Financial Aid – Smart Financial Planning
“If you live like a lawyer when you are a student, you will live like a student when you are a lawyer.”
– Author Unknown
Financial aid is not just about how you are going to pay for your education. It is about your quality of life after your education. Here are some tips:
KNOW YOUR BUDGET!
Don’t be caught off guard the last thing you want to think about while in the midst of classes is not having enough money.
- WVU’s Cost of Attendance Budget for the 2008-09 academic year (nine months) allows $10,852 for living expenses. This averages out to $1,206 per month. Are you able to supplement this income? If so how much? If not and you need more what are you going to do?
- Know what and how much the expenses you are bringing to law school with you.
- Know how much it is going to cost you to live (rent, utilities, food,transportation) while you attend law school.
BE PREPARED!
- Don’t let money issues just “happen” to you. Come to law school with a financial plan.
- Pay off as much debt as you can BEFORE enrolling in law school. This includes credit card debt, car loans, personal loans etc.
- Think of how you can cut expenses when you get here ( have a roommate, cook at home,pack your lunch, car pool, buy prepaid calling cards instead of having long distance, look for free entertainment).
- Limit your credit card use. Poor credit may keep you from a future bar loan.
- Make the decision to live within your means. Everyday you will be faced with choices that may help your hinder your financial stability. Choose wisely.
KNOW YOUR LOAN DEBT!
- Keep track of your loan debt. You can check your federal loan debt at The National Student Loan Data System with your Federal PIN number. If you do not have a Federal PIN or do not remember it, you can request a new one at Federal Student Aid PIN. The Federal PIN number is the same number you use to fill out the FAFSA. Knowing how much you borrow from year to year may keep you from borrowing more than you need. It will also keep you from being surprised your third year.
- Look at repayment schedules your first year. Knowing what you may be paying in total and in monthly amounts can only be a benefit to you.
- Keep good records of all your loans and their activity. The minutes spent early on to do this will save you hours later.
USE OTHER RESOURCES!
- Explore every possible avenue for scholarship and grant aid.
- Visit Websites geared towards financial planning for law students ie Access Group, Law Loans
- Take advantage of credit counseling agencies.
- Talk to your Financial Aid Counselor.
The loan programs are designed to benefit you. If you need the money to achieve your goal by all means use it, just use it wisely. You are borrowing off of your future income.