A law school education can cost you around $100,000 with books, housing and meal expenses. Imagine you graduated from law school and you want to keep going and get your masters degree in law.
How are you ever going to find a way to pay for graduate law school? Here are a few ways that will help you offset the burden.
Grants and Scholarships:
Grants and scholarships are monetary awards to students that do not have to be paid back. This is a great way to pay for part of your education. Essentially, this is free money to go to school. Grants and scholarships will max out. You will probably not be able to pay for your entire education using these means.
Loans are the most common way to pay for your education. This is money that you will have to pay back so be careful how much you borrow. You don’t want to get your first repayment bill six months after graduation and realize you can’t make the minimum payments. You must make the payments.
The best type of loan is the subsidized loan. This means that the interest of the loan is being paid by the government as you go to school. The other type of loan is an unsubsidized loan. This loan accrues interest as you go to school. You can defer your interest payments until after you graduate but be aware that your loan amount will be greater after your graduate since all that interest is then applied to your principal loan amount.
A fellowship is a financial award given to outstanding students. It recognizes your personal and academic achievements. A fellowship is also an acknowledgement of your future potential. Don’t guarantee on receiving a fellowship. You will be one of the lucky few.
Assistantships are a great way to pay for your graduate law education. There are many benefits to being a law teaching assistant. Your tuition will most likely be waived and you will also get paid. Yes, you will get paid as you go to school. Teaching assistants receive annual or periodical stipends. There may also be added benefits such as discounts for books.
A teaching assistantship is like a job. You will be working an average of 20 hours per week depending on your position. You will most likely be teaching law sections or labs and you will have to grade undergrad papers and exams. You’ll set up office hours so that students can come and talk to you and you will probably conduct review and study sessions.
Although you may think that grading papers and running section is tedious work, just remember that your education is being paid for. Sounds like a good deal.