. First and foremost, you must have already completed an undergraduate degree. You must have also taken and passed the LSAT exam. Furthermore, you must have been accepted to a law school and be planning on attending the program.
Though law school student loans can be a good way to help you pay for attending law school, they also should not be your first line of attack. You should look at other methods of paying for your education first. Examples of these other methods include grants and scholarships. It is important to apply for as many of these as possible, in addition to applying for financial aid, before looking at law school loans.
Are Law Student Loans Worth It?
There is no easy answer to whether or not law student loans are worth it. For many people, they can be. For some other people, they aren’t.
Deciding whether or not they are worth it for you is a personal decision. It all depends on your personal situation, your goals, and your overall financial situation. One of the most important things to consider is how badly you want to go to law school in the first place. If you are set on going and set on doing your very best, then a law student loan is more worth it to you than to someone who, say, wants to go to law school but isn’t set on doing well. You don’t want to take out a loan like this if you are going to enroll in law school and then drop out later.
Law school student loans are also worth it when you have exhausted other methods of paying for your law school education. As mentioned above, there are plenty of other ways to pay for law school and you should look into all of these first. The reason for this is that law student loans need to be eventually repaid while other forms of financing usually do not. Furthermore, student loans build interest over their course and so you can end up paying quite a bit more than you originally borrowed by the time you pay your loan back in full.
However, many students can’t cover all of their expenses with financial aid, grants, and scholarships. They have to take out at least a small student loan to help cover the rest. In this case, a law school student loan is, in fact, worth it.
3 Tips to Find Law School Student Loans
When you are looking for a law school student loan, there are several tips that you can follow to make your search a success. In addition to helping you find the loan that you are looking for, these tips will make the process easier, quicker, and much more hassle free. They will also ensure that you find the very best student loan for law school possible.
1. Speak with a financial advisor – The very first thing that you should do when looking for a law school student loan is speak with a financial advisor. Most schools have financial advisors of their own that will help you sort out student loans without charging you. You can find these advisors both at the college you are exiting (the one that you got your B.A. from) and the college that you are planning on entering (the law school you are going to be attending). Financial advisors can also be hired independently such as though a bank, an investment or loan office, or through a credit counseling service.
2. Exhaust other methods of payment – It has been mentioned several times already but it is worth mentioning yet again: exhaust other methods of payment for your law school education before looking at student loans. Many students jump too quickly on the loan wagon and take out loans that are so hefty it takes them years upon years (upon years) to pay back. These same students could have, if they had spent the time looking around, researching, and applying for scholarships and grants, seriously cut down the amount of loans that they needed to take out thus requiring them to pay back for less money after they receive their complete education in law.
3. Understand the different loan types – Before taking out a law school student loan, it is of utmost importance that you understand the ins and outs of the many different kinds. Doing this will greatly help you in finding the right loan for you.
The types of law school student loans are broken down into two main types: federal and private. The most common type of federal loan is a Federal Direct Stafford Loan. This type of loan is unsubsidized and has a relatively low interest rate. Furthermore, it offers a six month long grace period for students after graduating before they have to begin paying the loan back.
Another popular type of law school student loan, a private loan, are Discover Law Loans. These loans have slightly higher interest rates and you must pass a credit check to receive such a loan.
There are many other types of loans that you should look into before taking one out for law school. The two discussed above are just two prime examples of the most common types.
Law school student loans can be a great way of paying for law school. There are a variety of different types that suit the needs of many different people. By following the advice discussed above, you can decide whether or not these types of loans are really right for you.