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Tuition and Financial Aid

Pursuing a legal degree is an investment in your future; however, it will likely result in educational debt. To prepare for this investment, it is important to make sure that you are financially ready to take on the costs associated with attendance.

graduates

Students at their final convocation

Limiting your borrowing is ideal. Living like a frugal student will allow you to live like a lawyer after graduation. A student who borrows $55,500 in federal loans and $40,000 in private loan, will have an approximate student loan payment of $1,400. However, if that student lives conservatively and reduces their borrowing by a mere $10,000, they can reduce their monthly payment by $200.00. $200.00 at 8.5% over 10 years is a great deal saved.

By being proactive and making good decisions now, you can ensure manageable loan debt upon graduation. To make sure that you’re ready for law school, you should do the following:

  • Eliminate all credit card debt. Make sure that you use your credit cards wisely and pay the balances in full at the end of each month. If you need help contact, Consumer Credit Counseling Services. Also, make sure that you do not apply for more cards or take on any more debt.
  • Request your credit report from all three credit bureaus. Make sure that you review them carefully for errors and dings. Should you find any, make sure that you address them appropriately. To contact the credit bureaus, go to:
    - Equifax
    - Experian
    - TransUnion
  • Check your credit score. Some lenders will factor in your score when considering your loan application.
  • Develop a personal budget and make sure that you stick to it. Reduce discretionary spending and save as much as you can. The more you save now, the less you will need to borrow.
  • Start searching for outside scholarships. Use the internet, your graduate school counselor, your library, civic associations and the local bar association. Scholarships can be a great way to reduce your borrowing.

For more information, contact:

Financial Aid Office
226A Myron Taylor Hall
Cornell Law School
Ithaca, NY 14853
(607) 255-5141
financialaid@lawschool.cornell.edu