Summer 2012 Federal Direct Parent Plus Loan Application: Fill & Download for Free

The eight colleges that play sports together in the Ivy athletic league (Ivy League ) and many of the other elite Private universities like MIT, Duke, Stanford, Caltech, etc. offer Up To full financial aid to any student who Requested financial aid during the application process. (see below about Need-blind and need-aware).Most of those universities are Need-Blind for US citizens, permanent residents and legal refugees. However, most of those universities are Need-Aware in the admissions process for international applicants. Most need-aware colleges will Never provide financial aid to an undergraduate student if they did Not request financial aid during the initial application process (freshman application or transfer application). Whereas a Need-Blind university will provide financial aid whenever a student applies for the aid.However, the application can be a tedious process since the applicant and All of her/his parents must fill out a daunting amount of forms which must be verified by an independent agency in the applicant’s country (for the USA, the colleges rely upon the Federal IRS. Twice I had to wait for IRS verification when my son was requesting financial aid from Villanova in 2012 and 2013). You all fill out the FAFSA forms (US only) and the PROFILE forms (everyone else) and there may be another set of forms that are used.FAFSA - Free Application for Federal Student AidApply for College Financial Aid (PROFILE)I know families that:The college demanded complete bank statements for all of the siblings (under the age of 16) of the applicant to make certain that the family was not hiding money in the siblings’ namesThe college demanded a huge amount of additional paperwork for families that owned a small business. Many colleges look at small businesses as places to hide moneyThe Plus side is that some applicants get full financial aid. For example recently MIT stated that 35% of the MIT undergraduates received financial aid in excess of the cost of tuition (i.e. MIT was also assisting with the cost of room and board and books/supplies)NOTE: All of the colleges look to the Family and the Applicant to determine an Expected Family Contribution (EFC). The colleges all expect that the student will contribute to that EFC. Therefore, do Not think that each Summer you will be lying on the beach somewhere for the entire Summer. The student is Expected to get a Summer Job each and every Summer prior to being an undergraduate at college and Earn several Thousand dollars (US) from that and Contribute that money to their education. Or, Borrow from the Federal Government (Direct Loans). Indeed, roughly 30% of the 2017 MIT graduating students with bachelors degrees owed an average of $20,000 in student loans. And this is at a college that guarantees up to full student aid. Every student has “skin in the game”.I did Not borrow money to attend MIT as an undergraduate (1969 - 1973) and I worked an average of 10 hours per week as an intramural sport referee/umpire to make spending money. I graduated with no loans, but times were different back then.Need-Blind admission process, then you can apply for financial aid at Any time as an undergraduate.Need-Aware admission process, then you must apply for financial aid when you apply to the college or you may Never apply for financial aid from the college.FAFSA and PROFILE forms. Go online and read. Also use the net-price calculators that US universities are Mandated by the Federal Government to provide.Enjoy the financial aid application process (and for the males that includes registering with the Selective Service for the draft…) it is part of your overall education.

20 Hacks For Paying For CollegeBecome “College” Financially LiterateThis is the single most important thing your family can do, and most families are not going to do it.Let me begin by sharing an anecdote with you:A couple years ago my adult daughter had two boys about to graduate from high school. She had been working on their college plans for eighteen months. In December before their May graduation, the high school scheduled a financial aid planning session for the parents. I asked if I could tag along.The school had invited in a financial aid officer from a nearby college. In her presentation, she took us through the various loans available. (In my opinion, that’s not financial planning, but the lady did know student loans inside and out.)After the meeting, my daughter—much more of a social butterfly than her old man—must have talked to a half dozen of her fellow parents as we worked our way out to the car.When we got to the car, I looked at her, and she looked at me. At the same time we both blurted out, “This is the first time these parents have thought about this.” Approximately fifteen weeks before their kids were to receive their financial aid awards letters, these parents had done little or no financial planning.Parents need to take the lead on this. With the high costs, uncertain outcomes, and the complexity of the financial aid system, it is too much to expect a teenager to handle.Get these books at your local library:Kalman A. Chany with Geoff Martz, “Paying for College Without Going Broke,” (New York, New York: Penguin Random House LLC, 2016).Frank Palmasani, “Right College, Right Price: The New System for Discovering the Best College Fit at the Best Price,” (Naperville, IL: Sourcebooks, 2013).Bonnie Kerrigan Snyder, “The New College Reality: Make College Work For Your Career,” (Avon, MA: Adams Media, 2012).Your parents and you need to become “college” financially literate.AffordabilityChoose an affordable post-secondary education option. I see, what I take to be, a lot of “entitlement” on Quora. That leads to mountains of student loan debt.Hint: One of those three books listed above shows you how to do this.File Your FAFSAThis seems obvious, but twenty percent of families don’t file their FAFSA. If you use the website, it’s a snap.ScholarshipsScholarships, unlike student loans, really are free money. They are described as gift aid. There is no requirement to pay the money back in the future. The aid can come from federal or state governments, colleges or universities, employers, civic organizations, or private sources. Gift aid can be based on the family’s financial and economic status. (This is called need-based.) Or it can be based on academic achievement or other talents and abilities. (This is called merit based aid.)Spending time applying for scholarships and grants makes good economic sense. If you spend forty hours working on an application and win a $1,000 award, you just made $25 per hour tax free. Applying for smaller scholarships makes sense because there is less competition, and it is good practice.GrantsGrants, like scholarships, are free money—they do not need to be repaid. The sources of grants include:· Federal government· State government· Universities and colleges· Private sources including public agencies, quasi-public agencies, private companies, corporations, and foundationsEach of these entities have their own procedures for application. It is important to understand and meet the exact requirements for each specific grant. The financial aid office of your college or university will be a key source of help. Also contact your high school guidance counselor and the local PTA.Improve Your Test ScoresTest scores, i.e. SAT and/or ACT, are an important part of the college application process. Often good test scores can lead to significant gift aid. It pays to take this seriously. Be aware that you are competing with students who started taking practice tests in the seventh grade. There are fourteen-year-old kids who have scored 35 or 36 on the ACT. If you are reading this as a junior in high school, you need to catch up. Set aside a specific period (or periods) of time each week to prepare. Check with your high school guidance counselor on what is available at your school, e.g. practice tests, prep classes, tutoring, etc. Make use of free or cheap materials available online or through bookstores. If your goals are lofty, you might want to consider professional help for preparation or tutoring.Dual EnrollDual enrollment classes let students earn high school and college credits for the same course. Some students go to a college campus—usually a local community college—while others study at their own high schools. Nationally more than a million high school students are taking at least one college class.Earning college credits during high school has a major benefit. College courses are often available at no cost or significantly reduced rates. Planning is important. To get the full benefit of these “bargain” credit hours it is necessary to understand how the hours will transfer to your future alma mater.Finish in FourThe average college student needs 5.1 years to complete a four-year degree these days.Would $70,000 be enough money to motivate you to do some careful planning? That is how much that fifth year of college is going to cost. A year of living and studying on campus at a state university is about $25,000. And, if you had finished in four years, you could have gotten a job and earned $45,000.There are a variety of reasons students don’t finish college in four years, but changing majors is near the top of the list.You need to choose a marketable major and create an academic plan that will serve as a guide through that maze that leads to a bachelor’s degree in four years or less.Advanced PlacementEnter college as a sophomore. It’s not magic. It’s a simple numbers game. If State U costs $25,000 per year, that means it’s going to cost you $833 a credit hour ($25,000/30 credit hours) to become a college sophomore. High school juniors and seniors can take Advanced Placement tests each May for about $89 a pop. With careful planning and lots of studying you can become a sophomore for less than the cost of three credit hours at State U. You must target specific colleges when planning for AP credits. Every school makes their own rules.Community CollegeFifty years ago a four-year traditional college was the “sweet spot.” Today the “sweet spot” is the community college. Community colleges can deliver a college credit hour for less than $150 per hour as opposed to $800 per hour from a four-year traditional college. (Local, state, and federal tax dollars help drive down community college costs, and the community college should be close enough to home to make commuting practical for most students.)Four out of ten students heading to college enroll at one of the sixteen hundred community colleges available in the US. This can be a hard pill for a teenager to swallow. Attending community college doesn’t enjoy the social status of attending a four-year traditional college. You may want to go where your friends are going to school, and it’s normal, upon graduating from high school, to be itching to get a taste of freedom.However, the financial arguments for community college are compelling. Consider attending a community college to complete your basic education requirements. Then, after two years, transfer to a traditional four-year college. (Check to see if the community college you are considering has a Guaranteed Transfer Admissions Agreement with the four-year traditional college where you intend to complete your BA.) If you need to work, community college is more flexible than the four-year traditional college. If your high school grades are a little shaky, no problem. Community colleges have an open-door admissions policy. You can enroll and work to improve your GPA. Save even more money. Two-thirds of students change their major at least once. The tuition rates are low enough at a community college that you can afford to experiment, find your passion, and target a future career.Branch CollegeA branch college is going to cost more than a community college, but it is a price performer. There is less anxiety of “will the credits transfer.” (You still need to verify the details.) The tuition costs at a branch college might be half that of the main campus, plus class sizes are usually smaller. Branch colleges are more likely to have on-campus housing than community colleges.Online LearningAccording to a 2012 study from the Babson Survey Research Group more than 6.7 million students around the country are taking at least one online course. Traditional online learning has been around for some time. Usually the student has the flexibility to access the course at his convenience.Online learning has the potential to reduce costs. A credit hour taken online will be in the $200-400 per hour range. Your online options include four-year traditional colleges, e.g. the University of Cincinnati has over thirteen thousand students enrolled in online courses, community colleges, or online universities like Western Governors University. (I admit I have a prejudice against for-profits, e.g. University of Phoenix, Kaplan University, DeVry University, etc.)Employer BenefitFind employment after high school with an employer who has a college tuition benefit. Live at home. Scrimp and save. Work and study. Grind out a bachelor’s degree worth $100,000 for pennies on the dollar. This is a tough option that will take a long time. It will require a lot of perseverance. Most young people will give up or lose focus. But it can be done.Banks and insurance companies are a good place to start looking for an entry-level job with this type of benefit. Don’t overlook the obvious. Some colleges have a tuition benefit for their employees.Join the MilitaryThe military provides many options for helping pay for college. Many colleges have a Reserve Officer Training Corps (ROTC) program that will provide full or partial scholarships to those who qualify. Members of the National Guard are eligible for tuition assistance. However, plans vary for each branch of service and each state. (Check the details before you make any commitments.) Active duty and reserve military have a tuition assistance benefit while they serve. The program covers 100% of tuition and fees. Veterans can attend college on the GI Bill. The post 9/11 GI Bill provides veterans with full tuition, a book stipend, and a monthly housing allowance.While there are free MREs, there is no free lunch. Uncle Sam wants you to spend some time in the service of his country in return for helping pay the school tab.Get Help From Your UncleBy that I mean your Uncle Sam. If your parents are paying federal taxes, they may be able to reduce your family’s taxes by as much as $2500 a year through The American Opportunity Tax Credit. Those savings on taxes could be redirected to your college fund.CommuteLiving at home and commuting will save money. Obviously you have to be lucky enough to be within reasonable driving distance to an appropriate college. You are going to miss out on much of the “college experience,” but you will save $5,000 to $7,000 per year versus college room and board that runs about $10,000.Be a CheapskateAre you in college to live a resort lifestyle or to walk away with a BA and minimal debt? If you have the willpower and creativity, you can save thousands. The trick is to differentiate between lifestyle dollars and education dollars. After your freshman year find three like-minded, compatible college friends and rent a bare bones apartment near campus. Skip Chipotle’s and cook at home. Dump your car and car expenses. Rent textbooks by the semester or take advantage of open source code books. Some colleges have book exchanges. Determine whether a smart phone is a need or a want. Buy your supplies at WalMart and Target not the campus bookstore. Take advantage of every student discount, e.g. a no-fee bank account. And skip spring break at Cabo. Does this sound dreary? It depends on your mindset. If you are thinking four years into the future and visualizing avoiding $10,000 in student debt, the money you save will make the payments on a very nice car.Live On a BudgetIn addition to living frugally, make a budget, and stick to it.https://www.vertex42.com/ExcelTemplates/college-budget.htmlWorkThere was a time many years ago that you could work your way through a four-year college with a minimum wage summer job and a part-time job on campus. The numbers no longer add up, but in combination with other strategies that paycheck can help minimize those student loans.There is an option on the FAFSA to request a work-study job. It doesn’t cost anything to check this box. Work-study is need based, but it is awarded generously. You make some money, and the earnings have no impact on your financial aid application.Then there is the old fashion kind of work. If you check into a hotel in a college town late at night, chances are the desk clerk will be a student holding down at least one job—including a regular overnight shift—and trying to work through college while napping between classes.LoansAnd last, AND LEAST--loans. In 2016 the average student loan reached $37,000 up twenty-two percent in three years. Twelve percent of former students are in default. Many are just making minimum payments. This is not sustainable.Loans should come with warning labels—like cigarettes.“Taking out this loan is likely to be dangerous to your financial health.”Try to limit student loans to Federal Direct loans accessed through your FAFSA.ConclusionYou will be receiving college awards letters in the spring of your senior year. At that point in time it’s too late to start exploring these ideas. If it is possible that any of these options are going to come into play because of financial restraints, start the research and planning early.

Q. How much is the 3 year tuition at Stanford Law?Cost of Attendance | Stanford Law SchoolTuition Top Law SchoolsPriciest Public Law SchoolsStanford Law School Financial Aid7 Ways to Figure If Going to Law School Is Worth It (Bankrate)Is Going to Law School Worth It? Depends on Where (Investopedia) - Bureau of Labor Statistics in 2015 had the top 10% of lawyers earning more than $187,200. All told, it is not uncommon for a law school graduate to enter the working world with a net worth of negative $250,000. Ideally, recent graduates should earn yearly salaries equal to or greater than their total student debt. This level of pay usually allows for paying off student loans within 10 years without materially affecting a person's lifestyle.Cost of Attendance | Stanford Law SchoolTuitionTuition for 2016-17 totals $56,079. Tuition is due in October, January, and April.Cost of LivingFor single students, room and board in university residences costs approximately $23,205 for the 2016-17school year. Required books, if purchased new, cost about $1,530 a year. Local costs for transportation, clothing, recreation, and the like tend to vary. Most single students find they need to budget a total of at least $88,169 for the school year.Laptop ComputersStudents are required to have laptop computers and are advised to have a printer and modem, as well. In addition to using the laptop to write papers and create spreadsheets, students will have the opportunity to take examinations on laptops and will receive administrative notices only via electronic mail. Students may purchase a laptop from the Stanford Bookstore through a special program with the law school. Students who must purchase a laptop to meet this requirement are eligible to have their financial aid budgets increased by as much as $3,300. Only specific computers meet the needs of the law school’s computing systems.Do the math!JD Financial Support | Stanford Law SchoolFinancial Aid Yellow Ribbon Program FormsLoan Repayment Assistance Program (LRAP)CSS Profile ApplicationFree Application for Federal Student Aid (FAFSA)Financial AidStanford Law offers financial aid is to assist students who would otherwise be unable to pursue a legal education at SLS. Approximately 78 percent of the student body receives a tuition fellowship or loan assistance, with the average fellowship portion per recipient totaling about $23,000 annually. Aid is awarded on the basis of demonstrated need and is provided through a combination of tuition fellowships, government guaranteed loans and private loans.To apply for financial aid, please complete the Free Application for Federal Student Aid (FAFSA) and the CSS Profile application. The FAFSA should be completed as soon as possible after January 1. A service of the U.S. Department of Education, FAFSA is free to all applicants. Please note that the Title IV School Code for Stanford Law School is E00341 and our CSS Profile code is 7832. To receive an aid package prior to the May 1 admissions response deadline, you must complete both applications by March 15, 2017.In general, the financial award system operates as follows:Each year the school determines a standard budget to cover basic costs (tuition plus living expenses).Each student’s need is calculated by subtracting reported resources from the standard budget. These resources include one–third of reported assets; 57% of summer gross earnings over $6,000; assumed earnings of spouse (if married); and an imputed parental contribution (based on the CSS Profile analysis) if the student is dependent.Each student is then expected to borrow or otherwise raise a portion of this need, with the remainder being an outright grant, subject to a limit of full tuition.Financial aid is evaluated annually. Therefore, one cannot be guaranteed the same level of aid over three years of attendance.Stanford Law School uses an age-based test to determine the dependency percentage from your parent contribution. Unless you are 29 years of age as of September 1, financial resource information from your parents must be submitted on the CSS Profile application. Parental information is never required on the FAFSAfor graduate students.Under our policy guidelines, the following rules apply:If you are 25 or younger as of September 1, we will take into consideration the full extent of our calculated parental contribution when determining your eligibility for our need-based scholarship assistance.If you are 26 as of September 1, we will protect 25% of your calculated parental contribution and use only 75% of that contribution when determining your eligibility for our need-based scholarship assistance.If you are 27 as of September 1, we will protect 50% of your calculated parental contribution and use only 50% of that contribution when determining your eligibility for our need-based scholarship assistance.If you are 28 as of September 1, we will protect 75% of your calculated parental contribution and use only 25% of that contribution when determining your eligibility for our need-based scholarship assistance.If you are 29 as of September 1, no parental resources are considered when determining your eligibility for our need-based scholarship assistance. Therefore, you need not submit any parental financial information to CSS Profile.Loans available to law students come primarily from three governmental programs: Federal Perkins Loans, Federal Direct Unsubsidized Stafford Loans, and Federal Direct Graduate Plus Loans. All graduate and professional students are independent for purposes of determining federal loan eligibility.Additional financial aid information is provided in the School’s Financial Aid Handbook.2016-17 FINANCIAL AID HANDBOOKYellow Ribbon ProgramThe Post-9/11 GI Bill, also known as Chapter 33, is the most commonly used VA educational benefits program at Stanford. This program provides funding for tuition, required fees, books, and housing. The level of a qualifying veteran’s Chapter 33 benefits is determined by the length of military service since 9/11/2001. For the 2016-17 academic year, the base benefit for tuition and fees is capped at $21,970.If you qualify for Chapter 33 benefits at the 100% level, you will receive additional funding through the Yellow Ribbon Program. Under this program, Stanford Law provides an annual contribution to supplement the Chapter 33 base tuition benefit. The VA matches Stanford’s Yellow Ribbon contribution. For the 2016-17 academic year, Stanford Law’s annual Yellow Ribbon contribution for students will be 50% of the remaining tuition and fees with the VA providing the other 50% — together covering the full costs of tuition and fees.Most VA educational benefit programs pay benefits directly to students on a monthly basis. However, under the Post-9/11 GI Bill (Chapter 33), the VA sends tuition and fees benefits to Stanford, where the Central Financial Aid Office is responsible for applying the funds to the student account (university bill). Chapter 33 books and housing benefits are sent directly to students monthly. You may need to apply your housing benefits to the university bill to pay for on-campus room and board.FormsThe following forms will be provided by the Office of Financial Aid as necessary but are available here if additional copies are needed:Continuing Student Financial Aid Supplement Form 2016-17Loan Memo 2016-2017Loan Comparison Chart 2016-2017Loan Request Form 2016-2017Expense Budget 2016-17Due to the nature of federal, state, and institutional guidelines, this information is subject to change without notice.Loan Repayment Assistance Program (LRAP)For graduates who take low-paying public interest jobs and have substantial educational debt, Stanford Law School offers the Miles and Nancy Rubin Loan Repayment Assistance Program — the most generous loan relief program in the country — along with a variety of other fellowships. Stanford Law was one of the first law schools in the country to launch such a program, setting the standard for schools that have followed our lead. Stanford Law makes loans to eligible applicants to help meet education loan payments. Loans made by Stanford through this program will be forgiven (up to 100 percent) depending on verification of participant income using federal tax returns. Visit the LRAP section of this site for additional information.7 Ways to Figure If Going to Law School Is Worth ItYour school's reputation"For the group of very select law schools at the top, the employment prospects are terrific," says Steven Harper, a former attorney and author of "The Lawyer Bubble: A Profession in Crisis." "Life can look awfully good, and it will be awfully good for the vast, vast majority of those people, but that's maybe 10 percent out of 200 law schools."There's a sharp discrepancy in job prospects between first- and lower-tier schools. When comparing U.S. News and World Report's top 20 law schools with institutions that landed in the 126-to-146 ranking range, students attending upper-echelon institutions were nearly twice as likely to hold full-time, long-term law jobs as their lower-tier counterparts. Students attending lower-tier schools were also about 2.5 times more likely to be underemployed.The Ivy League isn't the only ticket to a post-graduate job, says Kyle McEntee, executive director of Law School Transparency, an organization that helps students with the decision to attend law school, and provides employment and underemployment data on law institutions nationwide. Schools with a solid local reputation and strong ties to the community can be just as effective at finding work in that area.Your rankRegardless where you attend, your performance will be a factor for future employers. A study published last year in the Journal of Empirical Legal Studies shows that grades are "the most important predictor of career success," even more so than your school's reputation. The study, authored by law professors at UCLA and the University of Arizona, states that "... it is well known that judges care greatly about grades in choosing their clerks, professors care about grades in choosing their research assistants, and many employers insist on good grades in choosing new hires."Harper says that students who can stay above the bottom 25th percentile in GPA have the best shot at landing a job that pays enough to repay student loans."You have to be really honest and realistic with yourself about 'how well am I going to stack up against my peers?'" he says. "You have a very hard time convincing anybody, I think, who's entering law school that they'll ever wind up below the median, much less below the 25th percentile in anything, whether it's practicing law or something else, but guess what? That's just mathematics. There's an honest self-reflection that has to happen."Your specialtySome legal fields are hotter than others, which may explain why schools like New York University are changing their curricula to focus more on specializations. A study by Robert Half Legal of 200 attorneys in hiring positions revealed that litigation, business, commercial and health care law are expected to offer the greatest number of jobs.Leslie Levin, associate dean for academic affairs at the University of Connecticut School of Law, says that students can increase their marketability by having a clear idea of the law field they'd like to practice and by taking relevant courses and pursuing externship opportunities."Focusing on an area in which the student would like to practice and then positioning him or herself as somebody (who) is knowledgeable in that area will increase their employability," she says. "So, for example, if somebody gets a tax certificate, they are going to be more appealing if they want to go to a firm or the government and practice tax than somebody else."Summer associate gigs help, too. More than 90 percent of law students who held summer associate positions in 2012 were offered entry-level positions after graduation, reports the National Association for Law Placement.Your expectations"(Students) should think foremost on why they want to be a lawyer," says Andrew J. McClurg, author of "1L of a Ride: A Well-Traveled Professor's Roadmap to Success in the First Year of Law School." "If their only reason was to make a whole lot of money, that was never a good reason, even when the economy was great."Many students have unrealistic expectations about post-law school life and few have a clear picture of the daily lives of practicing attorneys, says Levin. Some don't know that they may not use their J.D. A survey by the NALP shows that 1 in 5 2012 graduates worked in a nonlegal profession or held jobs where a degree might have been an advantage or requirement, but passage of the bar was not required.The best way to understand what attorneys do is by observing them first-hand, she says."Even in college, people often will get part-time jobs in law firms. They can volunteer for organizations where lawyers are working and doing public interest work. They should talk to lawyers; if they know lawyers, they can shadow lawyers," she says. "The one thing they shouldn't do is assume that what they are seeing is the entire range of what lawyers do."Your connectionsGetting into a good school and acing your classes is only half the battle. The law grads who are getting jobs are the ones who have spent time hobnobbing with future employers, says McClurg."Joining student organizations and going to bar functions and putting yourself out there and making connections, other than your academic record, that's really one of the only things you can do" to increase your marketability, he says.That also means remembering that you may not be able to get a job in your first choice of legal field, says Blair Gould, a third-year law student at Wayne State University who's primarily interested in corporate and real estate law but is also gaining litigation experience."People need to continuously be diversifying their legal skill set," he says. "Take advantage of any kind of connections you can make and join any civic or social organization you can because all of those things will come into play eventually. You never know what's going to happen in the future."Your financial prospectsNearly 9 out of 10 third-year law students advise those considering law school to consider an institution's financial aid package before enrolling, reports Kaplan. That's because how much you borrow will largely determine where you work after graduation.Median starting salaries at law firms clock in at $90,000 per year -- a 28 percent drop since 2008 -- but not every lawyer is bringing home the big bucks. Median salaries at public interest organizations hovered at $44,600 annually, while judicial clerks and government employees earned $52,000. That's barely enough to cover the $558 monthly student loan payments public law students face if they borrow the average $76,000 in loans at an 8 percent interest rate over a 30-year period. On the flip side, the median salary at large firms is $160,000.The good news is that more than 100 law schools offer loan assistance and forgiveness incentives, reports Equal Justice Works, and public interest workers may be eligible for accelerated federal loan forgiveness. Scholarships also abound, but read the fine print, warns McEntee."Oftentimes scholarships come with stipulations, and stipulations are difficulties," he says.Your goalsIf working in the legal profession is what you want to do for all the right reasons, debt and employability statistics shouldn't derail you, but they should be a consideration, says Levin. To keep financial figures in check, Levin recommends that students consider lower-cost state schools or attend law school part time. They should also do some serious research to ensure they understand what attorneys do, the variety of contexts in which they work and whether they would be a good match for the legal profession."If (being an attorney) is really what makes you happy, it may take longer to pay off the debt, but that doesn't mean it's not worth it," she says. "(Whether law school pays off) really depends on what you hope to get out of your law degree and what you want to do with your life."Read more: http://www.bankrate.com/finance/college-finance/going-to-law-school-worth-it-1.aspx#ixzz4XVp2B6s2Follow us: @Bankrate on Twitter | Bankrate on FacebookIs Going to Law School Worth It? Depends on WhereBy Greg DePersio | Updated January 26, 2017 — 6:00 AM ESTA 2015 study by the Access Group Center for Research and Policy Analysis found that only one in five people who graduated from law school between 2010 and 2015 strongly agreed that obtaining a law degree was worth the cost. Perhaps more troubling, only 38% of law school graduates, down from 56% between 2000 and 2009, described themselves as having a good job after graduation.With four out of five recent law school graduates at least somewhat regretting their decision to attend – and six out of 10 failing to find a good job after graduating – it makes sense to examine whether going to law school is still worth it in 2017. Keeping in mind the high tuition costs, interest rates and potential salaries, another good metric to consider would be its ROI (return on investment), calculated as its salary-to-debt ratio in a new study by online lender SoFi.Law School CostsGoing to law school full-time requires a three-year commitment, and the average tuition and fees for just one of those years at an American Bar Association-accredited institution often exceeds $40,000. This cost does not include rent, food, transportation and other living expenses. As the law school workload does not permit most students to hold jobs, student loans represent the most common method of paying these costs. Consequently, the average law school graduate in 2015 took on over $140,000 in student debt to obtain his or her degree.For many students, student loan debt accumulates on top of debt they already carry from undergraduate school. Members of the class of 2016 graduated college with over $37,000 in student debt on average. While most lenders allow the deferment of undergraduate loan payments while attending law school, any unsubsidized portion of such debt continues to accrue interest. All told, it is not uncommon for a law school graduate to enter the working world with a net worth of negative $250,000.Expected SalaryTaking on such debt might be a smart investment if a law degree provided reasonable assurance of a high-paying job. Ideally, recent graduates should earn yearly salaries equal to or greater than their total student debt. This level of pay usually allows for paying off student loans within 10 years without materially affecting a person's lifestyle.Stories abound, however, of law school graduates struggling to find any sort of legal job, much less one that enables the repayment of student debt in a timely manner. The New York Times revealed in 2015 that more than 20% of graduates from the class of 2010 held jobs that did not require law degrees. Only 40% worked in law firms, compared to 60% from the class of 2000. The remainder operated solo practices, with varying degrees of success, or performed contract work.The SoFi study, which incorporates data from student-loan refinancing applications between Jan. 2014 and Dec. 2016, shows that some schools do better than others when it comes to both job placements and salaries. Looking at students three years out of law school, Cornell University, Columbia University and New York University take the top three spots in the SoFi study with average salary paid in excess of $177,000. Consider that the Bureau of Labor Statistics in 2015 had the top 10% of lawyers earning more than $187,200.For the Class of 2015, Columbia University saw 401 out of its 413 graduates find full time jobs; at New York University the numbers were 474 of 485. In some cases, of course, students may choose to put off those high-money jobs for prestigious public service spots: In 2015, 99 of 199 Yale Law School graduates were employed in clerkships, which paid a median salary of $69,000 (Yale ranks 8th on the SoFi list for salaries).Graduates of second-tier programs often settle for work outside of top law firms, where the pay is much lower. The 2015 median pay for law school graduates across the board was only $64,800. Idealistic young attorneys who choose public service fare even worse financially. Entry-level district attorneys earn a median pay of $37,000; public defenders do slightly better at $40,000.Schools with the Best Salary-to-Debt RatioEven new lawyers who land good jobs rarely receive paychecks commensurate with their debt levels. The SoFi analysis also ranks law schools based on which offer the best value defined by their salary-to-debt ratio. That figure is an indication of how much more your potential salary could exceed your potential debt and help make a more informed decision about whether law school is worth it.Brigham Young University takes the number-one spot: With students expecting an average salary of $108,000 and holding an average debt just below $65,000, the school has an impressive 1.7x salary-to-debt ratio, making it a a good value-for-money bet. University of Texas at Austin, comes in second with the ratio at 1.4x on the back of lower debt burden thanks to its relatively cheaper tuition. Yale Law School ranks third – not just because of higher salaries graduates get compared to the top two on this list ($177,771; BYU is $64,873 and UT, $147,44), but also because of its generosity with financial aid.Opting for schools that fare poorly on this metric could cost you. Take for example, Florida Coastal School of Law, which ranked lowest on the SoFi ROI list, with a salary-to-debt ratio of 0.5x. Let's break down the numbers: The school's tuition, $44,000, is at par with some of the top schools in the country. Students graduate with $158,427 in debt (considerably higher than the $123,793 Yale grads have), but the average annual salary for graduates is only $84,664.Other ConsiderationsThe numbers do not consider the financial risk of being a law school dropout. The first-year law school attrition rate nationwide is nearly 7%. A handful of law schools lost over 30% of their first-year students in 2015. Enrolling in law school but failing to finish offers no greater marketability than a bachelor's degree. It does, however, substantially add to a person's debt load.All told, the decision to attend law school is one that should be approached with great consideration. Indeed, 1% of attorneys have successful, high-paying careers. Supply and demand dynamics, however, have changed considerably since the 1980s, with fewer high-paying, entry-level jobs and many more law school graduates chasing those jobs. Pile on tuition costs – which, for decades, have risen at three times the inflation rate – and going to law school is not the financial no-brainer that it once was. For more on the choice, see Career Advice: Accounting vs. Law and Career Advice: Investment Banking vs. Law.Read more: Is Going to Law School Worth It Anymore? | Investopedia http://www.investopedia.com/articles/personal-finance/082416/going-law-school-worth-it-anymore.asp#ixzz4XVq64gcoFollow us: Investopedia on Facebook