How Can I Pay for Law School?
This week’s podcast gives information and advice on how to pay for law school. We hear from Kim Clark (lead education writer for the US News and World Report), Joe Russo (Director of Student Financial Strategies for Notre Dame), and Roberta Frick (Director of Student Finance for the University of Connecticut Law School). Our experts comment on a variety of topics and ideas for students to consider when figuring out how to pay for law school.
Kim Clark says there are three things to consider when deciding about law school in general: Do you want to spend three years at law school? How are you going to pay for it? And, most importantly, what is going to happen once you graduate?
Joe Russo emphasizes the importance of remaining realistic with your chances of being admitted into law school and then paying off the loans you accrue when paying for it. His best piece of advice resonates of an old adage: If you don’t have to borrow, don’t borrow. He stresses that if you “live like a lawyer” (i.e., expensive housing, lavish meals, unnecessary expenditures) when you are a law student, you will live like a law student when you are a lawyer. He states that if students must borrow in order to live while in law school, they should do so sparingly and never over-borrow.
Finally, Roberta Frick goes over a variety of repayment plans that will benefit borrowers when they leave law school. She goes over loan forgiveness options and also discusses income based repayment plans (LRAPs) that allow borrowers to significantly reduce their monthly loan payments and have them be based on their income instead of their loan balance due.
Kim Clark – Lead Education Writer – US News and World Report (Best Law Schools)
Joe Russo – Director of Student Financial Strategies – University of Notre Dame
Roberta Frick – Director of Student Finance – University of Connecticut Law School