(This infographic and post were provided to me by Cedar Education Lending, and in no way should be construed as an endorsement of their services.)
For years parents are always told to start saving for their child’s college fund as soon as they are born. However, based on the growing costs of higher education year after year parents may want to start saving for their child’s education before they are even in this world. The fact is college is expensive and becomes even more costly if students pursue more advanced degrees such as going to law school. While the average student loan debt for a Bachelor’s degree in 2012 was $26,000 the average debt for law school could potentially costs four times as much with private school graduates having on average about $124,000 in debt. While lawyers still are one of the highest earners they also have huge amounts of debt because of their advanced degrees. With such large amounts of loans many grads will be paying their debt well into retirement if they do not get a hold of their financial situation quickly.
While most law students graduate with thousands of dollars of debt, they don’t necessarily have to live with that debt for the rest of their lives. This infographic gives some great tips on how to tackle law school debt and some clever ways to save money to stay savvy during your law career. Paying for law school does not have to be an overwhelming task and with a little budgeting and help thousands of dollars can turn into a paid off loan.
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