Financial Literacy
To help you develop your financial literacy, here are some important things to consider before you go to law school and after you graduate.
Financial Literacy Programs Scheduled for 2009-10
There are a variety of financial literacy workshops scheduled for the 2009-10 academic year for current students and alumni. Topics include: Budgeting, Protecting your Credit, Repayment Options, etc. We will be posting workshops for the Spring 2010 semester shortly.
How to Plan Financially for Law School
Develop a budget
Now that you will be a student again, prepare yourself for living on a much tighter budget. Review the Cost of Attendance section of your Award Letter carefully so you can plan accordingly.
Paying off consumer debt
Financial aid budgets can’t take into account consumer debt payments, so eliminating any monthly payments before you enter law school is a smart idea. Also, try to avoid purchasing anything that will require monthly payments while attending law school. Paying off as much as possible and saving money now will make life easier when you are in school and could allow you to borrow less and save on interest charges.
Check your credit
Most educational loans require a credit check. If you need to borrow a loan for your tuition and/or living expenses, reviewing your credit report early allows more time to improve your credit score or to correct erroneous information. Paying your bills on-time and reducing your debt will help increase your credit score. You can obtain your credit report from all three national credit reporting agencies for free once a year at www.annualcreditreport.com.
The importance of applying for financial aid on time
Although Pierce Law does not have a financial aid deadline, we do set a priority date for filing, which is March 31st. All students requesting financial aid should have all paperwork in to our office by this date so that every available loan program will be available to them. The longer you wait, the less funds our office has to offer you. Once we receive your FAFSA, Financial Aid Application and Federal Tax Return with W-2s, our office can prepare and mail a Financial Aid Award Letter to you.
What is covered in your financial aid package
Your financial aid package will cover the entire cost of attendance, which includes tuition, fees, books and supplies, transportation, living expenses and health insurance costs.
Financial Literacy Videos
Ed Fund offers E-Video workshops for students on money management, budgeting, managing credit cards and more. http://www.edfund.org/wps/portal/EdFundVideoClips.
Funding options
Available funding options
Types of funding that is available to our students include Merit/Diversity/Endowed Scholarships, Pierce Law Grants, Federal Stafford Loans, Federal Graduate Plus Loan, Federal Perkins Loans, and Federal Work Study. If a student has been awarded an outside scholarship, it is their responsibility to contact the Office of Student Financial Services so this award can be properly posted to their Award Letter.
International student funding options and grants
Although federal financial aid cannot be awarded to non United States or permanent residents, there are lenders who offer foreign students the opportunity to apply for a private loan to cover their educational expenses. A U.S. citizen or permanent resident of the U.S. can cosign the loan.
Look into all scholarship opportunities
The Office of Financial Aid posts scholarships on our website as they become available. A number of organizations offer free scholarship search engines, like www.finaid.org, www.collegeboard.com, and www.fastweb.com. Don’t forget to pursue any tuition benefits available through your employer and any scholarships offered by civic organizations to which you or your family belong.
Relocation costs
Our office does not include relocation costs into the Cost of Attendance.
After law school
Student Loans cannot be discharged in bankruptcy. It is the borrower's responsibility to apply for a loan forbearance or deferment with their lender if they are unable to make payments.
Keep your loan servicer up to date with your current address and phone number. You are responsible for providing them with this information, not the school.
Refer to finaid.org for loan calculators. In addition, our school reports to the National Student Loan Clearinghouse and you can find a total list of all your Federal Student Loans on this site. Keeping track of your student loans while in law school makes the process less daunting. You will need to provide your total student loan debt on your bar applications.
Making yourself familiar with loan repayment plans and loan consolidation options
Contact your lender for more information on repayment plans or loan consolidation.
Taxes
For more information on important tax information, go to the Internal Revenue Service website.
Understand education related tax benefits
Parent and Student Guide to Federal Tax Benefits for Tuition and Fees
