Financing Law School
Establish Good Financial Habits
If you are wondering what you can do before you go to law school to reduce the cost of your loans, the following are some tips:
- Pay off any outstanding debts (including credit cards).
- Work part-time and save some of the money. Putting just a little away while you are pursuing your undergraduate degree could save you a lot of money while going to law school.
- To reduce the amount of loans you have to take out as an undergrad, see if you qualify for work-study.
- Maintain a good credit history. Pay bills prior to the due date, and pay the full amount each time.
- Charge only what you know you can pay back in full when the bill arrives.
- Since having multiple credit cards increases your chances of overspending, limit yourself to one or two cards.
- Avoid using your ATM card. Easy access to your money can increase your chances of overspending. ATMs also require a minimum withdrawal each time, which allows people to think that they have money to burn in their pockets.
- Avoid buying expensive cars, cell phones, and pagers. Such products have extra costs attached that can add up quickly.
- Ask for financial assistance from family.
- Check into entertainment/activities at your school that may be relatively inexpensive.