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December 09, 2004

How To Manage Law School Debt

If you're busy with finals, your student loans are probably the last things you want to think about. Plus, it's holiday gift-giving time; who wants to be reminded that every dollar you spend on gifts is borrowed and will have to be paid back with interest? Oops! I just reminded you, didn't I? Well don't blame me, blame How to Manage Law School Debt and JD2B where I found the link. A sobering paragraph from the article:
As law school tuition rose dramatically in the 1990s, student loan debt climbed to new heights as well. In the 1992–93 academic year, a graduating student left law school with $37,637, on average, in debt. By 1999–2000 it was $77,300, according to the American Bar Association (ABA) Commission on Loan Repayment and Forgiveness.
The general tips for managing all that debt? Understand how your loans work, budget, pay down your principle (maybe by working at a big firm for the first few years out of school), consolidate your loans at lower rates, investigate LRAPs, deduct up to $2500/yr from your taxes for loan interest payments, and keep your massive debt in perspective.

Posted by mowabb at December 9, 2004 07:43 AM

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