BUDGETING FOR LAW SCHOOL

Plan ahead for a successful budget.  Be aware of your available resources. The decision to take on debt will affect your lifestyle during law school as well as the years that follow.  Many students are limited to the funds they receive with financial aid and have no savings or personal resources on which to fall back.  This will make your financial situation very difficult. 

To reduce the stress and aggravation often associated with being a student on financial aid, plan your own personal budget by charting your expenses. Keep a journal. Spend a week writing down everything you spend and where you spend it. At the end of the week evaluate your spending patterns and make adjustments accordingly.

If your expenses seem to leave you with minimal discretionary income, you may want to consider some of these cost saving measures: 

• share expenses with a roommate
• take advantage of student discounts and coupons
• use public transportation
• bring your lunch &/or snacks
• make long distance calls sparingly
• shop wisely/avoid impulse buying
• use cash or checks - if you do not have cash, don't buy it
• consider paying yourself a salary.  Each month deposit into your checking account enough money to cover your fixed expenses and keep the remainder of your savings or financial aid in a separate account.

(Remember that up to 4% of your Stafford loan can be withheld by lenders/guarantors for origination fees.)

University of Houston Law Center
Financial Aid & Scholarship Office
100 Law Center
Houston, Texas 77204-6060
(713) 743-2269
School code 003652
lawfinaid@uh.edu