How do you finance law school? How do you take out student loans? Is there a maximum?!?

Question

I want to study international business and trade law - I have two undergrad degrees (Int'l studies and Spanish lit)... I REALLY want to go back and get this degree... I've taken an 2 year break to experience the working world. My undergrad was taken for entirely by scholarships provided by the state of Louisiana... How do student loans work? What are the best to get? Is it possible to take out the $150,000 that this is going to cost!? That seems crazy... Any advice is greatly appreciated! Thx...

Answer 1

You finance it entirely with student loans. You apply for those loans through the financial aid office of the school you will attend. You can get up to $8,500 a year in subsidized loans, and $10,000 in unsubsidized loans. If you need more than that, then you can apply for student loans from private institutions, but the interest rates are much higher. You are expected to finance your entire education ON YOUR OWN. Most law schools give very little aid to first year law students (1Ls). It is much easier to get scholarships and fellowships during your 2nd and 3rd years. You will NOT be allowed to work during your first year of law school. This is a requirement of all accredited law schools in the USA. If you must work, you must apply for special dispensation from the school. Don't count on it. Few are allowed to work during their first year, and quite frankly it's a VERY stupid thing to attempt to do. I suggest that fill out a FAFSA immediately. You will have to fill this out to even get a student loan. You can do that online at:
http://www.fafsa.gov

I wish you the best in your endeavors.

Answer 2

I would go to your Financial Aid Office and first fill out a FASFA for Federal Student Aid. That should be your first step, as a graduate you wont max out as fast as the undergraduates do, but you will max out well before 150K. They have a pretty new loan program called the Graduate Plus loan in addition to the Stafford Loan. Unlike the regular PLUS loan you are the borrower and the student on the PLUS loan. They (FAO) will also have a preferred lender list for private loans. This can be good and bad depending on who they have on their list. I personally would stay away from the little guys. Stick with your state agencies (like LOFSA http://www.osfa.state.la.us/) or the big guys like Sallie Mae, Nellie Mae, Citibank, Bank of America, Chase/Bank One. They tend to be less risky when borrowing money for Private Student Loans. All of these guys will have Law Loans, I would shop around and look for the best deal. http://www.finaid.org/loans/privatestudentloans.phtml
Another thing to think about what services will the Servicer of your loan provide? Do they have a Private Credit Consolidation loan like Nellie Mae? Will they knock off points on your interest rate for on time payments or auto debting your monthly payment? Just some things to think about.

Answer 3

Try your best to take out as little money as possible when you go to law school. As the saying goes if you live like a lawyer when you are in law school you will live like a law student when you get out. Try to go to a state school so that your expenses are not as high. Also, get good grades and try to get a scholarship. Avoid PRIVATE loans as much as possible. They unlike fed loans have variable interest rates so you can never really get your head above water...

Answer 4

Contact the Admissions Office of the school you'll be attending they will send you to the student loan people. I'm assuming there is a limit to what you can borrow thru student loans, but, then you go to banks. Go for it, I wish I did. Also look for a law firm that may employ you and may subsidize you, don't ask wait for them to mention it.

Answer 5

My daughter have been given a scholarship for regulation college, however the soundness is coming from loans contained in direction of the college. touch the economic help place of work and see what's attainable by using them.