Stafford Loans As Your Law School Loan Alternative

The cost of a professional legal degree, when the undergraduate and law school fees are totaled, can be absolutely staggering. With even state universities not costing in excess of $15,000 a year, and three years at a respected law school approaching $100,000 at a minimum, many law school graduates who financed their educations with student and law school loans are saddled with the equivalent of a monthly mortgage payment before they accept their first legal cases. And law school tuition, in the US, is only rising.

The Soaring Cost Of Law School:In the eight years between 1993 and 2000, the average debt with which students were graduating from law school rose from $37,000 to $77,000; the mere fact of rising debt is forcing more and more law school graduates to seek private sector employment, for its more lucrative salaries. As a result, public defender, district attorney, and government legal positions are left to less qualified individuals, or the rare few who can afford to work for the offered salaries.

While anyone burdened with a staggering amount of law school debt can feel hugely stressed, he or she does have ways to cope. Worry over managing a law school loan does not need to consume one’s every waking moment; and even with its rising coasts, borrowing money for education is almost always a financially wise decision. Many education loan issuers, in fact, judge your future salary potential in part by the amount of your school loans. The more education you have borrowed the money to finance, the greater your future income and the chances that you will repay the loans will be.

If you want to manage your student and law school loans in the most efficient manner, you must first determine if they are federal or private loans. Government loans, because they are guaranteed, usually carry a lower interest rate than privately issued loans. Privately issued loans, on the other hand, are usually easier to get. As long as your credit record is good, you will not be limited in the amount of money you may borrow.

Stafford Loans:The lower interest rates on government student and law school loans make them quite attractive; a subsidized Stafford loan, for instance, will actually have the government pay the interest as long as you are in school. Subsidized Stafford loans are issued only on a needs basis, but unsubsidized Stafford loans are available to anyone. Those who qualify for subsidized Stafford loans can borrow up to $8500; unsubsidized Stafford loans can reach $18,500.

The maximum anyone can borrow under the Stafford loan program, for both student and law school loans, is $138,500. Stafford loans are issued under the Federal Family Education Loan Program, and can be applied for either directly from the Federal government or through a credit union or bank which is a member of FELP.

Stafford loans offer longer repayment periods; lower interest rates; and deferred payments which will allow graduates a grace period before they have to make their first monthly payment. They are a terrific alternative to trying to find a law school loan from a private lender, which can cost far more in interest over the life of the loan.

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