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Law School LoansEverybody knows that quality education from a good law school requires both time and money. Legal education may be very expensive for some people, so they end up deciding not to pursue a law career anymore. However, there are many good law schools that believe that money shouldn't be a problem at all. To help law students afford the expenses of legal education, law schools offer either law school loan or law school loan repayment assistance. What are Law School Loans? Law school loans or financial assistance is a common form of financial support offered by law schools to their students. Law schools offer scholarships or grants to students who are in great need of financial assistance, and loans for students who need funds to pay a portion of their tuition. (1) Some law schools also offer emergency loans, short-term loans, and bar loans for their students. Emergency loans are only used for expenses that are excluded from financial aid coverage, and therefore does not usually do not go over $350. Short-term law school loans can amount to $1,000 per month, and are usually used as funds for basic expenses. (2) Bar loans are offered as coverage for living expenses of students, and can therefore amount up to $15,000. Students should apply for a law school loan no later than a year before expected graduation. The interest rates and repayment dates may vary per school, so it is important to clarify these matters before students apply for a law school loan. Law School Loan Repayment Programs Aside from the law school loan, another type of financial aid for students are law school loan repayment programs. This form of financial assistance is offered by law schools to help students repay the loans they made to pay expenses related to legal education. Some examples of such loans are educational loans for law school tuition and pre-law education, federal loans, and student loans. (3) Law schools may also mention other types of loans that are covered by their law school loan repayment programs, so it is always best to take note of them before submitting application. Law schools believe that money should not hinder the legal education of their students. With law school loans and loan repayment programs, there is no need for aspiring lawyers to quit their legal education just because they are short of funds for educational expenses.
(1) http://www.law.yale.edu/admissions/loans.htm
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