How Law School Financial Aid Works

Most people can safely assume three years spent at law school is going to mean they'll be departing with some level of loan debt, but there are a number of approaches to help bring down the eventual balance. Scholarships, grants, fellowships and work study programs are sometimes options, and they can be both need-based and merit-based.

It's a good idea to make a solid effort to see what's out there; at this point, every dollar counts. Some companies also offer tuition reimbursements, so if you think you can handle working a job with sweet benefits while attending law school at the same time, that could be a possible source of funding.

To get things rolling, file your Free Application for Federal Student Aid (FAFSA) form as soon after the first of the year as possible, and start to follow up on all the potential leads for financial aid you've uncovered at this point. There's one important thing to note about FAFSA before we move on: While attending undergraduate school, most students must include their parents' financial information on the FAFSA form because it's a deciding factor in determining how much financial aid they're eligible for. Although law students are considered independent from their parents, they may still need to provide that information for the school to evaluate and decide on the details of their entire financial aid package.

Once you receive your acceptance letters and decide which school you're going to attend, the ball really starts rolling. Find out what to expect on the next page.

After filing your FAFSA form and getting accepted by your choice institution, you'll want to proceed by coordinating your financial aid efforts with your chosen law school's financial aid office. Visit sooner rather than later -- before other students snap up all the available money. Advisers at the office can tell you what types of aid you're eligible for, what the deadlines are and if you need to fill out any forms beyond the standard FAFSA form. It's good to get some idea of what you're getting into, so ask questions about their average graduate's loan debt and starting salary range.

While some lucky students will end up getting all of the money they need upfront through their schools (and it should be noted that some law schools are more generous than others, which could be a factor in your school selection process), the rest must usually turn to means besides grants and scholarships to cover the cost; namely, loans that eventually have to be paid back. When it comes to loans, there are typically two primary sources -- federal and private. You might very well end up having to make use of both.

For more details, read How Student Loans Work.

On the next page are links to lots more information about the steps for becoming a lawyer -- and about paying off the mountain of debt that may come with it.