How To Pay For a Law Degree

Law school can be challenging academically and financially. Juris Doctor degrees, commonly called law degrees, are some of the most expensive college degrees to earn, especially at private schools.

If you want to become a lawyer, don't let the price tag deter you. Students can take advantage of financial aid options like scholarships, loan forgiveness, and work-study programs to cover their costs. Keep reading to learn how to pay for a law degree.

How Much Does Law School Cost?

According to the Education Data Initiative, the average cost of tuition for a law school program is $146,484 ($48,828 per year). This doesn't include living expenses, which can often add nearly $25,000 per year.

Several things can affect your cost of attendance at law school. These include:

• public versus private school
• in-state versus out-of-state status
• location of the school
• financial aid eligibility

Tips for Paying for Law School

Although law school can be expensive, there are several ways that students can lower the cost of their legal education. Below, we've offered a few tips for paying for a law degree.

1. Complete the FAFSA

The Free Application for Federal Student Aid (FAFSA) is an application that determines your eligibility for financial aid. Most types of financial aid, both public and private, require you to complete your FAFSA.

To fill out the FAFSA, you must create an account at StudentAid.gov. You'll then need financial information for your parents (if dependent) or your spouse (if married). If you have all your documents, it should take about an hour to complete the FAFSA.

2. Explore Law School Scholarships

Scholarships are a type of financial aid that you don't need to pay back. They're usually offered for things like academic excellence or specific majors.

There are a few different scholarships available to law students. We've broken down a few of them below.

ABA Legal Opportunity Scholarship Fund

The American Bar Association (ABA) offers the Legal Opportunity Scholarship to first-year minority law students. Students can receive up to $15,000.

Applicants must have a minimum 2.5 GPA from their undergraduate studies to qualify. Both full-time and part-time students are eligible.

Attorney Ken Nugent Legal Scholarship

The Attorney Ken Nugent Legal Scholarship is for law students who want to help victims and their families receive justice. It offers $5,000 to incoming or returning students.

To apply for this scholarship, you must be a U.S. resident, current law student, and have a GPA of at least 3.0. You'll also need to submit a 500-word essay.

Sarita and Claire Wright Lucas Foundation

The Sarita and Claire Wright Lucas Foundation is a unique scholarship because it helps students cover living expenses and study materials as they pay for the bar exam. It's specifically for African-American female law students committed to careers as prosecutors.

Additionally, the scholarship offers recipients who secure and complete a full year of employment as a prosecutor an award of $5,000. To apply, you must submit two letters of recommendation, your resume, and an essay.

3. Discover Law School Student Loan Forgiveness Programs

Most students strive to avoid student loans, but many law school graduates find themselves saddled with student debt, especially those who went to private law schools.

Student loan forgiveness programs can help reduce this debt. We've listed a few student loan forgiveness programs below.

Public Service Loan Forgiveness

The federal government's Public Service Loan Forgiveness (PSLF) is available to those who work full-time for government agencies or nonprofit organizations. It covers federal direct loans, including Direct Unsubsidized loans.

To qualify, you must be repaying your loans under an income-driven repayment plan or a 10-year standard repayment plan. You must have also made 120 qualifying monthly payments.

Loan Repayment Assistance Programs (LRAPs)

Loan Repayment Assistance Programs help students cover their loan payments if their income falls below a certain threshold. Many colleges around the country award these repayment programs to students.

Your LRAP award will list a specific income limit. If your income falls below this limit, your LRAP will offer quarterly reimbursements on student and parent loan payments until your income meets that limit.

4. Look for Law School Loans

As mentioned, most students would prefer not to take out student loans, but sometimes the financial aid available doesn't cover your financial need. You can find federal and private student loans, and you can often use these loans to pay for various law school expenses, including tuition, materials, and housing.

We've listed a few student loan options for law school students below.

Sallie Mae Law School Loan

The Sallie Mae Law School Loan is a grad school loan specifically for law students. The loan amount will cover 100% of law school expenses and both fixed and variable rates are available.

The loan also offers a few different repayment options, including a 48-month deferment option or non-deferment options with lower interest rates. There is also no penalty for paying off your loan early.

College Ave Student Loans

College Ave is a private lender that offers student loans to both undergraduate and graduate students. These loans are not specifically for law school students, but they are eligible.

Like the Sallie Mae loan, College Ave loans offer fixed and variable rates. There are several student loan repayment options to choose from as well.

SoFi Student Loans

SoFi is another lender that offers private student loans, including loans specifically for law students.

Students can choose from a fixed or variable interest rate for their law school student loan. SoFi also offers rewards points that can help you pay down your balance.

5. Consider a Work-Study Program

In a work-study program, students work for their university or a university partner, and the money that would normally go on a paycheck goes toward their tuition costs instead. While these programs don't usually cover your full tuition, they can be combined with other types of financial aid.

You may be able to work jobs that align with your law degree, like in your school's law library or for a local law firm. Speak with your school's financial aid office to learn more about your options.

Is a Law Degree Worth the Debt?

Whether or not your law degree is worth the debt depends on a few things, like the field of law you pursue and what type of law firm you work for. If you work in a field you're passionate about, you may find that it's worth the debt.

Additionally, some fields of law pay better than others. For example, corporate lawyers can much more than public defenders. And keep in mind, most lawyers don't make much when they're fresh out of law school.

How Much Debt Do Most Law Students Have?

According to the Education Data Initiative, the average law school graduate owes $160,000 in student loan debt. About 74% of law school students have student loan debt when they graduate.

However, tuition costs can vary greatly between institutions. Additionally, there are many financial aid options available to help student pay for their tuition costs.