my mind on my money and my money on my mind
Nothing like an old school Snoop Dogg reference, right? I've heard it through the grapevine (read: Admissions office) that there are some questions/concerns/fears/slight panic surrounding financial aid and paying for law school. I know this is a huge financial commitment for many of us. I wrote about this in a post last year, but some specifics might be helpful.
- Perspective: Breathe. This will be expensive and some people (myself included) will have six-figure debt after undergrad and law school. You have to know and accept that fact going in. There's no way around that. Keep breathing.
- Knowledge is power: There are post-graduation debt relief options available. Legislation passed in the last couple of years has been promising; Income-Based Repayment (IBR) reduces monthly minimum payments required based on current income and the College Cost Reduction Act (CCRA) allows for loan forgiveness for federal student loans after 10 years for those in qualifying public interest positions (especially relevant for NUSL students and grads). Be careful, because only certain types of loans qualify for the program, so do your research before you sign anything. Go to equaljusticeworks.org and ibrinfo.org to find out more. (Sign up for the Equal Justice Works email alerts, too; they're helpful and they only email you about once every month or two.) Once you've picked a school, get to know your Financial Aid staff. At NUSL, we have a great woman named Mary who answers all kinds of questions. I stop in to see her once every couple of months for a financial aid "check up" or sorts, make sure I've filled out any relevant forms and that my account is current. Stay proactive and you'll be fine.
- Budget! Make a budget and stick to it. I'm serious. I didn't do this my first year and that was a big mistake. Before law school, several people told me an old adage: "If you live like a lawyer when you're a law student, you'll have to live like a law student when you're a lawyer." Minimize your debt by borrowing the least amount possible and monitoring your living expenses. You can't control how much law school tuition will be, but you can control your other expenses to some degree.
- Be realistic. You will get to have some fun. Budget for a movie and a drink with friends from time to time. You still get to be human sometimes.
- Keep breathing. Don't panic. If you really want this, you can find a way to make it work. It will be worth it.
And no, I'm still not over the Vikings' loss. My heart needs time to heal. It might also need a new quarterback.

