| Simply put, the number of people who are/were at | | | | website is, "intended to provide resources to increase |
| some point interested in going to law school greatly | | | | the flow of racial and ethnic minority students into |
| outweighs the number of those who actually do. | | | | the legal profession, these scholarships consist of |
| There are a number of reasons explaining this | | | | $5000." As stated in the quotation, this scholarship is |
| phenomenon. One explanation may be other job | | | | offered to minority students looking to practice law |
| offers come first. There's the possibility that one's | | | | (usually at top institutions such as Harvard, Yale, |
| LSAT score and GPA were simply too low to get in | | | | Stanford, Columbia, University of Chicago, Michigan, |
| anywhere. Laziness is another possibility. Also, there | | | | Northwestern, etc.). |
| are horror stories circulating regarding the terrible legal | | | | Another possible situation is that your parents help |
| job market and inability for graduates to get jobs. | | | | fund you education. While, for most, this is laughable |
| However, it's my contention that the single most | | | | to ask one's parents to shell out six figures from |
| deterring factor is the high cost of attending law | | | | their bank account to pay for law school, this is more |
| school. We'll look at an example to get some | | | | common than one would think. In my best |
| numbers in our heads. | | | | assumption this happens most frequently when |
| Let's take DePaul College of Law, for example. | | | | daddy is successful lawyer and wants his son to |
| DePaul is a private institution ranked right at the | | | | follow in his footsteps and inherit the family practice. |
| middle of the pack. Tuition for the 2010 entering class | | | | So,popping a percentage of his yearly earnings to be |
| sits at roughly $37,000. Living expenses in Chicago | | | | able to brag to his lawyer buddies seems a |
| (which are higher than most cities) come in at just | | | | worthwhile investment. Meanwhile, his son is |
| over $22,000. So, with tuition and living expenses | | | | enveloped by his dad's pressure to succeed in law |
| alone you're looking at $60K per year. Do that for | | | | school that he may lose sight of anything else that |
| two additional years and you're putting your debt | | | | tickles his fancy in the ream of potential career paths. |
| somewhere in the realm of $180,000. That, my | | | | I understand that speaking so bluntly about this issue |
| friends, is quite a scary number. And remember, this | | | | creates the implication that I personally am in this |
| was before we figured in any additional fees, | | | | predicament, but I can assure you that this is not the |
| textbooks, entertainment, etc. | | | | case. The last sentence seems like an opportune |
| So, now that everyone's shaking in their proverbial | | | | transition into my next topic:LOANS. |
| boots and thinking why anyone would go to law | | | | Taking out loans is the most common way law |
| school and then thinking about the tens of thousands | | | | school students pay the bills while they are consumed |
| of lawyers who have already incurred similar amounts | | | | in legal literature (case files and LexisNexis). Taking |
| of debt, let's look at this more realistically. | | | | out a loan, most of which comes from the |
| While most law students finance their education | | | | government, allows students to defer their |
| primarily by taking out loans (which we will talk about | | | | undergraduate student loans (if relevant) and |
| in a moment) there are other sources of financing. | | | | continue to study for an advanced professional |
| For example, the vast majority of institutions offer | | | | degree. Then, a few years down the road, when |
| merit-based scholarships to qualifying students. While | | | | they earned their piece of paper to be framed |
| you're not likely to receive one if you barely make | | | | proudly on their office wall they have to begin paying |
| the cutoff to get in, if your numbers (LSAT and | | | | back the government with interest tacked on to the |
| GPA) lie above the school's expected mean then you | | | | bill. |
| may be looking at some financial assistance. While | | | | Step one in taking out loans is filling out your FAFSA, |
| these merit-based scholarships are of course and | | | | the financial aid for students application. This basically |
| honor to receive and will lighten the load of financing | | | | enumerates how much money you currently possess |
| law school, they often complicate the decision of | | | | (or lack thereof) and how much external funding you |
| which school to attend.For example, someone may | | | | are expecting to receive from parents, schools, etc. |
| apply to Northwestern and DePaul and get into both | | | | Then, FAFSA and any of the schools you are |
| places. However, they may get into Northwestern by | | | | considering and have been accepted to tell you how |
| a hair and have to pay full-tuition while at DePaul they | | | | much financial aid you are awarded. These awards |
| are likely to boast the best numbers out of many | | | | come in the form of subsidized loans, unsubsidized |
| applicants and thus could be granted big bucks to | | | | loans and GradPLUS loans which are especially issued |
| attend. This undoubtedly begs the questions, "Go to | | | | for graduate level students. |
| a better or school or get a law school education on | | | | The myths inherent with financial aid come into play |
| someone else's dime?" Nevertheless, this article is | | | | when 0Ls say, "Well, I'll take out $160,000 in loans |
| about financing you education not where to receive it | | | | but then work for a year after school and make that |
| so we'll move on. | | | | $160,000 at my BigLaw firm job and be able to pay |
| In addition to scholarships offered by the schools, | | | | it all back." The fact of the matter is that those jobs |
| there are a limited number of external scholarships | | | | are far and few between AND even if you do |
| offered to first year students and many more after | | | | somehow land one I guarantee your full salary (or |
| completion of 1L. One of the most widely publicized | | | | even half) is going to pay back loans. |
| and coveted 1L scholarships is provided by the | | | | In summation, go to school wherever you please but |
| American Bar Association (ABA).Their scholarship, The | | | | I beg you, don't get into too much debt because it's |
| ABA Legal Opportunity Scholarship, to pull from their | | | | going to be a heck of a time trying to crawl out. |