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mvalley2019

How do you afford law school?

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I've recently been accepted to Windsor, and am waiting to hear back from Queens/U of O. 

My question for all of you, is what the real cost of law school, tuition+living etc. 

I don't have any financial support from my parents, and I would be financing my education entirely on my own. I would assume I would qualify for some financial aid/bursaries/student loans. Also a note, I'm a BC resident but would attending law school in Ontario, so I guess my government loans would be through the BC government. Anyone know the average amount you can get for law school through government loans? Also, are these "loans" or bursaries that you don't have to pay back? 

Thanks!  

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Almost all law students take out a line of credit in addition to student loans.

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You’ll probably borrow 75K+ if you have no savings or financial support. 
 

Could be a lot more if you go to one of the more expensive law schools, don’t like to stick to a budget/deprive yourself of things (like me). 

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I don't know about BC residents, but for Ontario residents, OSAP seemed to cap out at about 11k a year. It might be lower now thanks to Dougie. But needless to say, tuition was more than that. 

I received some bursaries/financial aid from the university and a student line of credit made up the difference.

All told I probably added about 25k in OSAP debt and 55k in SLOC. 😭

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2 hours ago, TheAEGIS said:

I don't know about BC residents, but for Ontario residents, OSAP seemed to cap out at about 11k a year. It might be lower now thanks to Dougie. But needless to say, tuition was more than that. 

 

is this for law school? I had some friends that told me they get 15k during undergrad 

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I get about 17k between grants/loans (mostly grants) from OSAP for the year, which covers tuition (at Usask at least) and my summer jobs covers my living expenses. I probably will spend about 10k on living expenses in 8 months and don't feel deprived. I'm projecting under 40k in government debt between undergrad/law school with about 15k being undergrad. 

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4 hours ago, TheAEGIS said:

I don't know about BC residents, but for Ontario residents, OSAP seemed to cap out at about 11k a year.

 

2 hours ago, jatthopefullawyer said:

is this for law school? I had some friends that told me they get 15k during undergrad 


Financial aid lady at Ottawa law told me it's 16k. But back when it Wynne, it was possible to get more.

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I might expect about $11,000/year from MB student aid in Canada/MB loans and/or grants, and $135,000 from Scotiabank PSLOC.

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I will be 31 in September 2020. The idea of attending a Toronto Law School with the potential of not being hired by a Big Law Firm to utilize that larger salary to pay off the higher tuition and cost of living in Toronto terrifies me. I have almost paid off $90,000.00 in undergrad loans, LOC and some credit card debt accrued in my 20's and the thought of doing it all over again and then some at a lower income than I am currently making in my Sales gig is a big head Scratcher. My Father is a partner in a firm in Hamilton (retiring from the game in April) but He had previously dissuaded my Law School dreams in 2014 by telling me he paid his first year lawyers 60K at the time - far less than what I was making at that time. 

I guess it comes down to the individual and what their reasons are to pursue law. If it is for $ then Loans to reach that Bay Street Big Law is a big gamble but for most students a prerequisite...is the juice worth the squeeze? If it is for social justice and to make a tangible, noticeable impact for the disadvantaged then a smaller school with a lower tuition and cost of living might be just what the Doctor Ordered...

 

Good luck y'all

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8 minutes ago, LetmeLearn2020 said:

I will be 31 in September 2020. The idea of attending a Toronto Law School with the potential of not being hired by a Big Law Firm to utilize that larger salary to pay off the higher tuition and cost of living in Toronto terrifies me. I have almost paid off $90,000.00 in undergrad loans, LOC and some credit card debt accrued in my 20's and the thought of doing it all over again and then some at a lower income than I am currently making in my Sales gig is a big head Scratcher. My Father is a partner in a firm in Hamilton (retiring from the game in April) but He had previously dissuaded my Law School dreams in 2014 by telling me he paid his first year lawyers 60K at the time - far less than what I was making at that time. 

I guess it comes down to the individual and what their reasons are to pursue law. If it is for $ then Loans to reach that Bay Street Big Law is a big gamble but for most students a prerequisite...is the juice worth the squeeze? If it is for social justice and to make a tangible, noticeable impact for the disadvantaged then a smaller school with a lower tuition and cost of living might be just what the Doctor Ordered...

 

Good luck y'all

Law school is arguably a worse idea financially the older you are and the more you earn in your non-law gig, particularly if what you're getting paid already rivals the Bay street cats. But for some, that simply means having the means to finance said bad idea and come out with less debt than average, because what they're currently doing really doesn't work for them.

Personally, I've always thought that a huge draw for law, at least initially, for those of us who weren't exactly spring chickens going in 1L was that it seemingly presented an opportunity to earn decent coin while doing something you truly cared about. This isn't true of every field of course, but one way or the other, math notwithstanding, the promise of change and the possibility of relevance in our professional lives seemed too alluring an opportunity to pass up.. 

So here we are, shackled by debt but hopefully smiling on our way to work most days... 🙃

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Massive debt through gov loans and a student line of credit. At least we are likely getting 6 month student loan deferrals now.

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You will likely get about 15K a year from BC. It will be a combo of debt and bursaries depending on your income. Get a professional line of credit from scotiabank as well. 

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I worked full-time at a fast food restaurant for two years prior to attending law school. I did not drink any alcohol, I used the local Tim Hortons WiFi and I relied on my city's food bank. I managed to save enough to pay for 2/3 of my law school tuition. I relied on OSAP and bursaries for the rest.

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3 hours ago, student0033 said:

I worked full-time at a fast food restaurant for two years prior to attending law school. I did not drink any alcohol, I used the local Tim Hortons WiFi and I relied on my city's food bank. I managed to save enough to pay for 2/3 of my law school tuition. I relied on OSAP and bursaries for the rest.

i envy you

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On 4/3/2020 at 1:30 AM, AJD19 said:

You will likely get about 15K a year from BC. It will be a combo of debt and bursaries depending on your income. Get a professional line of credit from scotiabank as well. 

eh more like 11-12k from BC unless you qualify for the low income grants (think its like 1-2k) and even then your parents income is accounted for unless youve been out of high school for atleast 4-5? years

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11 hours ago, yeezy said:

eh more like 11-12k from BC unless you qualify for the low income grants (think its like 1-2k) and even then your parents income is accounted for unless youve been out of high school for atleast 4-5? years

Ya thats accurate. I got the low income I think its like 1500 a semester 3K/year.

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1 hour ago, bernard said:

You used a food bank while saving $40K+ in cash? 

Absolutely I used a food bank while saving $40k in cash, pursuant to the "means test" at my local foodbank. Any other questions? 

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3 minutes ago, student0033 said:

Absolutely I used a food bank while saving $40k in cash, pursuant to the "means test" at my local foodbank. Any other questions? 

I hope you are going to give back once you are a lawyer.

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