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Category: Student Loans



PSLF

Rumors of the demise of Public Service Loan Forgiveness have been greatly exaggerated

November 05, 2018

Last month this column admonished law students not to rely on the public service student loan forgiveness (PSLF) program.  The many variables of life make it a dangerous six figure bet. Shortly after publication of this advice, news broke that 99 percent of borrowers who applied for PSLF were rejected. At the risk of sending mixed messages, however, I would tell law students and young lawyers not to give up on PSLF either.

Money Smart

What you need to know about student loans

November 01, 2018

Student loans are scary and sometimes downright mystifying. Do as much research as possible and ask questions, even the ones you’re afraid to ask.

Sarah

Eight simple steps to avoid debt

August 23, 2018

By your mid-thirties, you are far enough along in life to understand that staying out of debt is a key to your longterm financial health. But have you ever sat down and thought about what, specifically, you need to do to stay debt-free? Here are eight simple steps that will help you.

MakeTheCase

Take action now – #MakeTheCase for legal education!

December 06, 2017

The House of Representatives released its Higher Education Act (HEA) reauthorization bill this past Friday, and it proposes to modify or eliminate several federal financial aid programs – changes which would directly and negatively affect law students. These proposals include: Lowering the cap on Grad PLUS Loans Eliminating

Law School Loan

Free student loan debt webinar on Jan. 17

January 13, 2017

How much student debt are you going to have after law school? The typical answer for a JD is "lots." Learn about the current landscape of paying for your education in "The World of Student Loan Debt: Understanding Options for You, Clients, and Employees." It's free to members of the

Donald Trump and Mike Pence

What the election results mean for student loan borrowers

November 15, 2016

It’s the political upset of the century, and this election is going to be studied by analysts and political scientists for years. But the reality is clear: Donald Trump has been elected the next President of the United States, and both houses of Congress will remain firmly in Republican control for the

Student Debt

7 reasons why this election matters for student loan borrowers

September 01, 2016

The presidential party conventions are over, and what seems like the “election that never ends” will actually be over in less than 100 days. A lot is being said about this election – that it’s the most important in a generation; that it could fundamentally change the United States and its

Podcast: Why Washington should save Public Service Loan Forgiveness

With your help, the ABA is working to save Public Service Loan Forgiveness

April 29, 2016

The ABA’s Governmental Affairs Office (GAO) was established in 1957 to monitor legislative action affecting lawyers. It has since evolved into a full-blown lobbying department with 10 federally registered lobbyists who actively advocate for the adoption of ABA policies by Congress and federal agencies. GAO uses the traditional tools

Student Loan Debt

A push to bring back subsidized student loans

April 05, 2016

The cost of getting an education has increased substantially in the last decade. No longer is attaining an education an affordable venture. The fact of the matter is while costs have steadily increased, the amount of assistance that is offered to low-income and middle-class students has steadily decreased.

305-2 blog post illustration

Opinion: End of the the pay-credit ban a welcome change

March 15, 2016

This past fall semester, I burned myself out. I took 17 credits at New York Law School, which included a clinic where I put long hours into client interaction; working two days a week as an unpaid intern at a federal agency; and working two to three days a week

January Student Debt Webinar

Webinar: Get a handle on your student loan debt

January 04, 2016

Getting to a better place financially is a common New Year's resolution. So the ABA Young Lawyers Division is going to get your 2016 off to a good start on that front with a webinar later this month. "Best Practices for Paying Down Your Law School Debt" takes place

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

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

Public Service Loan Forgiveness 101

February 01, 2015

Interested in a public service career? Afraid you won’t be able to afford your student loan payments? Law graduates can afford to pursue lower-paying public interest positions in spite of student loan debt thanks to federal Public Service Loan Forgiveness and a variety of loan repayment assistance programs. If you

PSLF

Proceed with Caution: Evaluating Financial Planning Services

December 01, 2014

When it comes to money, today’s law students have a lot to think about. You’ll soon face a wide variety of financial concerns—including saving, investments, insurance, taxes, retirement, and estate planning. A qualified financial planning professional can assess every aspect of your financial life and help you develop a detailed

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

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

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

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

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

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

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

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