I knew law school was gonna be expensive but not THAT expensive
Hello 1L Reddit! Congratulations on being done with the application cycle! I am so excited to be in your shoes!
I am currently studying for the LSAT and applying to law schools exclusively in CA (I am based here and plan on practicing here).
I have been spending the whole day going down a black hole on costs of law school attendance in CA (I have admittedly been focusing on the LSAT/LSAC application requirements). Prior to really looking at the costs, the general amount I’ve heard was around $200k taken out in student loans. I realize now that’s the average cost for T100 as a whole. I’ve looked at both public and private law schools in my area and including costs of tuition, books, academic service fees, parking fees, bar association fees (all disclosed on school sites) and accounting for my current cost of living here (rent, parking, utilities, gas, car payment, and some investments for law school like a computer) and my total is coming out to $100k-$150k for 1L alone.
I am literally in shock and the thought of taking out $300k minimum in student loans to study full-time for 3 years in CA and especially after all of the Trump-admin changes to student borrowing, repayment plans, and even missed/deferred payments reflecting your credit score, I am freaking out as my plan is to purchase a house in California (average cost of a home in my neighborhood is $1~2 mil) immediately upon graduating and the thought of potentially having poor credit/a huge amount of student loan debt impact my approval probabilities for a mortgage is overwhelming me and my Type A life-planning lol.
I know I am likely getting ahead of myself and not accounting for things like scholarships - but I wanted to see how you all prepared financially for law school, if there was anything you would do differently, your thought-processes/variables you considered for ROI, or overall just how you approached the hefty price tag.