Financing Law School
Law School is an investment in your future and is a serious financial investment as well. In fact, the cost of a law school education could exceed $150,000. Before taking on such a major expenditure of time, effort, and money, you should make a realistic assessment of why you are seeking a legal education and how you will pay for it.
Some key points to consider:
- Education Loans: A majority of students finance law school through federal education loans, which must be paid back with future income. The larger the loans, the longer that debt will be affecting your life.
- Financial Aid: Financial aid is often limited, but is worth researching. Most scholarships are conferred by individual law schools, but some organizations—including local bar associations, sororities, fraternities, business organizations, and the U.S. Department of Veterans Affairs—also offer scholarships.
- Loan Forgiveness: If you plan to work in a public service/nonprofit field, you may be eligible to have a portion of your loans erased by the Federal Public Service Loan Forgiveness program.
To help you make an informed decision about your finances and your future, we've gathered the following resources.
- Law School 101 (provides general information about what to expect in Law School)
- Financial Literacy (budgeting tools provided by Wheelock College)
Law School Financial Aid
- Introduction to Financial Aid for Law School (resources from the Law School Admission Council)
- Paying for Law School (U.S. News & World Report articles)
- Financial Aid for Law School: A Preliminary Guide - PDF (published by the Law School Admission Council)
- Law School Financial Aid (Suffolk University Law School web pages)
- Equal Justice Works Student Debt Relief (from Washington, DC-based advocacy group for lawyers committed to social justice issues
- Federal Student Aid Public Service Loan Forgiveness (from the U.S. Department of Education)