Many people do not have the financial capability to pursue law studies. Many law schools have expensive tuition fees and student accommodation costs. As a result law school applicants and law students may get discouraged to enter law school or continue law studies. Fortunately for these people, financial aid for law school may be obtained from various institutions and law schools.
Harvard Law School’s Student Financial Services department provides financial aid for needy law school students. The department has a grant and loan assistance program that is based on the specific financial need of the student. Under this program, students who are within the limits of Law School Grant eligibility can avail of Federal Direct Loans and private supplemental loans as financial aid for law school.(1) International students can avail of Harvard Law School Loans in place of Federal Direct Loans. The Student Financial Services department also has the Summer Public Interest Funding Program which provides financial aid for first-year or second-year law school students who are employed in a public service summer job for a minimum of 10 weeks. (2)
Racial and ethnic minority law school students can avail of the American Bar Association’s (ABA) Legal Opportunity Scholarship Fund. The Legal Opportunity Scholarship Fund awards $5,000 worth of financial aid for each law school student every year.(3) Financial aid provided to a first year law school student may be renewed each year which amounts to a grand total of $15,000 for three years of law studies. Law school students who want to avail of the ABA Legal Opportunity Scholarship Fund must submit an application with details regarding their education, community service, and need of financial aid.
Law school students can also avail of student loans to get financial aid. Student loans have two main types: need based loans and non-need based loans. Need based loans are offered as components of financial aid package. These include the Perkins and subsidized Stafford loans. Interest is not charged while the student is enrolled and loan repayment is not charged until graduation or when the student drops out. Non-need based loans include the Free Application for Federal Student Aid (FAFSA) loans and unsubsidized Stafford loans. Non-need based loans have interest that can be paid while the student is enrolled. Interest payments can also be deferred until the principal is repaid.
(1) http://www.law.harvard.edu/students/sfs/
(2) http://www.law.harvard.edu/students/sfs/
(3) http://www.abanet.org/op/legal.html