How to Finance Law School After a Bankruptcy

Though lawyers can make a lot of money once they graduate from law school and pass the bar exam, most lawyers started out as starving students. The cost of law school tuition varies from approximately $5,000 per year for the least expensive public schools to over $40,000 per year for private schools. Therefore, many law students must find a way to finance their education. Fortunately, options for financing law school also exist for people who have declared bankruptcy.

Instructions

  1. How to Finance Law School After a Bankruptcy

    • 1

      Fill out the free application for federal student aid. This application can be completed online and must be completed for students who wish to take out a Stafford Loan. Law students can take out up to $20,500 per year in Stafford loans. Stafford loans are guaranteed, regardless of credit or income, as long as other criteria are met. Eligibility requirements include: Attending school at least half time or greater, be a U.S. citizen or permanent resident, have registered with the Selective Service if the applicant is male and was born after 1959 and not have a previous federal student loan in default or have a federal grant overpayment.

    • 2

      Apply for the Grad Plus loan. Though the Grad Plus loan is based upon credit worthiness, many people are eligible for the Grad Plus loan after a bankruptcy.

    • 3

      Apply for a private student loan. Banks will perform a credit check before issuing a private student loan, but many banks will approve a student loan to a law student who previously declared bankruptcy.

    • 4

      Apply for loans and grants through your state's department of education. Many states offer grants and loans to students who demonstrate financial need. The amount and terms of loans and grants vary from state to state. Contact your state's department of education for more information.

    • 5

      Apply for grants and scholarships with your school. Some grants and scholarships are need-based and others are based upon merit. Discuss your option with your school's financial aid office for more information.

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