La Verne College of Law: "In Brief"

Welcome to "In Brief," a University of La Verne College of Law electronic newsletter that helps prospective law students and pre-law advisors navigate the world of legal education in Inland Southern California.

The Rising Cost of Legal Education: What You Need to Know

Did you know that law school can cost up to $50,000 or more per year? With the cost of legal education and living expenses on the rise, it’s getting harder and harder to earn a J.D. So, how can you ensure that finances won’t come between you and your law degree?

The Brief:

You must account for a variety of factors when calculating the cost of your legal education. These include:

• Law school application fees
• LSAT course, material, and test fees
• Law school tuition
• Living costs, including utilities, meals, insurance, rent, and transportation
• Job hunting expenses
• Bar exam prep course, material, and test fees

About Financial Aid

• Federal Student Aid awards more than $80 billion each year to students in need.¹
• Applying for the Free Application for Federal Student Aid (FAFSA) qualifies you for federal student loans.
• Financial aid is paid through your school. Your school will first use the aid to pay your tuition and fees. The remainder of your award will be given to you for any additional expenses you may incur as a law student.

When Your FAFSA Offer Isn’t Enough

When your FAFSA application doesn’t generate the funds you need, there are a variety of alternatives worth pursuing:

Scholarships

• The best option is to apply for scholarships. Scholarships are private funds you do not need to repay.
• Scholarships are offered by many organizations, companies, and schools as a reward for high academic credentials.
• In most cases, you do not need to pay to apply for a scholarship.

Grants

• Grants are a useful and beneficial way to pay for school, because like scholarships, grants do not need to be repaid.
• Grants are awarded by organizations and businesses on the basis of financial need. The government also offers grants.
• Some grants have very specific application criteria (e.g.: grants based on geography, ethnicity, religion, area of study, etc.)

Loans

• When scholarships are not enough, you may wish to consider loans. Loans are offered by financial institutions and must be re-paid. 80% of law students predominantly take out loans to finance law school.²
• There are many opportunities to receive loans to pay for law school. The three most common loan types for law students are: Federal Stafford Loans, Federal Graduate Plus Loans, and Alternative Loans.
• Stafford Loans are low interest loans guaranteed by the federal government. You must complete a FAFSA form to qualify for this loan.
• Students are also eligible to apply for the Grad Plus Loan up to the cost of attendance. The interest rate on this type of credit-based loan is fixed at 8.50%.³
• Alternative Loans are credit-based loans offered by banks and private lending institutions. This type of loan generally has a variable interest rate.
• Often, loans do not need to be repaid until you have graduated from law school.

Work Study

• Work Study opportunities allow students to earn funds through part-time employment.
• The American Bar Association limits a law student’s employment to 20 hours per week for 1Ls. Many schools encourage law students not to work at all their first year, because the course load for law students is extremely challenging.

What You Should Know About 529s

• A 529 Plan is an educational savings plan designed to help families set aside funds for educational costs in the future.
• 529 plans can be categorized as pre-paid or savings; some have elements of both.
• The benefits of a 529 plan include:

- income tax breaks

- personal management of funds

- widespread eligibility

We Offer Generous Financial Aid Packages to Law Students.

ULV College of Law offers a combination of federal loans and scholarships to many of its law students. Approximately 98% of our students receive financial aid.

• Our scholarships are based on a prospective law student’s entering G.P.A. and LSAT score.
• When our students obtain educational loans, they choose their lender.
• Our financial aid office is located on the first floor of our building, in the Office of Admissions. Hours are Monday-Friday from 8:30 a.m. to 5:00 p.m. Evening appointments can be arranged.
• We mail award letters to prospective students beginning in early April.
• We are happy to speak with you about your unique financial aid situation, even before you become a student. For more information about financing law school, contact our financial aid coordinator, Stephanie Stovall, at (909) 460-2006 or sstovall@laverne.edu.

¹ http://federalstudentaid.ed.gov/about/index.html
² http://www.lsac.org/Financing/financial-aid-best-bets.asp
³ http://www.gradloans.com/graduate-plus-loan/

About the University of La Verne College of Law

Located in Ontario, Calif., the University of La Verne College of Law serves over four million people as the only ABA-approved law school in Inland Southern California and an additional 2.2 million people in the San Gabriel Valley and Eastern Los Angeles County. For more information about the College of Law, please call (909) 460-2001 or visit the Web at http://law.laverne.edu.

The University of La Verne College of Law has been provisionally approved by the Council of the Section of Legal Education and Admissions to the Bar of the American Bar Association since February 13, 2006. The Section of Legal Education may be contacted at 321 North Clark Street, Chicago, IL 60610 or by phone at (312) 988-6738.

About the Admissions Office at La Verne
College of Law

The admissions staff at the University of La Verne College of Law in Ontario, California, is dedicated to helping prospective law students navigate the complex process of law school admissions. We know every individual has a unique scenario, and it is our goal to counsel prospective law students earnestly so they fully understand the social and economic implications of legal education. If you have questions or would like to speak to an admissions officer at La Verne College of Law, please contact us at (909) 460-2001 or (877) 858-4529. We’re here to assist you, and we look forward to hearing from you.

 

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