Planning Ahead

How to Plan Ahead

Your legal education should be considered an investment that will increase in value over time. You should begin planning now to secure financial aid to cover the costs associated with law school attendance. By planning ahead, you will better understand the financial obligations that you will be assuming.

Plan ahead – Make sure that you do the following:

  1. Explore scholarship opportunities through outside organizations
  2. Check with your employer for tuition reimbursement opportunities
  3. Review federal student loan requirements and limits
  4. Request your free credit report at www.annualcreditreport.com
  5. Review your credit report to determine if you will qualify to borrow a Federal Direct Graduate PLUS loan
  6. Develop your personal financial literacy at www.mymoney.gov
  7. Look at Mapping Your Future’s 12-step guide to financial success

Minimize debt

The most import way to minimize debt incurred during law school is through budgeting. South Texas College of Law Houston sets a standard living expense budget for students. Living within this modest budget will allow you to maintain control of your finances and borrow less. We recommend that you use an interactive Budget Calculator to begin the process.

Ways to Build Sound Credit

  • Use a budget to help manage debt wisely
  • Pay all bills on time
  • If you miss a payment, get current and stay current
  • Keep credit card balances low and make the maximum payment each month
  • Pay off debt rather than moving it around to new credit cards
  • Limit the number of credit cards that you carry with you
  • Open new credit cards over time rather than several at once
  • Follow creditors’ guidelines for dispute on your accounts. Not paying the disputed amount is a harmful strategy