Law School Discussion

Specific Groups => Minority and Non-Traditional Law Students => Topic started by: beach bum on May 31, 2008, 10:09:30 AM

Title: How to pay the bills during law school????
Post by: beach bum on May 31, 2008, 10:09:30 AM
How is everyone planning on paying their bills and normal day to day expenses in law school? Given that we are "non-traditional" students, many of us have families and other expenses that traditional students may not have. Is the standard practice for those of us in our situtation to live in a ghetto while living off loans and the income of our spouses/partners? Are there other ways of making it through this time without living in poverty? I do not want to seem negative and I am just trying to realistically trying to figure out how I am going to go to law school and make sure that the needs of my family are met at the same time. FYI- I am married with two sons (7 and 8 years old). Thanks.
Title: Re: How to pay the bills during law school????
Post by: mbw on May 31, 2008, 11:16:29 AM
I decided to hold off applying for a year, and build up a nest-egg (essentially, we'll learn to live off one income, so that my income will go solely to said nest-egg.)  That, and my spouse's income, should provide adequate living expenses (we have four children, ages 5-11.)

Non-trads do have greater expenses, but in many cases, we also have greater resources. 
Title: Re: How to pay the bills during law school????
Post by: cantwaitforuva on June 05, 2008, 11:38:29 AM
I'm not non-trad, but I will have extra expenses. I'm taking out private loans to cover them.
Title: Re: How to pay the bills during law school????
Post by: Papa Bear on June 05, 2008, 12:13:51 PM
Non-trads do have greater expenses, but in many cases, we also have greater resources. 

Agreed; timing was everything for me. I sold my home and I'm sitting on those proceeds and borrowing the max with fed loans. I may not need to borrower for my third year - it depends on how I want to work things when I finish. I'm applying for in-state this summer (I just finished my first year), I'm working now while I take a couple summer courses, I take the bus and I go on very cheap dates with my wife.

Also, buy used books online: campusi.com. It's best if you search by ISBN, which you can get either through the campus bookstore or from amazon.
Title: Re: How to pay the bills during law school????
Post by: Addendum Boy on June 14, 2008, 10:49:08 PM
Save nest egg if you have time. Ride wifes income (this can be good or bad, depending on what she does). Cut corners left and right by living frugally (I won't have a prob with this because the wife is already frugal, she constantly gets on my spending, lol). Federal loans, loans, loans. Your American baby, act like it and accumulate that debt. If you own a home, can always take out of the equity line, but I think you mentioned in the other thread that you are contemplating selling it.
Title: Re: How to pay the bills during law school????
Post by: PaleForce on July 15, 2008, 03:23:30 PM
I'm hoping to take out just enough in loans to cover school + rent and my SO's income will take care of the rest.  I know this can be kind of a shaky plan (what if we break up, etc.?), but we've had many conversations about it and it seems to be the best way to go.  I don't want to go into debt over everyday living expenses.  I'm willing to for the rent, because I feel like that'll be my contribution for the three years I'm in LS.  It's hard for those non-trads who aren't married, but who are in a long-term relationship to figure this out. 

Anyone else in that situation?  What have you decided to do?
Title: Re: How to pay the bills during law school????
Post by: snarkygirl on July 15, 2008, 03:31:12 PM
honestly?  i will be getting help from my parents (eg living with them) and a buttload of loans.
Title: Re: How to pay the bills during law school????
Post by: Matthies on July 15, 2008, 03:36:22 PM
I sold my big house, bought a condo and I went part time and kept runing my small biz. I had no other option, I spend too much for laons alone to cover my lifestyle  ;D
Title: Re: How to pay the bills during law school????
Post by: betasteve on July 15, 2008, 08:34:20 PM
Have a wife that works full time?  ;D
Title: Re: How to pay the bills during law school????
Post by: Ender Wiggin on July 16, 2008, 05:39:51 AM
Have a wife that works full time?  ;D

My wife works, but I still had to take the maximum allowable loans.  I don't know how anyone could make it with less than that.  I guess I could have taken a little less if she had insurance through work, but I don't see how anyone could live on just their spouse's income.
Title: Re: How to pay the bills during law school????
Post by: just dot on July 16, 2008, 06:48:00 AM
I'm so glad I'm not the only one freaking out about this!  I'm taking the minimum in loans because I already have some debt from my MBA and I don't want to be up to my eyeballs in debt with two small children.  I'm a little worried that I'll have to go back for a Grad PLUS loan in the Spring, but I'm going to do my best to cut back on the little things (no more shoes and Starbucks, *sniff, sniff*) and make it work.  Why, oh why, can't  just have a rich uncle?   :D

Uncle Matthies?  Is that you?
Title: Re: How to pay the bills during law school????
Post by: Matthies on July 16, 2008, 06:54:49 AM
I'm so glad I'm not the only one freaking out about this!  I'm taking the minimum in loans because I already have some debt from my MBA and I don't want to be up to my eyeballs in debt with two small children.  I'm a little worried that I'll have to go back for a Grad PLUS loan in the Spring, but I'm going to do my best to cut back on the little things (no more shoes and Starbucks, *sniff, sniff*) and make it work.  Why, oh why, can't  just have a rich uncle?   :D

Uncle Matthies?  Is that you?

LOl, why can't you put those kids to work making sneakers or soemthing for Nike earn some extra cash?
Title: Re: How to pay the bills during law school????
Post by: just dot on July 16, 2008, 07:10:42 AM
I'm so glad I'm not the only one freaking out about this!  I'm taking the minimum in loans because I already have some debt from my MBA and I don't want to be up to my eyeballs in debt with two small children.  I'm a little worried that I'll have to go back for a Grad PLUS loan in the Spring, but I'm going to do my best to cut back on the little things (no more shoes and Starbucks, *sniff, sniff*) and make it work.  Why, oh why, can't  just have a rich uncle?   :D

Uncle Matthies?  Is that you?

LOl, why can't you put those kids to work making sneakers or soemthing for Nike earn some extra cash?

Always the entrepreneur, arnenchya!?!   :D

Title: Re: How to pay the bills during law school????
Post by: LawSchoolCutie on July 31, 2008, 04:37:17 AM
I'm so streesssed about this issue. I have poor credit and couldn't get the loans I needed. The additional 7,000 per semester would help me work less and focus on studying much more. Sigh.
Title: Re: How to pay the bills during law school????
Post by: LoveMySkip on August 07, 2008, 06:06:13 PM
I honestly have no clue. I don't have children and I'm not married so at least I don't have to worry about that. I jus to find a way to pay my car note, car insurance, cell phone bill and have gas money and food money. I'm thinking I'm going to do some part time jobs and take out billions in student loans.
Title: Re: How to pay the bills during law school????
Post by: just Trev on August 07, 2008, 06:25:02 PM
i have poor credit also, but i should still be able to get some private loans, right?  i mean, come on, it's law school, right?
Title: Re: How to pay the bills during law school????
Post by: Ender Wiggin on August 07, 2008, 08:30:01 PM
I'm so streesssed about this issue. I have poor credit and couldn't get the loans I needed. The additional 7,000 per semester would help me work less and focus on studying much more. Sigh.

Sadly, they generally won't do much about that except tell you to put off law school while you fix your credit.  It's really a bummer. 

You (and everyone, really) should watch your credit as much as you can, because the state bar will be concerned about your credit too.  From what I was told, it seems that their rationale is that if you can't handle your own money, you can't be entrusted with your clients' money.  Good luck!
Title: Re: How to pay the bills during law school????
Post by: legalgal2 on September 15, 2008, 10:30:32 AM
What if your older and have a teenager to support and are not married? Can a person get enough loans to cover this?
Title: Re: How to pay the bills during law school????
Post by: Ender Wiggin on September 16, 2008, 03:09:09 PM
What if your older and have a teenager to support and are not married? Can a person get enough loans to cover this?

Talk to the financial aid people at your potential schools.  They increased my budget for various things, including health insurance costs, but there is a limit to how much they can give you.