How to spend less as a law student
With the rapid increase in tuition fees at law schools over the past few decades, annual tuition fees at private schools approved by the American Bar Association…
With the rapid increase in tuition fees at law schools over the past decades, annual tuition fees at private law schools approved by the American Bar Association have averaged nearly $ 50,000 in 2019, according to Law School Transparency, a nonprofit dedicated to making entry into the legal profession more transparent, fair and affordable.
Over the next several years, more law schools will likely exceed $ 70,000 in annual tuition fees.
While such numbers may be shocking, they represent nominal tuition or the price of the sticker. Many students pay less out of pocket because of generous grants and student loans. Many law students receive some form of financial aid that can significantly reduce costs, but it can be of little comfort to students already enrolled in law school.
[Read: How Law School Financial Aid Works]
Spending law students can find ways to cut costs. Here are six suggestions:
– Part-time work.
– Find a paid summer job.
– Buy used books and supplies.
– Work for a bar preparation company.
– Consider loan cancellation programs.
– Budget realistically.
Working while studying law has both advantages and disadvantages. However, the rise of remote work and freelance online jobs has created a plethora of opportunities for law students who don’t have much room in their schedules for regular jobs. Many law students find part-time work in editing, tutoring, translating documents, office work, or teaching or facilitating online courses.
For example, in my first semester in law school, I taught LSAT preparation classes at a nearby college. I enjoyed the work, but found the hour-long trip too much to handle. These days there are many LSAT courses online that would have better suited my schedule.
Find a paid summer job
While summer positions for law students aren’t as well paid as full-time legal work, they can be quite lucrative. After all, law firms can’t attract top talent by being stingy.
[Read: How to Go to Law School for Free.]
So, before taking a summer position, be sure to confirm the salary and employment dates. Many law students earn enough during the summer to pay the cost of living during the year, and they may even save enough to partially offset the tuition fees.
Buy used books and supplies
Online resale marketplaces have made it easier than ever to find textbooks, laptops, furniture, clothing, briefcases, and other second-hand expenses that eat into a student’s budget. law. Look for great deals on law books and study materials by asking former students if they are willing to sell material from their previous courses. University bookstores also often sell used books.
Look online or in consignment stores for discount work clothes to look great in a job interview without spending a fortune. While fashion trends can change quickly, suits and other office attire rarely go out of style.
Work for a bar prep company
Law students should carefully budget for the cost of preparing for the bar exam after graduation. It can be difficult for young graduates who don’t yet have a job to juggle the cost of preparation, fees, travel and accommodation while they are preoccupied with their studies. While some employers help offset these costs, not everyone has a job in sight before taking the exam.
However, companies that offer bar prep classes often offer discounts or bonuses like free classes for law students who act as campus sales representatives, recruit new students, or even just spread information and respond. to the questions.
[Read: How to Offset Law School Costs With Outside Scholarships.]
Consider loan forgiveness programs
The Public Service Loan Forgiveness, PSLF, is a federal program that forgoes the remaining balance of federal direct student loans for lawyers who hold certain public service jobs and make at least 10 years of qualifying payments. Although the program’s onerous rules have plagued many applicants, reforms are underway to expand eligibility.
Additionally, some law schools have their own loan repayment plans to encourage alumni to work in the public sector.
Law School brings together a wide range of people, many of whom come from very different financial backgrounds. Not all law students share the same financial goals or job prospects.
So, it’s a mad rush to adjust your law school expenses based on your perceptions of other people’s lifestyles. Instead, make conscious decisions about your own budget. Monitor your spending, savings and financial goals.
Cultivating thoughtful financial habits in law school will serve you well throughout your career. Managing debt and other obligations will give you the flexibility you need to pursue the career of your dreams.
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How to spend less as a law student originally appeared on usnews.com