Financing Law School
Law school is one of the most expensive investments one can make next to buying a house. Given the potentially high price tag of law school, students often have to secure loans to finance their education. When considering financial aid it is important for students to research available aid and determine what programs or scholarships law schools may offer. The law school financial aid offices are often the best source for information about paying for law school.
To make an appointment for prelaw advising contact us at 203.432.0800 or email prelaw.ucs@yale.edu.
Types of Financial Assistance
Scholarships and Grants
A scholarship or grant is an award that does not have to be repaid. It may be given on the basis of need or merit or both. Most scholarships are conferred by individual law schools. You will have to take the initiative in researching these possible scholarship resources. A number of companies offer tuition reimbursement benefits to their employees and to their employees' dependents as well. See Scholarship Resources in Financial Aid Web Resources.
Federal Loans
There are three types of federal loans available to law students the Federal Stafford and Ford Loans, the Federal Perkins Loan, and the Graduate PLUS Loans for Law Students.
- Federal Stafford and Ford Loan (Unsubsidized)
In combination with the subsidized loan, a student may borrow up to a combined total of $20,500 in subsidized and unsubsidized loans.* The amount the student receives in the subsidized loan is deducted from the $20,500 in order to determine eligibility for the unsubsidized loan (for example, if the student is only eligible for $3,000 in subsidized loans, he or she could receive $17,500 in unsubsidized loans).
- Federal Stafford and Ford Loan (Subsidized)
Up to $8,500 a year is available in subsidized Federal Stafford or Ford Loans to students who meet the need criteria.* Interest is paid by the federal government while you are enrolled in school at least half-time. You must begin repaying the loan six months after you graduate, withdraw, or drop below half-time. You can obtain an application from any lender that participates in the federal loan program, or from any law school.
- Federal Perkins Loan
This loan is available to students at some schools. Each student's award is determined by the school based on information obtained from the FAFSA. The maximum annual loan is $6,000.
- Graduate PLUS Loans for Law Students
The Graduate PLUS loan is a new loan for law students. Beginning July 1, 2006, graduate students with an absence of bad credit may be eligible to borrow a Graduate PLUS loan. The PLUS is federally guaranteed and the interest rate is subsidized. Interest accrues while the student is in school, and repayment begins immediately. The interest rate is 8.5 percent fixed for the life of the loan. Forbearance is available while the student is in school. Many students who have good credit are choosing Graduate PLUS instead of private loans.
*All figures and calculations are based on current interest rates, loan terms, and fees, and are subject to change
Private Loans
Private loans are approved on the basis of your credit. Lenders will analyze your credit report before approving a private loan. If you have a poor credit history, you may be denied a loan. You may wish to clear up any possible credit errors or other discrepancies before you apply for a private loan.
You can order a copy by calling 1.877.322.8228 or go to www.annualcreditreport.com. You may also mail a request to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
The terms and conditions of these programs vary greatly. Pay careful attention to the explanations found in loan application brochures and consumer information (available from the financial aid office of any law school). You can also contact the individual programs or visit their websites for further details.
The "Types of Financial Aid Assistance" information has been adapted from and is available at the Financial Aid portion of the LSAC.org web site.
Financial Aid Timetable
This broad outline will keep you on track to attaining the funds you need to pay for law school. This timeline begins in the summer a year prior to law school matriculation.
One Year Prior to Law School Matriculation |
Target Date |
Applicant's Responsibility |
July-August
|
- Obtain your credit report from www.annualcreditreport.com.
- Address any errors or omissions in your report with the credit bureau(s).
- Compile a list of all your current debts and estimate your monthly payments.
- Begin your search for grants and scholarships.
|
September-December |
- Obtain current financial aid budgets for each school to which you will apply.
- Research grant and scholarship opportunities.
- Check law school deadlines for submission of financial aid information.
- Determine whether additional scholarship applications or letters of recommendation will be necessary for any of your chosen law schools.
|
January |
- Prepare your federal income taxes as soon as you have complete documentation (W-2s, 1099s, etc.).
- Complete the Free Application for Federal Student Aid (FAFSA), available at www.fafsa.ed.gov.
- Complete your law school financial aid applications.
|
February-April |
- Comply quickly with any requests from law schools for additional financial aid information, such as 1040s, W-2s, or institutional information sheets.
- Receive financial aid offers. If you have special concerns or situations, discuss these with the law school financial aid office.
- Discuss actual housing costs with law students at individual schools.
- Examine the net costs and benefits of attending schools where you have been admitted.
- Pay your first law school deposit.
|
March-July |
- Once you have selected your law school, submit your loan application(s) and finalize your housing arrangements.
- Pay your second law school deposit.
|
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*Reproduced, with permission, from planc.org.
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Loan Repayment Assistance Programs (LRAPs)
LRAPs can provide substantial aid to law school graduates working in the public interest sector. LRAPs now exist in some form at more than 70 law schools. Whether they are referred to as debt management programs, loan forgiveness programs or low-income protection plans, LRAPs share a common design, offering grants or loans to graduates to help them repay a portion of their annual educational debt payments.
Law Schools with LRAP
American University
Arizona State College of Law
Benjamin Cardozo School of Law
Boston College Law School
Brooklyn Law School
Case Western Reserve University School of Law
Columbia University School of Law
Cornell University Law School
Duke University School of Law
Emory University
Fordham School of Law
Franklin Pierce Law Center
George Washington University Law School
Georgetown University Law Center
Harvard Law School
Hofstra University School of Law
Indiana University, Bloomington
Lewis and Clark Law School
Loyola Law School, Los Angeles
Loyola University, Chicago School of Law
Loyola University, New Orleans School of Law
Marquette University Law School
New York University School of Law
Northeastern University School of Law
Northwestern School of Law
Pace University School of Law
Regent Law School
Rutgers University School of Law, Newark
Santa Clara University School of Law
Seattle University
South Texas College of Law
Southwestern Law School
Stanford University Law School
Suffolk University Law School
Temple University School of Law
Touro Law Center
Tulane University School of Law
University of Baltimore
University of California, Berkeley School of Law (Boalt Hall)
University of California, Davis School of Law
University of California, Hastings College of Law
University of Chicago Law School
University of Colorado Law School
University of Georgia School of Law
University of Iowa College of Law
University of Kentucky
University of Maine School of Law
University of Maryland
University of Michigan Law School
University of Minnesota
University of Nebraska College of Law
University of North Carolina
University of Notre Dame
University of Pennsylvania Law School
University of San Diego
University of San Francisco
University of Southern California Law School
University of The Pacific McGeorge School of Law
University of Toronto, Faculty of Law
University of Utah College of Law
University of Virginia
Valparaiso University
Vanderbilt University Law School
Vermont Law School
Villanova University
Washington University
Washington and Lee University
Widener University
William and Mary Law School
William Mitchell College of Law
Yale Law School
Financial Aid Web Resources
General Resources
FAFSA on the Web
FinAid
Equal Justice Works: Finance a Career
LSAC.org Financial Aid: Options
Links to Federal LRAPs: OPM Federal Student Loan Repayment Program
US Department of Education: Financial Aid
Income Contingent Repayment Calculator
Scholarship Resources
International Edcuation and Fellowships Selected Fellowships of Legal Studies
Truman Scholarship
Soros Fellowship for New Americans
Jack Kent Cooke Scholarship
Elie Wiesel Prize in Ethics Essay Contest
Association of Trial Lawyers of America (ATLA)/Trial Advocacy Scholarship
Davis-Putter Scholarship Fund
Federal Circuit Bar Association/Howard T. Markey Memorial Scholarship
Federal Circuit Bar Association/The Giles Sutherland Rich Memorial Scholarship Program
John Gyles Education Awards
Saint Louis University School of Law: Scholarships
Scholarships for Students of Color
ABA Legal Opportunity Scholarship
A Guide to The Law School Application Process For People of Color
Mexican American Legal Defense and Educational Fund (MALDEF) Law Scholarship Program
Minority Corporate Counsel Association/ Lloyd M. Johnson, Jr. Scholarship Program
Scholarships for LGBT Students
National Consortium of Directors of LGBT Resources in Higher Education
FinAid! Financial Aid for LGBT Students
Scholarships for Women
Saint Louis University School of Law: Scholarships for Women
American Association of University Women (AAUW)
Women in Defense/ Horizons Foundation Scholarship Program
Credit Report Resources
Free Annual Credit Report
Equifax
Experian
TransUnion
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