As many individuals are already aware, law school is extremely expensive. Indeed, people usually need to borrow hundreds of thousands of dollars in order to pay for tuition costs and living expenses while attending law school. Of course, saving money in law school allows one to borrow less money to earn a law degree, and will also mean that less interest will accrue on the debt one does borrow. As a result, saving money as a law student is extremely important when trying to reduce your student debt burden.
This website has already discussed a number of strategies that can be implemented to save money while paying off student loans. And most law students can reduce their costs by saving money on food, lowering their entertainment expenses, and implementing other strategies. However, there are certain tactics that particularly apply to saving money as a law student.
Housing can be extremely expensive for law students. Universities typically charge high rates for on-campus housing, even though most law school dorms offer less amenities than law students could enjoy off campus. If your law school is in an urban area, as mine was, off-campus housing can also cost a hefty sum.
However, one way you can try saving money as a law student is by being a Resident Advisor for on-campus residents. As many people already know, a Resident Advisor is someone who lives with on-campus residents and ensures that they follow the rules of on-campus living. In addition, Resident Advisors typically arrange social and educational programs for their residents.
I was a Resident Advisor as an undergraduate, and this position helped me minimize the amount of student loans I had to borrow to attend college. Many people might not realize that numerous law schools also allow students to be Resident Advisors to receive free housing. In order to minimize the amount of student debt I had to borrow to earn a law degree, I applied to be a Resident Advisor at my first law school. I was eventually accepted to be a Resident Advisor at my first law school for undergraduates, and I did not mind being assigned to undergraduates, since I felt that this would help me make more friends around campus.
I eventually transferred out of my first law school, and I was not able to accept a position as a Resident Advisor. However, when I entered my second law school, I kept in mind that being a Resident Advisor could help me minimize my student debt burden. At the end of my second year of law school, I once again applied to be a Resident Advisor at my new law school.
Although I felt that I had a strong application, and I had the experience of being a Resident Advisor in college, I was not selected to be a Resident Advisor at my second law school. I was told by administrators that they wanted Resident Advisors who spent their first year of law school at that institution, so that they could give advice to residents about the first-year experience at my second law school. Still, this opportunity is available at many law schools, and can help individuals hoping to save money as a law student.
Another way to minimize law school expenses is to spend the least amount possible on textbooks and study aids. Law students can easily spend several thousand dollars over the course of their legal education on course materials and other books, and this can create financial pressure. However, you do not always need to purchase textbooks, even if they are designated as required reading for a particular class.
My roommate during law school rarely bought textbooks. The law school library had course textbooks on reserve, so he would borrow these books when he needed to complete required readings. If the needed textbooks at the library were not available, he would simply look up the cases online. Other times, such as when he had to take open-book exams, he borrowed textbooks from friends (including me) so that he could complete the tests. Of course, such a strategy could put you at a disadvantage in law school, and grades are extremely important to the future job prospects of law students. However, so long as you use your best judgment, this is a viable strategy while saving money as a law student.
In law school, many students also purchase horn books, nutshells, treatises, outlines, and other study aids. Although these books are often cheaper than required course textbooks, they still cost a pretty penny. In addition, law students typically purchase multiple study aids for each class they take, and the costs can quickly add up.
Many law school libraries also have study aids on reserve, just as they have textbooks set aside for students. Law students can use reserved study aids just as they are able to read textbooks that have been put on reserve. Indeed, I rarely bought study aids during law school, and rather read the horn books and treatises that my law school library had on reserve. Since these study aids are not required reading like many textbooks, it is more acceptable to forgo purchasing study aids than it is to forgo buying course textbooks. In any case, you should check and make sure that your law school puts these books on reserve before implementing this strategy while saving money as a law student.
All told, many law students borrow insane sums of money simply to pay for the tuition and fees associated with earning a law degree. In addition, law students also borrow massive sums to purchase reading materials and pay for living expenses while in school. However, with some strategies in mind, saving money as a law student is extremely achievable.