Financing Law School
Loans, Scholarships, Grants
Federal loans
Developed by the US Department of Education, the Free Application for Federal Student Aid (FAFSA) is required by all students who wish to receive federal financial aid. Usually, students need to submit the FAFSA before completing additional applications for institutional aid. You can complete the FAFSA electronically or mail in the hard copy version, available at any school's financial aid office.
The three types of federal loans (subsidized, unsubsidized, and Perkins) are based on student "need criteria." See the US Department of Education'a free annual publication Funding Your Education regarding amounts students can borrow from each of these federal loan programs and other pertinent information.
When applying for financial aid, remember to read the application instructions carefully, complete all of the required forms neatly, do not leave questions blank, apply early, and keep copies of all forms. Adhering to these important reminders will make the financial aid process go faster and reduce possible frustrations later on. Incomplete forms will delay notification of possible financial aid for law school.
Institutional loans, work-study
Law school procedures can vary regarding guidelines and deadlines for applying for institutional loans, and schools may require a separate application in addition to the FAFSA. Grants and scholarships also exist, but they are limited. Check each law school regarding their specific procedures. The same goes for determining independent/dependent status. While a law school could consider your student status as dependent for consideration of institutional grants, scholarships, and loans, the federal government may consider you independent in determining federal financial aid. Ask the law school's financial aid office about their guidelines for determining independent/dependent status.
Federal work-study programs may be offered to second- or third-year law students but generally not to first-year students, due to the intense curriculum. Check into the types of work-study available (if the law school even participates in such a program) to forecast future costs of law school beyond the first year.
Private loans
Students who are considering private loans need to take into account their credit history. See Good Credit. Conditions for private loans, application processes, deadlines, and terms vary with each program. Read each loan brochure for details.
Scholarships and grants
Many law schools offer scholarships, awarded on merit, financial need, or both. Contact the schools to which you are applying to find out about available scholarships and application criteria. Additional scholarships and grants are offered by fraternities, sororities, religious groups, business organizations, veterans' groups, or other social clubs. Find out about these possible sources of aid through research on the web, in ASU and local libraries, and by contacting clubs and organizations directly.
Students who are considering going to law school must not only complete the necessary financial aid paperwork, but also need to consider how much they should borrow once they receive their financial aid package. In determining how much you should borrow, check out the Access Group site for further explanation of various budgetary factors such as cost of attendance, loan limits, current financial status, and future earnings. Ultimately, you should try to minimize what you borrow by exploring non-loan resources to finance your legal education.