Once you have made up your mind that you want to pursue law as your career you can start preparing for entry into a great law school. This includes finding ways to finance your education. There are many options available for law students to finance law school including financial aid, student loans, grants and scholarships.

Scholarships for law students

There are many types of scholarships available for law students that are given out based on the overall grade of the student or depending on the financial situation of the student or on both. Some scholarships are given out by organizations that are promoting law students and want to invest in their future. Scholarships and grants do not have to be given back to the donor.

Financial Aid and Student loans

Apart from scholarships and grants, law students can make use of the various types of loans and financial aid options that are available. Both financial aid and student loans are available from the government at the state and federal level and also from private entities.

Federal Loans

Federal Loans are categorized as Direct Subsidized Loans, Direct Unsubsidized Loans and Federal Perkins Loan.

Direct subsidized loans

Direct Subsidized Loans are available to eligible undergraduate and graduate students at an interest rate of 3.4% and 6.8%. This loan is given only to students who can prove a financial need or difficulty. This loan enables you to borrow directly from the federal government and all the transactions can be monitored and maintained through the loan servicer’s website even if you are receiving the loan from different schools.

Direct Unsubsidized Loans

Direct unsubsidized loans are also available for undergraduate and graduate students and for this loan there is no need for the student to prove a financial need. Your school will decide how much money can be disbursed to you depending on the cost that you will incur for your studies at that school and less any other aid that your might be receiving at that time.

Federal Perkins Loan

To be eligible for Federal Perkins Loan, you have to prove that you are having a financial difficulty that is truly exceptional. This is a loan given by the federal government that charges a low interest and it is available to both undergraduate and graduate students.

Federal Work Study Program

This work study program by the federal government encourages students who work fulltime to go to school and work only part time when they are in school. They can make it up by working full time in the summer months when they are out of school. You have to check with your law school to find out if they are a participating school for this program.

FAFSA (Free Application for Federal Student Aid)

Applying for FAFSA will enable you to be eligible for a variety of financial aids and grants under the umbrella of FAFSA. Even if you think you may not qualify you have nothing to lose as you might qualify for even a fee waiver.

Pell Grant

Pell Grant is a grant provided by the federal government to only undergraduate students and this does not have to be repaid. You have to provide proof of financial hardship to be considered for Pell Grant.

Private Student Loans

If none of the above options work for you, you can always make use of the various private student loans that are offered by banks such as Citibank, Wellsfargo, Chase and others which offer competitive rates with the option of deferring payment for up to six months after you graduate.

Veterans Assistance

If you are a veteran, there are many programs that are administered by the US Department of Veteran Affairs to assist you in furthering your education in law school. There will be offices for Veteran Affairs in the law schools that you want to join and you can get more information from them.

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Categories: Legal

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