9 Ways To Help Pay For Law School
March 13, 2024There’s no getting around it: law school is expensive. With programs averaging $53,920 per year, it’s no wonder that 90% of law school students use student loans to pay for their education. Worse, the average student loan debt for lawyers was $130,000 as of 2021.
The cost of pursuing a law degree can be intimidating. However, there are a variety of financial aid opportunities available that can help you pay for your education. By learning how to pay for law school, you can take advantage of those opportunities and reduce the need for student loans.
1. Maximize Your FAFSA Award
A common misconception is that the Free Application for Federal Student Aid (FAFSA) is only for students pursuing undergraduate degrees. However, that’s not the case; you can also use the FAFSA to apply for valuable financial aid for graduate programs, including law school.
Even with the upset caused by this year’s FAFSA delays, you could qualify for grants and federal student loans by filling out the FAFSA. For law school, there are two loan options:
- Direct Unsubsidized: Direct Unsubsidized loans have lower rates and fees than Grad PLUS Loans, but there are annual and aggregate borrowing limits.
- Grad PLUS: Grad PLUS loans have higher rates and fees, but there are no limits on how much you can borrow.
Direct Unsubsidized | Grad PLUS | |
Disbursement Fee | 1.057% | 4.228% |
Interest Rate | 7.05% | 8.05% |
Annual Borrowing Limit | $20,500 | No maximum |
Aggregate Borrowing Limit | $138,500 | No maximum |
2. Earn Scholarships
Scholarships for law students are available from universities, non-profit organizations, and private companies. Awarded to students with demonstrated achievements, scholarships vary in value. Here are just a few examples of scholarships available to law school students:
- Legal Opportunity Scholarship Fund: The American Bar Association awards the Legal Opportunity Scholarship to first-year students. Eligible students can receive up to $15,000 of financial aid over three years of law school.
- LGBT Public Interest Scholarship: This scholarship is for law students who plan on working in the LGBTQ+ public interest arena. It provides up to $5,000 to cover the cost of your education.
- Cornell University’s Charles Evans Hughes Scholars Program: This scholarship covers the full cost of tuition at Cornell University for qualified law school students.
You can use the Law School Admission Council’s scholarship search tool to find potential awards.
Learn More: How to Get a Scholarship
3. Law School Grants
Some states, schools, and non-profit organizations offer grants to law students with financial needs. For example:
- California Chafee Grant: If you’re a California resident previously in the foster care system, you could qualify for a grant of up to $5,000 to pay for law school.
- Jose Marti Scholarship Challenge Grant Fund: Florida residents of Hispanic origin attending public universities within the state or eligible private schools can receive up to $2,000 to pay for school.
- Yale Law School: Yale provides financial aid to law school students through need-based grants and student loans. According to the school, 64% of students received institutional scholarships or grants.
Visit your state education agency and contact your selected school’s financial aid office to find out what grants are available.
4. Utilize Your College Savings Accounts
If you and your family opened a college savings account, such as a 529 educational savings plan, you may have unused dollars after completing your undergraduate degree. If that’s the case, you can use the money in the account to cover your qualifying law school expenses, including tuition and fees.
5. Military Financial Support
If you currently serve or previously served in the U.S. military, you may be eligible for military-specific financial support programs, including the following:
- GI Bill: The GI Bill can help pay for graduate degrees, including law school, and even your LSAT exam fees.
- Funded Legal Education Program (FLEP): Army service members who want to join the Army Judge Advocate General Corps (JAGC) may be eligible for FLEP. This program covers the cost of law school, but you must commit to serving for at least two years for each year of law school completed.
- Yellow Ribbon Program: For expenses that the post-9/11 GI Bill doesn’t cover — such as the higher tuition cost at private law schools — the Yellow Ribbon Program can help cover the difference.
6. Law School Forgiveness
Law school graduates who intend to work in public service, such as working for a legal aid organization or government agency, may be eligible for loan forgiveness.
One of the best-known student loan forgiveness programs is Public Service Loan Forgiveness (PSLF). Available to federal loan borrowers, PSLF will eliminate your loans after you complete 10 years of full-time employment for an eligible employer and make 120 qualifying monthly payments.
Learn more: Student Loan Forgiveness for Lawyers
7. Loan Repayment Assistance Programs (LRAPs)
Some schools and states operate LRAPs. These programs repay some or all of your outstanding loans in exchange for a service commitment in high-need areas. For example:
- Duke University: Duke law school graduates who earn $65,000 or less could have all of their loan payments covered under the LRAP until they’re eligible for loan forgiveness under PSLF. Graduates making between $65,000 and $90,000 can still qualify for the program, but the program offers assistance on a sliding scale.
- University of Notre Dame: The University will cover the payments of eligible graduates for 10 years — until the graduate qualifies for PSLF. Students earning up to $100,000 are eligible for this program.
- Florida Bar Foundation: In Florida, attorneys who work for government agencies, non-profit organizations, or public service organizations can qualify for up to $5,000 per year in loan repayment assistance.
8. Part-Time Jobs and Side Hustles
Although law school is rigorous, many students find that they can work part-time. Working even just a few hours a week — or launching a side hustle around your schedule — and using your earnings to pay for some of your expenses can reduce the need for student loans.
If you qualify for a paid internship or fellowship, you can also gain valuable experience that can help your career after graduation.
9. Take Out Private Student Loans
Suppose you exhaust other financial aid options, such as scholarships and grants, and reach the annual or aggregate maximums for federal loans. In that case, private student loans can cover the remaining cost of your law degree.
With private loans, you can have as long as 15 years to repay the loan, and you can borrow up to 100% of the school-certified cost of attendance.
ELFI Can Help You Pay For Law School
Now that you know how to pay for law school, you can explore your options. ELFI is a leading lender if you need additional funding and are shopping for a private student loan. ELFI is a leading private student loan lender. It offers both variable- and fixed-rate loans with competitive rates, and you can view your law school student loan options and potential rates online.