Financial Literacy
Financial Issues to Consider Before Entering Law School:
Make a Plan
Taking the time now to consider what financial resources you will have available to pay for three years at Boalt Hall and making a plan about how you will spend those resources can help you to avoid borrowing more in student loans than you need.
The Financial Aid Office will hold information sessions during the fall semester on topics such as budgeting and managing your student loan debt to help you continue to develop your plan while attending law school.
Budgeting
Developing a personal budget for during and after law school will help you determine how much you can afford to borrow in student loans while attending Boalt Hall and what loans and sources of credit you will be able to manage afterward. A comprehensive budget will help you to plan and control your spending.
Consumer Debt/Credit
Because consumer debt generally has a high interest rate and monthly credit card payments are not allowed in student budgets, we encourage you to pay off as much of this type of debt as possible before entering law school.
We also encourage you to obtain a copy of your credit report from the major credit bureaus. Reviewing your credit report each year is a good exercise even if you think you have good credit. Because some of your borrowing options may require credit worthiness, it is important for you to understand your credit score and take care of any credit errors you might find in these reports. You may obtain a free credit report once a year. See www.annualcreditreport.com/cra/index.jsp for details.
On-line services that provide personal finance and debt management tools:
http://www.salliemae.com/before_college/planning-wisely/debtsavvy/bedebtsavvy_intro.htm?dtd_cell=sm_Credit_Law 10 Rules of Smart Credit Management;
www.accessgroup.org/wiseborrower WiseBorrower Tutorials are designed to help you understand the basics of personal finance and debt management;
www.buxfer.com Expense Analysis;
www.edfund.com/students/studentpar.cfm?edfpage=/real/sv_intro.html Financial aid planning tools EdFund Video Clips: Less is More: Smart Budgeting; Securing Your Financial Future; Managing Credit Cards: Planning to Prosper; Private Loans: Closing the Gap;
www.graduateleverage.com Law Students Web Cast: What Every 2007 Law Grad Should Know About Student Loan Consolidation.