Financing Law School
Good Credit Is Important
Many people do not realize the importance of establishing and maintaining good credit when trying to seek financial assistance for their legal education. When applying for private student loans, many lenders will check your credit history. Your credit history contains your payment performance for the last seven years. If you have a poor credit history, you may be denied a private loan. Good credit is vital for establishing loan eligibility and for receiving a loan with low or moderate interest.
Students should obtain a credit history report each year to check for accuracy. Mistakes can be costly and interfere with the process of financing your legal education. You can order a copy of your credit report from a variety of credit reporting agencies, such as Equifax, Experian, and Trans Union.
By maintaining a good credit history throughout your undergraduate education, you optimize your chances of securing the lowest possible interest rates for your law school loans. Subsequently, upon graduation from law school, a lower monthly loan repayment assists you in achieving your financial goals more quickly as you begin your legal career. Avoid unnecessary borrowing as an undergraduate. As legal educators caution, don't live like a lawyer while you're a student, or you will live like a student when you're a lawyer.