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I will almost certainly be taking out loans to cover 100% of the cost of LS since I'll likely not qualify for need-based aid. I am incredibly naive when it comes to this as I have not taken out loans for anything before, so I'd love some insight into how the whole process works, what traps I should look out for (if there are any), and anything else that is helpful to know while navigating this process.

Are there any resources available that break down/give a good overview of the entire process? I'll of course talk to the financial aid office at the school I end up at, but would love another resource to reference.

Thanks!

juicebox wrote:I will almost certainly be taking out loans to cover 100% of the cost of LS since I'll likely not qualify for need-based aid. I am incredibly naive when it comes to this as I have not taken out loans for anything before, so I'd love some insight into how the whole process works, what traps I should look out for (if there are any), and anything else that is helpful to know while navigating this process.

Are there any resources available that break down/give a good overview of the entire process? I'll of course talk to the financial aid office at the school I end up at, but would love another resource to reference.

Thanks!

Your school should walk you through the process, although you should google federal student loans to learn more about them and potential repayment plans. I think the department of education has quite a few resources on this.

Perhaps the most important thing to know is that student loans cannot be discharged in bankruptcy, so one way or another you're going to have to pay back all of your student loans.

juicebox wrote:what traps I should look out for (if there are any)

Law school IS the trap.

Try to take out as much of federal as you can. Get as many loans from family as they are willing to lend. Live as frugally as you can.

prezidentv8 wrote:

juicebox wrote:what traps I should look out for (if there are any)

Law school IS the trap.

Thank you everyone!

relevant:

https://www.youtube.com/watch?v=4F4qzPbcFiA