Financing Law School: Workshop Materials online

The outline of the workshop I gave last week on Financing Your Legal Education is now available for download. Please remember that it is just a general overview, and not intended as a comprehensive explanation of all there is to know about law school financial aid. It does include, however, links to additional resources on various topics.

Below is a timeline/checklist for financial aid applicatons, with links to additional helpful resources.

Additional information is also available on the UMass Pre-Law website. As always, if you have any questions, please contact me.

Financing Law School Checklist

As soon as you know you will apply to law school:

If you have any doubts about your credit rating:

• Obtain your credit reports from Experian, TransUnion and Equifax.
• Review reports for any errors, and correct them.
• Rehabilitate your credit, if necessary – Surviving Debt, by the National Consumer Law Center, is the best guide.

During application process

• Set up a record keeping system for your financial aid and loans
  
• Complete the law schools’ financial aid applications (with rest of application)
• Complete the Free Application for Federal Student Aid (FAFSA) online (as soon as possible after January 1st)

Spring

• Receive initial award with or soon after acceptance from law school
• Talk to Financial Aid office at the law school you are going to attend.
• Any additional scholarships to apply for?
• Any errors/questions about expected contribution from you, parents?
• Obtain recommendations for lenders, if any, from law school financial aid office

Summer

• Compare rates on private loans
• Apply for loans through lender
• Subsidized federal loans
• Unsubsidized federal loans
• Federal PLUS loan (available after 7/1/06)
• Private loans

Early Fall

• Apply for in-school deferments on undergraduate loans
• Ensure that your loans are approved and that the money arrives when and where necessary
• Maintain good records of all loans, correspondence with lenders, and with law school
• Stay in touch with your financial aid office.
• Maintain a budget. Invest in financial management software and get in the habit of tracking your income and expenses. This will help you determine whether you are over-borrowing and could cut costs for future years.