While attending law school is an investment toward your future, it can also be a considerable financial undertaking. Law school tuition can cost upwards of $50,000 year each, not including other expenses such as housing, school fees, books, transportation, and other personal expenses. Over the three years, the price of a law school education can exceed $150,000. It is important to learn more about financing your legal education to help you make an informed financial decision. This will take some thoughtful research and careful planning.
Financing Law School
Funding Law School
Students may choose a variety of methods to pay for law schools such as scholarships, loans, work-study, or personal savings. Below is some information on common options for funding your legal education.
Scholarships or Grants
Scholarships and grants are the optimal way to pay for law school, as they do not need to be repaid. Scholarships and grants can be awarded on the basis of need, merit, or both by either the institution or external organizations.
Individual law schools can award scholarships or grants, however, their funds are often limited. Confirm with each law school what application materials are required and the deadlines to apply for grants or scholarships. NYU Prelaw strongly recommends that you submit your law school applications early to allow you to maximize your chances of receiving internal scholarships or grants.
Additionally, having a LSAT score can help your chances of securing a merit based scholaship.
There are lots of organizations that grant scholarships, such as local bar associations; fraternities, sororities, and other social clubs; religious or business organizations; and other community organizations. We can encourage you to research the different external scholarships available to you. The LSAC has a list of different scholarships available for law school, as well as AccessLex® Scholarship Databse.
Loans
Loans are also available for students to finance their legal education. Unlike scholarships or grants, loans must be repaid. You will also be expected to pay interest on loans, interest rates will vary depending on the type of loan you have. NYU Prelaw encourages students to research different loans, interests rates, and repayment plans with law school’s Financial Aid Offices. Below is an outline of the different types of loans:
Federal Loans
- Federal Direct Unsubsidized Loan: Law students may use this loan to borrow up to $20,000/year from the US Department of Education. Interest begins accruing once the loan is disbursed and generally has a low-interest rate.
- Federal Direct PLUS Loans (Grad PLUS): Law students can use this loan to borrow the remainder of the cost of attendance. It is calculated by taking the total cost of attendance minus any other type of aid you are receiving including scholarships, fellowships, and grants. This loan carries a higher interest rate than the Federal Direct Unsubsidized Loan. Interest also begins to accrue once the loan is disbursed.
Private Loans
A variety of private loan programs are available to apply to for those not eligible for federal student loans. Loan amounts and rates can vary depending on your credit score. Pay close attention to the terms and conditions of private loans, as they often have high-interest rates and may not be eligible for loan forgiveness programs.
Law school expenses begin before you set foot on a law school campus. The fees to apply to law school can be expensive. Students are expected to pay an LSAT Fee, Credential Assembly Service, and Law School Report (for each school you apply to) to LSAC. This does not even include any costs that you incur for LSAT books/materials or other prep courses.
Additionally, you will have to pay an application fee to each school you apply to. Depending on your schools lists, you can expect to pay around $200 applying to each law school. Due to these high costs, NYU Prelaw recommends that you apply when you are most ready to attend law school.
Prelaw Costs Breakdown
Expense |
Estimated Cost ($) |
LSAT Preparation Materials and/or Preparation Materials |
$25-$1,500+* |
LSAT |
$200** |
Credential Assembly Service (CAS) |
$195** (one time fee) |
Law School Report |
$45** (per school) |
Law School Application Fee |
Price varies by school, typically around $75-$85 per school. |
Seat Deposit |
Price varies by school, typically around $250-$500 per school |
*Prices may vary
**Consult the LSAC Website for exact fees during your admission cycle
You can save on some of the expenses above by applying for LSAC Fee Waiver, researching application fee waivers for specific law schools, and utilizing free LSAT prep courses, such as the Khan Academy.
Law school expenses will vary based on the type of institution (public, private, in-state, out-of-state) and location (urban, suburban, rural). Tuition is generally the largest portion of your law school budget. For each law school it is important to understand your total expenses and research different ways to fund your legal education.
Typical Law School Expenses
Expense |
Estimated Cost ($) Per Year |
Tuition and Fees |
$27,00-$75,00* Price varies by law school |
Room and Board |
$11,500-$30,000* Price varies by location |
Books and Supplies |
$1,500* |
Health Insurance |
$3,500-$4,500* |
Loan Fees |
Price varies by loan type and amount (private or federal) |
Misc. Expenses |
$1,500-$3,500* |
*Prices may vary