Paying For Law School

*Check out our Guide on Negotiating Scholarships. Yes, it’s possible. And yes, it works.

 

L
aw school is a huge investment. Not only are you paying thousands of dollars in tuition, but many of you will also be foregoing tens of thousands of dollars in salary that you would otherwise be making. So, I don’t think it’s too much of a leap to say that you should extensively¬†research the financial obligations of law school before making your final decision. But if you do decide that law school is your destiny…

Always, always, always apply for need based aid, even if you don’t think you’ll qualify. Requirements change all the time so it never hurts to try.

If you plan on taking out loans, always borrow from the government first and only use private loans at last resort. Government-backed loans, like Stafford and GradPLUS loans, are better for students because they usually have lower, fixed interest rates, and will be much more forgiving if, for whatever reason, you cannot pay in full or on time.  Private loans, on the other hand, may have higher, fluctuating interest rates, and will be less likely to defer payments because of unemployment, pregnancy, etc.

~ Scott Bailer

Boston University School of Law ’16