I am just looking for some advice. I will be finishing my undergrad degree this Spring and have been considering applying to law school. It has always been my "long-term" plan but rather than waiting I would like to apply right away.
My concerns are paying for law school, supporting my kids while in law school and then re-paying my loans when I graduate. I will have about $50,000 in undergrad loans when I graduate. My husband in just starting college right now (age 32) and we don't have substantial savings. To be completely honest, we are really struggling to get by on our modest income right now. We have a toddler and an infant.
I know that each school has their own way of calculating your estimated cost of living as a student and that is the maximum amount of financial aid you can receive. The school I am considering attending only allows for about $12,000/year for living, transportation, etc. Well I have a (small) house and two kids to support so $1,000/month isn't going to cut it. I plan to meet with an advisor at the school to see if this amount cna be adjusted based on individual situations, but is that very likely?
And if they did adjust and and allow me to take out more in student loans - well then that is that much more I'd have to pay back, which also concerns me. Tuition at this school is about $11,000/year.
I guess I am feeling torn. I really want to further my career and do well for my family, but I also need to be able to support them while I am a student and I need to be sure that I am not racking up so much debt that we will struggle for many years after I graduate.
I am hoping to get some good info from an advisor but I'd also love some other honest opinions on whether I am just setting my family up for financial failure by considering attending law school.