Law School Loans: Financing COL Forum

[GarnerB]

**Please don't quote.**

Hey all,

Wondering how to finance my COL expenses during law school. Would be super grateful if anyone could nudge me in the right direction. Some information that may be helpful: (1) I will likely be attending on a full-ride (by "likely," I'm referring to the probability of attending the school; the scholarship is guaranteed); (2) I have the option of moving back in with my parents, but I won't consider it until 2L (even then, I'd really prefer not to burden them; this is a worst-case scenario ); (3) I have issues I need to resolve with my taxes (going to talk with some CPAs Monday), so, if all else is equal across federal and private loans, I'd prefer to go with private.

The universe of information on the topic is muddled and untrustworthy. TLS has come through in the past, so here's to hoping y'all can come through one last time.

Take care y'all

[GarnerB]

Also, I'd appreciate recommendations for a solid guide or resource on this topic. The LSAC guide doesn't seem like it provides disinterested, third-party analysis (e.g., "ermahgerd, do NOT take private loans until you've maxed on federal loans"). Again, recommendations would be appreciated. I'm feeling out of depth here.

[A. Nony Mouse]

The standard method is financing through loans, or if you're lucky, family/significant other who are working and can cover it. Why do your tax issues mean you have to choose private loans? They don't offer any of the repayment protections that federal loans offer (though if you're attending full ride your debt won't be crushing so maybe not as pressing). Generally, people who can will take out federal loans during school and then refinance after with a private lender if they have a job they're confident in keeping and are going to be able to pay off all their debt relatively quickly.

[pike25]

I would consider taking federal loans instead of private because usually the interest on private loans is higher. However, I would set up an appointment with a bank(s) you currently have an account with and see what kind of loan repayment plan they can offer you. I also would stay away from any sort of job that will burden you during 1L