7 Ways to Lower Your Law School Debt

Now in my second year of law school, I have seen countless students and friends stress about their law school debt. Some students may face as much as $100K by the time they graduate. In this economy, that is a hefty and unrealistic load to bear. Avoid the perils many law students face with these seven ways to save money and lower your law school debt.

Take Advantage of Free Food

In a semester, you will have dozens of opportunities to nab a free lunch or dinner. Doing so with every opportunity you get will help to lower your law school debt. Many school organizations provide free food at every meeting. Your school may also have hobnobbing events both on campus and off, where you can fill your belly at no cost to you.

If you have interest-deferred financial aid, load up on classes early to save money and lower your law school debt. Each year, tuition goes up. By loading up early, you can pay the lower credit hour rate and avoid the higher cost of tuition and fees in your second and third years.

The ABA limits the amount of hours you can work while in school. Even a part-time job can make a significant dent in your law school debt. While law school is demanding, you will still have plenty of time for yourself. Throughout my 1L year, I had plenty of time for me and my family, including a few hours a week for freelancing.

When buying and selling books, the sooner you do so, the more money you will save. Don't wait to get your financial aid stipend before buying your books. Instead, put them on a credit card and pay it off within 30 days. This will allow you to get a jump on all of the other financial aid students and get the cream of the crop of used law books. Also, lower your law school debt and save money by getting rid of your books quickly. Otherwise your books may become obsolete. Every few days drop the price as needed to remain competitive.

The law library should have all of the supplements you need. If you must buy, save money by never buying a brand new supplement. I've used flash cards, found at a garage sale, from the 1980s for my torts and property class. Although the law may change, many of the fundamental concepts remain the same.

The average law student goes through highlighters like crazy. During July each year, stores offer school supplies for pennies on the dollar. I saved tons of money at pharmacy stores like CVS, Rite Aid, and Walgreens and office supply stores such as Staples and Office Depot. If you don't subscribe to the Sunday paper, be sure to visit these sites each Sunday through July.

Go For the Cheap School or Cheap Locale

Finally, cost of living can make a world of difference to a law student's debt and cannot be overlooked when deciding which school to attend. Depending on what you want out of your career, the school's ranking isn't everything. Once in law school, you can set yourself apart with your performance and ability to network.