Law school can be an expensive proposition. The high cost of law school tuition, room and board, and other expenses often leads to law students taking on significant student loan debt. This debt can have a major impact on recent graduates, making it difficult to find a job in the legal field and manage other financial obligations. Fortunately, there are ways to deal with law student loan debt. This blog post will discuss the options available to those struggling with law student loan debt.
More: See the best student loan refinancing options we have to offer at EdFed.
1. The high cost of law school and the resulting student loan debt
The cost of law school has been on the rise in recent years. According to the National Center for Education Statistics, the average cost of tuition and fees at a private law school was $43,020 per year in 2016-2017. For public law schools, the average cost of tuition and fees was $28,588 per year. Room and board costs can add thousands of dollars to the total cost of attendance.
The high cost of law school often leads to students taking on significant student loan debt. According to the American Bar Association, the median law school debt for 2016 graduates was $145,500. For many recent graduates, this debt is a significant financial burden.
Student debt can make it challenging to find a job in the legal field. According to a survey by NALP, the median starting salary for lawyers was $145,000 in 2017. However, many entry-level positions only pay $50,000-$60,000 per year. With such high levels of debt, it can be difficult for recent graduates to make ends meet.
The high cost of law school and the resulting student loan debt can significantly impact recent graduates. If you are struggling with law school debt, options are available to help you manage your debt and find a job in the legal field.
2. The impact of law student loan debt on recent graduates
The impact of law student loan debt on recent graduates can be significant. Student loan debt can make it challenging to find a job in the legal field and manage other financial obligations. If you are struggling with law school debt, options are available to help you manage your debt and find a job in the legal field.
3. How to manage law student loan debt
There are several ways to manage law student loan debt. First, you should find a job that pays a salary that will allow you to make your monthly loan payments. If you have difficulty finding a job, programs are available to help you with your loan payments. For example, the Income-Based Repayment Plan allows you to make monthly loan payments based on your income. Some programs offer loan forgiveness for those who work in specific public service jobs.
Refinance law school loans:
Another option for managing law school loan debt is to refinance your loans. Some companies offer student loan refinancing. By refinancing your loans, you may get a lower interest rate and save money on your monthly payments.
Loan repayment assistance program:
The LRAP can assist you with your loan payments if employed in a public interest job or nonprofit organization. If you qualify for the program, the LRAP will make monthly payments directly to your lender on your behalf.
Income-driven repayment plans:
Four income-driven repayment plans are available, which base your monthly loan payment on a percentage of your income. These plans can help make your loan payments more affordable.
Loan forgiveness programs:
Several loan forgiveness programs are available for those working in public service jobs. For example, the Public Service Loan Forgiveness Program forgives the remaining balance on your student loans if you have made 120 monthly payments while working in a public service job.
If you are struggling with law student loan debt, options are available to help you manage your debt and find a job in the legal field. These options include loan repayment assistance programs, income-driven repayment plans, and loan forgiveness programs.
4. The potential for the forgiveness of law student loan debt
One way to deal with law student loan debt is to enroll in an income-driven repayment plan. These plans base your monthly payment on your income and family size rather than the amount you owe. This can make your monthly payments more manageable and help you qualify for loan forgiveness after several years. Another option is to consolidate your federal student loans. This can lower your monthly payment by extending the repayment period and lead to a lower interest rate.
5. Alternatives to traditional law school
If you are interested in pursuing a career in the legal field but are concerned about the cost of law school, there are alternatives to traditional law school. For example, you can attend an online law school or a night program at a traditional law school. You can also consider working as a paralegal or legal assistant. These positions do not require a law degree but can provide you with experience in the legal field.
No matter your situation, options are available to help you deal with law student loan debt. You can enroll in an income-driven repayment plan, consolidate your loans, or pursue loan forgiveness through a public service loan forgiveness program. There are also alternatives to traditional law school that can help you save money. If you are struggling with law student loan debt, help is available.
More: See the best student loan refinancing options we have to offer at EdFed.
The Bottom Line:
One way to deal with high law school tuition is to look for scholarships and grants. You can also look into federal student loans, which usually have lower interest rates than private loans. You can also consider working as a law clerk or legal assistant to gain experience in the legal field without having to incur the high cost of law school tuition. Finally, you can consider alternatives to traditional law school, such as online programs or night classes at a traditional law school. Whatever option you choose, make sure to do your research so that you can make the best decision for your future.
Another way to deal with law school tuition is to take out student loans. You can look into federal student loans, which usually have lower interest rates than private loans. You can also consider working as a law clerk or legal assistant to gain experience in the legal field without having to incur the high cost of law school tuition. Finally, you can consider alternatives to traditional law school, such as online programs or night classes at a traditional law school. Whatever option you choose, make sure to do your research so that you can make the best decision for your future. Check out the student loan refinancing options at EdFed which can help you save money and time.
