The decision to attend law school can be one of the largest purchases you make in your lifetime. It’s important to consider the financial implications carefully and prepare for what lies ahead. Some students graduate with zero debt; others have significant scholarships and savings; still others come from wealthy families or work for employers that offer tuition reimbursement. However, the overwhelming majority of law students end up with substantial student loans.
Most schools provide cost-of-attendance estimates based on the nine-month academic year that include tuition, fees and an allowance for living expenses. These are used to determine the maximum amount of financial aid a student can receive from the school. In addition, the Free Application for Federal Student Aid (FAFSA) is required and can qualify you for grants, scholarships, student loans, work-study programs and state and school aid.
MU has a number of resources to help you minimize the cost of your legal education. We recommend you speak with your financial aid counselor and explore a variety of external scholarship opportunities that can significantly reduce the cost of attendance. In addition, we recommend that you take steps to eliminate consumer debt before law school and develop healthy spending habits.
Schrage and Kafafian built Flywheel to “incentivize career risk-taking by reducing the financial risk.” Even if 60 percent of Flywheel fellows end up choosing low-salary careers, like working at the ACLU or for a public defender’s office, he says, that would be better than the 15 percent who choose high-paying jobs and then find themselves financially overwhelmed down the road. Law Tuition