Pursuing a legal degree is an investment in your future. To prepare for this investment, it is important to make sure that you are financially ready to take on the costs associated with attendance.
Limiting your borrowing is ideal. Living frugal now will benefit you after graduation. 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, we suggest that you do the following:
If you eliminate all credit card debt this will help you maintain a budget while in school. 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 with your credit card please contact, Consumer Credit Counseling Services. It is also a good idea to eliminate all other debts if possible to reduce your monthly payments.
Request your credit report from all three credit bureaus. Make sure that you review them carefully. Should you find any errors, make sure that you address them appropriately. To contact the credit bureaus, please visit the websites below:
Check your credit score. If applying for a private loan, private 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 later. There are a lot of great outside scholarship opportunities out there that can help you save. Use the internet, your school counselor, your library, civic associations and the local bar association. Scholarships can be a great way to reduce your borrowing.
Financial Aid Office
226A Myron Taylor Hall
Cornell Law School
Ithaca, NY 14853