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Category: Student Loans 101



PSLF

The Gamble of Public Service Loan Forgiveness

June 22, 2017

Young lawyers are needed to fill public service roles but often law school debt funnels them into higher paying positions. The Public Service Loan Forgiveness (PSLF) program was aimed to help this issue by forgiving student debt after ten years of qualifying employment at the local, state, or federal level. In

Podcast: Student loans – look before you leap

Podcast: Student loans – look before you leap

December 22, 2015

With lower starting salaries and higher tuition rates, today’s law students face tough decisions when it comes to financing their education. In addition to school rank, employment rates, and average starting salaries, future lawyers need to be aware of loan terminology and how it affects their future ability to pay. But

Repayment

Show Me the Money: Selecting a Loan Repayment Assistance Program

April 01, 2015

Loan repayment assistance programs (LRAPs) help hundreds of law graduates make their required student loan payments. These programs typically provide assistance to law graduates choosing low-paying public-service employment in spite of student debt. WHERE

IL Financing Law School

Heads Up 1Ls: How to Finance Your Legal Education the Smart Way

October 20, 2014

American Bar Association data show that in 2012, out-of-state tuition at public law schools averaged $36,202 per year and private law school tuition averaged $40,634. Factoring in “indirect costs” such as books, housing, board, and health insurance (which can cost between $12,500 and $25,000 per academic year), the stated “cost

Marriage and Money

For Love or Money - How Marital Status Affects Student Loans

April 01, 2014

Married couples with student loans should also consider how marriage, family size, and tax filing status affect student loan payments. Here’s how you can begin talking about how student loan debt fits into your life and your plans. “Joint” or “Separate” Student Loans? Law students finance legal education with primarily federal student

Carrying Debt

Four Things Every Student Loan Borrower Must Do

April 01, 2014

If you borrowed student loans to finance your legal education, you’ll need to make some decisions about your student loans soon after graduating. Follow these four steps to keep your payments affordable, protect your credit rating, and avoid paying too much. Give your loan servicers your new contact information. A loan

Down the Drain

Keep the Wolve$ at Bay: Avoid These Student Loan Mistakes

March 01, 2014

Misunderstanding the key differences between student loans. Not all loans are created equal. Most law students have several different kinds of student loans. The cost of borrowing and options for loan repayment and forgiveness depend upon which loans you have. Today’s law students typically borrow some or all of the following kinds

Mortgage

What Student Loan Borrowers Need to Know About Mortgages

February 01, 2014

This article provides tips for student loan borrowers considering mortgages. Begin by making sure that everything on your credit report is accurate because it takes time to correct any mistakes. Three months should be sufficient time to detect and correct mistakes. Save for a Down Payment Different mortgage loan programs require different

Credit

How Student Loans Affect Your Credit

December 01, 2013

Information about your student loans is reflected on your credit report and will influence your credit score. A high credit score based on a positive credit history helps you qualify for favorable terms on mortgages and other loans. A low credit score can make it hard to get good interest

Student Debt

Three Keys to Managing Student Loans

October 01, 2013

Although law school is expensive and most law students graduate with significant student loan debt, reducing the costs that are within your control, choosing federal over private loans, and understanding your repayment options will go a long way toward successfully managing your debt. Ideally, your total debt would be less than

Counting

Career Expectations Help Guide You to a Successful Student Loan Strategy

May 01, 2013

Part Four of Four in a Series by Heather Jarvis In the final installment of her series, student debt expert Heather Jarvis discusses which student loan repayment strategies best fit your existing financial circumstances and your employment expectations. Law graduates work in a variety of positions earning a range of salaries, and

Time and Money

Student Loan Timeline for Graduating Students

March 03, 2013

Graduating law students have a lot to think about. You’ll need to pay attention to your student loans while you are studying for the bar examination and conducting your employment search. An organized approach can keep your payments affordable, protect your credit rating, and help you avoid fees and extra

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