A career as a professional attorney can be difficult, but also mentally stimulating and rewarding. According to the BLS, the job outlook for lawyers between 2014 and 2024 will increase by approximately 6%; this figure is consistent across most fields of employment in the U.S. When it comes time to apply for law school, many students also find themselves applying for a series of law school loans, grants, and scholarships. Law school student loans are offered both federally and privately to students who have completed an undergraduate degree, taken the LSAT exam, and are enrolled in a law school graduate program. That said, before applying for any loans, students may want to exhaust all grant and scholarship options available to them, as law schools can be quite costly. Whatever isn't covered by scholarships, grants, and financial aid can then be supplemented by law school loans. See the information below to further ensure you choose the correct type of loan to assist you in covering the cost of your law school tuition.
Eligibility Requirements
Each loan program will have a set of requirements laid out for applicants; however, there are a few general criteria students should expect to fulfill. For Federal Direct Loans, students are required to fill out the Free Application for Federal Student Aid (FAFSA) to determine their eligibility for loan assistance. Considering the cost of tuition, board, and other fees, law schools ultimately determine how much assistance a student will need through federal and/or private loans. There are approximately two-hundred accredited law schools in the United States; many schools differ in their loan/scholarship expectations. Some loan options will take your household's income into account in determining your loan's interest rates; be sure to look at interest and repayment expectations before signing onto any loans. Also, before signing onto a loan be sure you are familiar with the process of how to apply for law school loans and grants, as many schools have different policies and each loan option may differ in specific requirements.
Repaying a Law School Student Loan
Law school graduates are required to begin paying back their law school loans after a certain grace period. Although this grace period differs with each loan program, a one-year grace period is the typical amount of time a student has before they must begin paying back their loans. With Direct Unsubsidized Federal Loans, students are allowed a six-month grace period, after which students are responsible for paying the interest for the time they were both enrolled in a law school program as well as using their grace period. If a student should find themselves struggling or unable to pay back their law student loans, they are urged to contact a loan provider immediately to decide how best to handle the matter. In these circumstances, a common option students seek is loan deferment (or forbearance).