Quality law education does not come cheap. This is why many students avail of scholarships, grants, and other forms of financial aid to help them finance their studies. Below are some of the financial aid options available for law students:
Student loans
Law students can apply for student loans from the federal government, as well as from companies, organizations, and private institutions. A lot of banks and other financial institutions also offer student loan plans, programs, and packages, that have low interest rates.
Merit-based financial aid
As the name implies, merit-based aid is granted to individuals who have good grades and are thus deserving of financial assistance to pursue their studies. Schools such as Duke University give grants to their applicants who meet the requirements for financial aid. Students can also apply for scholarships from foundations, organizations, and private individuals, who are dedicated to making education available to people from all walks of life.
Need-based financial aid
This type of financial assistance is granted to students who can prove that they can’t pay for their law education solely through their own means. In need-based financial aid programs, the amounts given to students are computed according to their documented and proven monetary needs. To compute this, institutions and schools take into account the student’s family income, nationality, etc.
Post-graduation service
Some companies and schools also grant financial aid to students in exchange for certain lengths of service after graduation. Harvard Law School, for one, has announced that it will pay for students’ tuition on their third year under the condition that these students will do post-graduation public service for five years. Similarly, students who applied for federal loans may also get loan forgiveness in exchange for service to government entities, charity organizations, army and military, etc. The length of service required varies depending on the school or institution, so make sure you read the loan terms and agreements before you sign up and apply.
Photo Credit : stopnlook
