Law students across the country received valuable financial aid advice from expert Jeffrey E. Hanson during a live chat presented by Equal Justice Works and hosted by Newsweek.com Nov. 15. Hanson is the director of Borrower Education Services at Access Group, a nonprofit specializing in providing graduate and professional student loans.
Among Hanson’s best strategies for borrowing money for law school is reducing the amount needed to borrow, to keep monthly payments low after graduation.
“Remember, you will be repaying all that you borrow with your future income,” he responded to a question from a student in Milwaukee, Wisc. “You’ll also be using that income to pay for your other living expenses once you graduate.”
When deciding whether or not to consolidate, consider that consolidation will provide a fixed interest rate on any variable rate Federal Stafford or Direct Loans, but variable rates could fall in the future, Hanson suggested to a Los Angeles law student.
Hanson also offered advice on seeking more grant money, paying back loans ahead of schedule, and how to shop for a private student loan.
The entire chat is available here.