Apr 10, 2017
Welcome back! Today, we’re answering the top questions we get from incoming 1Ls and we're talking about the bottom line: money. For many people, talking about money is taboo, uncouth, or just uncomfortable, but if you’re planning to go to law school, it better be a key factor in your decision-making process. You got into law school, but how are you going to pay for it? The financial decisions you make now can have rippling effects long after graduation.
In this episode, we discuss:
- When you should take scholarship money over a more prestigious, but more expensive, school
- When and how to negotiate your scholarship offers
- The reality of student loans: how much should you take out, disbursement, repayment, and the impact of interest
- Alternative sources of loans and scholarships, and getting support from your “village”
- How to budget as a law student
- Thrifty life hacks and side hustles to save money and get paid in law school
- What’s reasonable and necessary with respect to bar expenses and bar loans
Resources:
- Start Law School Right Course (http://lawschooltoolbox.com/start-law-school-right/)
- You Need a Budget (https://www.youneedabudget.com/)
- How Are You Managing Your Household Finances? (Article about You Need a Budget app) (https://apracticalwedding.com/ynab-marriage-finances/)
- Ahead of the Curve: Take the Money or Take a Gamble? Should a Scholarship Determine Which School You Attend? (http://lawschooltoolbox.com/ahead-of-the-curve-take-the-money-or-take-a-gamble-should-a-scholarship-determine-which-law-school-i-attend/)
- Ahead of the Curve: The Power of Negotiation: When Should I Negotiate My Law School Scholarship Offer? (http://lawschooltoolbox.com/ahead-of-the-curve-the-power-of-negotiation-when-should-i-negotiate-my-law-school-scholarship-offer/)
- 5 Money Saving Apps for Law Students (http://lawschooltoolbox.com/5-money-saving-apps-for-law-students/)
- Everything You Need to Know about Law School Scholarships (http://lawschooltoolbox.com/everything-need-know-law-school-scholarships/)
- Podcast Episode 87: Affordable Bar Prep & Social Entrepreneurship with Chris Henjum of Esqyr.com (http://lawschooltoolbox.com/podcast-episode-87-affordable-bar-prep-social-entrepreneurship-w-chris-henjum-esqyr-com/)
- Podcast Episode 38: Can You Really Afford Law School? (http://lawschooltoolbox.com/podcast-episode-38-can-you-really-afford-law-school/)
Episode Transcript: Download the Transcript (http://lawschooltoolbox.com/wp-content/uploads/2017/04/Episode_92_-_Top_Incoming_1L_Questions_Money-1.pdf)
If you enjoy the podcast, we'd love a nice review and/or rating on iTunes (or your listening platform of choice). And feel free to reach out to us directly. You can always reach us via the contact form on the Law School Toolbox website (http://lawschooltoolbox.com/contact). If you're concerned about the bar exam, check out our sister site, the Bar Exam Toolbox (http://barexamtoolbox.com/).
Thanks for listening!
Alison & Lee