Law Schools

Student Loan Advice For Incoming Law Students

You will thank yourself later if you make some sacrifices and borrow less money to attend law school.

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I can’t believe that the summer is almost over.  I guess time really does fly when you’re having fun, and there has been a ton of interesting legal news this summer to keep everyone in the legal industry busy.  For soon-to-be law students, the summer is just about to heat up, as they finish all of their preparations to begin law school later this month.

Many incoming law students have reached out to me over the past few weeks to see if I had any advice that could help them succeed in law school.   Some incoming law students have asked me if I could suggest ways that they could prepare for the academic rigors of law school, and others have sought out advice about student loans.  It of course makes sense that incoming law students would seek out advice, since these individuals usually want to do whatever they can to gain an advantage when they begin law school.  While I could definitely suggest a few academic tips for incoming law students, finances are my schtick, and there are a number of financial suggestions incoming law students should keep in mind.

The first thing that incoming law students should consider is that that they do not need to take out the maximum amount of debt they are permitted to borrow to attend law school.  Law students are typically allowed to borrow student debt equal to the tuition, fees, and reasonable living expenses of attending law school.  However, the amount of money that law schools suggest you borrow for living expenses is usually higher than what you actually need.

During law school, I never borrowed the maximum amount of student debt I was permitted to take out in order to pay for living expenses.  Indeed, I borrowed several thousand dollars less than the amount suggested by my law school.  I did some calculations, and reasoned that if I lived especially frugally, I could get by with less money for living expenses.  Since I borrowed less money for living costs all three years I attended law school, and I also saved money on interest, borrowing less money for living expenses significantly lowered my student loan burden.

Of course, you want to make sure you have enough money to pay for costs while you attend law school.  And people definitely have different lifestyles and needs.  However, you will thank yourself later if you make some sacrifices and borrow less money to attend law school.

Another thing that incoming law students should keep in mind is that they can work a part-time job during law school to help lessen the amount of student debt they need to borrow.  I worked a work-study job during my second and third years of law school, and this employment had a positive impact on me.  This job paid more than twice the minimum wage, and with my work-study earnings, I had enough money for food, textbooks, beer, and pretty much anything else a law student needs.

Also, having a work-study job had a positive impact on my studies.  Maintaining a work-study gig made me much more disciplined when it came to studying, since I had to be more careful with my time and could not leave anything to the last minute.  In addition, I was permitted to complete homework while at my work-study gig, and I usually paid more attention to my assignments when I was completing them at my work-study job since there were fewer distractions.  Furthermore, it was sometimes nice to get a break from reading and writing during my work-study job, and apply myself to something unrelated to my legal studies.  In any case, all incoming law students should research work-study opportunities, since these jobs can lessen the amount of student debt you need to borrow and improve your academic performance.

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Incoming law student should also consider living off campus in order to save money.  I only lived in on-campus housing during law school, and I regret this.  I was accepted to my first law school off the waitlist, and later transferred law schools.  As a result, I had to use on-campus housing, since I was attending each school with less notice than usual.  However, if you still have time to research housing options, definitely consider living off-campus.  Some of my friends in law school paid half as much as I paid by living off campus, and they usually had better amenities as well.

Some might think that it is worth the extra expense to live on campus, since this would presumably mean that you have more time to study because it is easier to travel to classes.  However, people have told me that it is beneficial to have some separation from law school by living off campus. Other friends have also told me that they complete a lot of work while commuting to law school.  In addition, living off campus could help you avoid some of the drama of law school, which can have a positive impact on your stress level.  In any case, you should consider living in off-campus housing as a law student, since this can help lessen your student loan burden and positively impact your studies.

All told, incoming law students can make financial decisions at the beginning of their law school careers that will have a huge impact on how they are affected by student loans.  And by borrowing less money and earning extra cash through part-time jobs, law students can have a major influence on how they are impacted by student loans.

Jordan Rothman is the founder of Student Debt Diaries, a personal finance website discussing how he paid off all $197,890.20 of his college and law school student loans over 46 months of his late 20s. You can reach him at Jordan@studentdebtdiaries.com.

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