038: Can You Really Afford Law School?

Listen "038: Can You Really Afford Law School?"

Episode Synopsis

Welcome back! Today's episode is about a very important topic: financial considerations before, during, and after law school. If you're thinking about taking out law school loans, or you already have, this one is for you! 
In this episode we discuss:

Why is law school debt such a huge issue for so many people? 
What is the average law student debt? 
The causes of this staggering debt load
Pros and cons of the alternative approaches to pay off your loans
Downsides of IBR and LRAP that might not be obvious
How to make sure you understand what you are in for and what the payoff will be for loans before you accept them
Whether schools are lying about your job prospects
Types of student loans and how they work
Scholarship options, and why you need to be clear about how likely you are to keep a scholarship after the first year (hint - it might be a lot harder than you expect!)
Alison shares her experience negotiating financial aid with her school
Tips to save money as a law student
Potential side hustles for law students

Resources:

Federal Financial Aid Options (LSAC) (http://www.lsac.org/jd/financing-law-school/financial-aid-options#federal)
Financial Aid Overview (LSAC) (http://www.lsac.org/jd/financing-law-school/financial-aid-overview)
Ask Heather Jarvis (http://askheatherjarvis.com)
Law School Transparency Project (http://www.lawschooltransparency.com/)
Law School Myth: Lawyers Make A Lot of Money (http://thegirlsguidetolawschool.com/09/law-school-myth-1-lawyers-make-a-lot-of-money/)
Law School Survey of Student Engagement (http://lawprofessors.typepad.com/academic_support/2016/02/lssse-upcoming-report-.html)
Defusing the Student Loan Interest Tax (https://lawyerist.com/83690/defusing-student-loan-interest-tax-bomb/)
Loan Payment Calculator (http://www.finaid.org/calculators/loanpayments.phtml)

Thanks for listening!
If you enjoy the podcast, we'd love a nice review and/or rating on iTunes. And feel free to reach out to us directly. You can always reach us via the contact form on the Law School Toolbox website (http://lawschooltoolbox.com/contact). 
Enjoy!
Alison & Lee

More episodes of the podcast The Law School Toolbox Podcast: Tools for Law Students from 1L to the Bar Exam, and Beyond