Law School is How Much?! 5 Financial Considerations Before Going to Law School

Let’s talk about how much law school actually costs.  Since I became an attorney, I’ve sat on dozens of panels and spoken to hundreds of students.  These events all end with the same type of Q&A focused on law school rankings, the LSAT, study tips, and personal statements.  Rarely do I get asked how much law school actually costs.

The answer: ALOT.  I was one of these students not long ago, so focused on getting into law school that the thought of how to finance it was secondary.  I was also intimidated.  I thought it was ridiculous to try to manage the little money I did have.  I figured I could deal with my finances after I graduated.  This mindset cost me thousands of dollars and even more concerning, it limited my career options.

This blog post, is in no way an attempt to get you to reconsider your decision to go to law school.  In fact, it is the opposite.  According to the American Bar Association:

In the U.S., Black women account for less than 5 percent of American lawyers, Latinas account for less than 2 percent, and Native American women account for less than a single percent of American lawyers.  We need women of color to continue to enter and transform the legal profession.

With that in mind, here are 5 financial considerations for you to make before you embark on your law school journey.  In this blog post, we’ll cover the cost associated with preparing for law school, tuition, living expenses, opportunity costs, and employment prospects.

Preparing for Law School

Your law school expenses will likely begin months, if not years, before you actually get to law school.

Registering for the LSAT

Once you’ve made a decision to go to law school, one of the first things you should do is create an account with the Law School Admissions Council at LSAC.org.  Become familiar with the LSAC website and ensure that you know upcoming dates for the Law School Admission Test (“LSAT”).

The average cost of taking the LSAT is $455.  This price is assuming you only take the exam once and that you don’t incur additional fees, by rescheduling your test date, for example.  If eligible, apply for an LSAC fee waiver.  This fee waiver could not only cover your LSAT costs, but could also waive some application fees which on average are $85 each.

Preparing for the LSAT

Now that’ve registered for the LSAT, it is time to start preparing.  The cost of preparing for the LSAT can differ greatly depending on how a candidate learns best and what they can afford.  Everyone could benefit from a LSAT prep course.  Specially if you are someone who needs structure and accountability, a LSAT prep program could make a big difference.  Below are some of the most popular LSAT prep courses:

• KAPLAN’s LSAT Prep by Kaplan (ranging from $700-1,900)
• The Princeton LSAT Prep Course by Princeton Review (ranging from $699-$3,599)
• BARBRI Law School Prep Course (ranging from $1,395-$1,595)

These are no small prices.  However, having taken two prep courses, I cannot imagine studying completely on my own.  If these prep courses are not within your budget, you have to get creative.  Reach out to your college’s career services office and ask for resources and scholarships.  Review the prep courses’ websites as they often have scholarships for some services.  You can also reach out to your local law schools and ask for resources in your area.

Though the LSAT prep fees are pricey, remember that this as an investment in your future.  Signing up for an LSAT prep course or private tutoring may earn you a LSAT score in the range for scholarship awards.  Your LSAT score can make a huge difference in the number of student loans you’ll need to take out to finance law school.

Law School – Cost Saving Tips:

1. Apply for an LSAC fee waiver, if eligible.
2. If you do not qualify for a LSAC fee waiver, request a fee waiver from the law schools you are applying to.  Contact the law school, provide your LSAC number, GPA/LSAT statistics, and a brief statement about your interest in the program.
3. Use your network to find free LSAT and law school prep programs.

Fees & Tuition

Tuition and fees will likely be your largest law school expense.  The cost of tuition and fees for law school can vary widely, ranging from $30,000 to $60,000 or more per year.  In 2022, the average total cost of tuition alone for law school was $137,970, or $45,990 per year.

To ensure you are getting the best law school deal it is essential to research and compare schools before applying.

Law School – Cost Saving Tips:

1. Apply to a wide range of schools.  Once accepted, use your best financial aid package to negotiate a match or an increase in financial aid at other schools you got accepted to.  You can start these negotiations by reaching out to an admissions administrator.
2.  Understand the in-state and out-state tuition difference.
3. Apply for grants and scholarship.  You can find these by contacting your college’s career service office, groups you are part of, or you can simply Google: “law school scholarships for [women, minorities, first generation student, etc.].”

Most law students rely on student loans to finance their education.  If you end up needing to take a law school loan, it is important to understand the terms and conditions.  Ask for help in reviewing any loan you are considering and borrow only what you need.  Know your student loan provider and periodically check on the status of your loan.  Understand how the repayment process works and how it starts.  Lastly, be aware that interest can accrue quickly.

Living Expenses