Student loan strategies: Life after law school
Here’s a three-step guide to setting your course for student loan repayment, with a few cautionary tips along the way.
Category: Student Loans
PSLF and LRAPs: The facts on loan forgiveness
It’s never too early or too late to start thinking about paying off law school loans. In some cases, if you go to the right school, make the right amount of money, and follow confusing steps that may go horribly awry at any point, you
Don’t overlook retirement when paying down student debt
Getting that first student loan bill can be terrifying. For many borrowers, it is the precise moment the monopoly money of student loans becomes real debt. For young lawyers, it can lead to an epic panic. I owe how much? This can’t be right, who
Are Graduate PLUS Loans the best way to borrow for law school?
There is a great debate in the legal and financial aid community. Is it a good idea to borrow money for law school? How much is too much? When is law school a mistake? To be clear, this analysis is critical and should be considered by any perspective law
Find ways to manage your student loans and other debt in this Career Center webinar
Debt and Credit Strategist Jen Lee and Creative Joy Director Samorn Selim, both lawyers, share their expertise on how law students and lawyers can navigate the waters of debt and careers in this webinar, "Key Strategies for Managing Student Loans and Other Debt."
Money medicine: Student loan lessons from the flu
As a law student there are many things you can be doing to “vaccinate” yourself from future misery. A few small steps will leave you much better off in the future.
Do you owe student loans? Protect your information from student debt scammers
Most of us will incur some type of student loan debt by the time we graduate from law school. Depending on the professional path we choose, it may take more than a decade to be debt free. Today, student debt in the United States amounts to more
Rumors of the demise of Public Service Loan Forgiveness have been greatly exaggerated
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.
What you need to know about student loans
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.
Don’t plan on student loan forgiveness, law students
Don’t bank on student loan forgiveness. Don’t borrow money that you don’t absolutely need. Have a Plan B and keep an open mind to the future.
Eight simple steps to avoid debt
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.
Take action now – #MakeTheCase for legal education!
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
What the election results mean for student loan borrowers
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
7 reasons why this election matters for student loan borrowers
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
Will Public Service Loan Forgiveness be eliminated?
Public Service Loan Forgiveness has been recently targeted by some politicians, and news has been swirling about proposals to modify or eliminate the program.
With your help, the ABA is working to save Public Service Loan Forgiveness
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
A push to bring back subsidized student loans
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.
Opinion: End of the the pay-credit ban a welcome change
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
Show Me the Money: Selecting a Loan Repayment Assistance Program
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
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
Proceed with Caution: Evaluating Financial Planning Services
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
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
For Love or Money - How Marital Status Affects Student Loans
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?
Four Things Every Student Loan Borrower Must Do
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
Avoid These Student Loan Mistakes
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
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