It is difficult to think about getting a legal education without considering law school debt. Although law school debt is the right kind of debt, debt that allows you to acquire an asset, even too much of a good thing is no good.

Law School Debt-Quick Facts details how in 2002 94% of over 1600 graduating law students surveyed borrowed money to attend law school. Of those people over 50% graduated with more than $75,000 in loans and in addition also had undergraduate debt to pay back.

Every year many law school graduates are forced to pass on the job they really desire for the job that will put them in the best position to pay off their large student loans. This article discusses two simple suggestions to limit or reduce law school debt.

1. Move back in with your parents.
I realize what I am suggesting is a fate worse than death for many people, but if this opportunity is available to you this one decision could reduce your law school expenses by as much as $10,000 per year. Such a reduction in expenses will have a significant impact on your monthly loan payments. Not having to borrow $30,000 for law school translate into about $375 a month less in loan payments because every $10,000 borrowed equals about $125 per month in payments.

Consider establishing residency even if it delays your legal career by one year, the time it takes to establish residency in many states. Something that I understand now that I could not understand in my twenties is that one year is not a long time when you are considering a 40-year working career.

Also, don't assume that a law school will charge you out-of-state tuition fees your first year only, but not your second and third years. At least one law school I know of charges out-of-state students higher tuition fees all three years if the student does not establish residency prior to starting law school.

Below are websites that discuss managing law school debt.

http://www.dcbar.org/for_lawyers/washington_lawyer/october_2004/debt.cfm
http://www.abcny.org/pdf/report/lawSchoolDebt.pdf
http://www.law.du.edu/finaid/continuing/Debt/

Other related articles on this website include Advice-Making a Budget.

Good luck in law school!

If you have any questions or comments about this article, or want to write your own article about the pre-law or law school process, feel free to contact me.