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Weigh 3 Factors When Making a Law School Budget

As a student at the Wiggins School of Law at Campbell University in North Carolina, Christopher Brown must study topics that are a core part of most J.D. programs, such as criminal law and constitutional law.

Less formally, he’s also learning about budgeting, financial planning and low-cost living.

The 24-year-old rising third-year student has an unpaid internship for this summer, just as he did last year. He’s financing his school years and the time in between with student loans and scholarships and carefully tracking his spending with a spreadsheet.

In his budget, there are line items for gas ($100 per month), groceries and miscellaneous ($500 per month) and more. He credits his mother for his budgeting skills.

“She had my back,” says Brown. His mother, he says, is a certified public accountant.

[Find out how ready you are to pay for law school.]

Law school costs many students $30,000 or more per year, and the American Bar Association strongly discourages first-year students from working. Prospective and current students should think about how they’ll manage their money while pursuing a J.D., experts and students say.

Here are three factors law school applicants should weigh when preparing to spend for their degree.

1. Books: Many classes for first-year students come with case books, says Tom Williams, assistant dean for academic affairs and the institution at Arizona State University’s O’Connor College of Law. And these books typically aren’t cheap — he says new ones can run students between $200 and $400.

Williams encourages students to consider short-term borrowing for textbooks. “A rental of that book might be $100,” he says.

Students can usually rent books from a school store or other organizations.

“Most student bar associations will also have a used book sale at the beginning of school,” says Michelle Rahman, associate dean for admissions at the University of Richmond School of Law.

[Learn 10 ways to get financially ready for law school.]

Because many law schools have similar first-year curriculums, students may go outside of their own school to find discounted text books, but the books may not necessarily be the right version, says Rahman. “Make sure it’s the right edition.”

She also encourages students to look online for cheaper books at sites such as BookFinder.com and lawbooksforless.com.

If buying or renting all the books they’ll need for a semester isn’t an option, students can also share.

“Jane buys the torts book. You buy the civil procedure book. And you can share those books with each other,” she says.

2. Clothes: It’s common for law students to dress in suits or other professional attire. There are law firm mixers, bar association events or even orientation activities that require more formalwear.

Aspiring J.D.s should plan on buying a suit and look to discount stores for deals.

“I looked for a nice blazer at a secondhand store,” says Jeremy Rosenberg, a soon-to-be third-year student at CUNY School of Law.

[Pick a cost-efficient law school.]

Rahman, from the University of Richmond, recommends one suit in a neutral color, such as navy or gray, that allows students to interchange their shirts or their ties.

“I think a reasonable budget is $200 to $400 for an inexpensive suit,” says Williams, from the O’Connor College of Law, when discussing men’s professional wear. “As you go through law school, eventually you’re going to need more than one but at least at the beginning you can probably get by with one.”

Prospective students may also find that the school they plan to attend will help them keep clothing costs low.

In October, Arizona State will have a fashion show to help students learn how to dress, and participating clothing companies will offer discounts to the law students, says Ray English, assistant dean for the office of career and employment services at O’Connor.

“If you don’t look the part, it’s going to be hard to get the part,” he says.

3. Bar exam preparation: To become a licensed attorney, law graduates must pass a bar exam. Students often take a preparation course for the exam and the test the summer after they graduate. It’s not advised, experts say, for law graduates to work while studying, which means more time without a paycheck.

“We really talk to students early about planning for how they’re going to survive that period between graduation and the bar exam, and pay for their bar prep,” says Williams. “The bar prep courses are expensive.”

Online options may cost a few hundred dollars, but a popular bar preparation company such as BARBRI Law Review can cost students significantly more, he says. In the District of Columbia, for example, a BARBRI prep course can cost $3,495.

“It’s really something they should plan for as soon as they can and start figuring out how they’re going to afford it and set aside money,” says Williams.

Searching for a law school? Get our complete rankings of Best Law Schools.

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Weigh 3 Factors When Making a Law School Budget originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. 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