Saving/Financial Planning for Law School

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
YBF-W
Posts: 52
Joined: Tue Jul 19, 2016 3:06 pm

Saving/Financial Planning for Law School

Postby YBF-W » Tue Apr 11, 2017 4:51 pm

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Last edited by YBF-W on Thu Apr 13, 2017 6:59 am, edited 1 time in total.

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lymenheimer
Posts: 3979
Joined: Sat Jul 04, 2015 1:54 am

Re: Saving/Financial Planning for Law School

Postby lymenheimer » Tue Apr 11, 2017 5:04 pm

i'd have a substantial amount in savings: ~10k. Loans+SO working has helped me cover everything, but there have been months where I needed to front the money/spend extra so having the liquid savings was helpful.

401k is a good idea, but you want to make sure your investments are fairly accessible if you need them. After that its just math. If you are hitting >7% on market, then keep it in and take out loans...otherwise, consider spending some savings on CoL and taking out fewer loans

luisimo85
Posts: 3
Joined: Wed Apr 19, 2017 5:51 pm

Can I actually afford law school?

Postby luisimo85 » Wed Apr 19, 2017 6:11 pm

I know I want to go to law school and I want to apply this fall. I graduated from UCLA in 2009 with a 3.2 GPA. I took the LSAT and applied back in fall 2012. I didn't get into any of my law school choices. I've had several jobs over the past 7 years in both the legal and nonprofit fields. As of right now, I'm in a financial mess. I'll be open about it. I had a couple of private student loans that were defaulted back in 2010. CHASE Bank was not willing to work with me. I had trouble finding a good paying job where I could pay my loans on a monthly basis and still have enough for personal expenses (rent, food, gas, etc...) Even after I gained a better paying job, I then had my federal student loans defaulted. My credit has been tarnished. My financial circumstances are mainly what's been preventing me from pursuing a legal education. Any advice on financial aid and law school for me would be greatly appreciated. I am pretty sure my chances on getting any financial aid for law school are very slim.
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