Debt Management

It’s no secret that most students, especially law students, incur substantial debt during the course of their education. With that in mind, here are a few tips to help you make prudent choices while you are in school so that you will not have to live like a student after you graduate.

  • Read the fine print. Make sure you understand the terms and conditions of all loans you are borrowing before you borrow them.
  • Know the facts about your student loans. Who is the lender or servicer, what is the interest rate, are there any fees, what are the repayment terms?
  • Borrow only what you need, and what you will be able to afford to repay after you graduate. If you are borrowing student loans to finance your education, you are borrowing against your future income.
  • Minimize your spending. Develop a Budget Plan and stick to it. Consider limiting your expenses by getting a roommate, carpooling, packing your lunch, buying used books, and comparison shopping. Live like a student while you are in school, so that you may afford to live like a lawyer after you graduate.
  • Protect your credit. Familiarize yourself with your credit report. Pay your bills on time. Limit your number of credit card accounts, and use your credit cards sparingly, if at all.
  • Keep good records. Keeping accurate and well organized records will help you keep track of your debts, who you need to repay, and when you need to start making payments.

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