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britt426 asked:
I want to go to law school. Unfortunately, that means A LOT of college loans. Worse, I don’t really have credit so I think I’ll have to get my parents to co-sign. But, they are about to retire in a few months. My loans will need to be close to $100,000, and I’m terrified that I may not, for some unforeseen reason, be able to pay them off. I don’t want to risk ruining my parent’s retirement plans!!! Any suggestions?
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Tags: Co Signer, College Loans, Law School, Lot Loans, Parents, Reason, Retirement Plans, Risk, School Loans
September 3rd, 2008 at 12:17 am
I am in the same boat - heading for law school and a lifetime of paying off loans! There are a ton of options to help you pay for school. First step - fill out the FAFSA and see how much you can get in student loans that you don’t need a cosigner for. Next step, check into the various scholarships that law schools offer. Many of them give scholarships to people who score at a certain percentile rank on the LSAT. Some of them give scholarships based on GPA or extracurricular activities. Many of them also have need based scholarships. The best thing to do is not to panic - shop around to different law schools and see what kind of packages they offer. A great book to help you get an overview is The Princeton Review’s 170 Best Law Schools. And don’t worry about being able to pay off your loans. Many firms or government organizations will offer you some help for repayment and even if they don’t, student loan companies are fairly easy to work with. Good luck!
September 5th, 2008 at 8:26 am
If you, in fact, pass the Bar exam, you will make enough money to pay back your loans. But think hard because law school is difficult. If you don’t have self-motivation and self-sacrafice then you may be in for a hardship. Best of luck.
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