Nearly 45 million Americans have some kind of student loan debt, and the system for paying back those loans can be confusing. That means it’s all too easy to make a mistake that costs you thousands of dollars.
One of the biggest, and potentially most expensive, issues for borrowers once they’ve started to repay their loans is that many assume they’re in the right type of repayment plan. But that may not be the case, says Elaine Griffin Rubin, senior contributor at financial aid site Edvisors.
Lots of people get stuck in a routine when paying down student loans, she says. Instead, every time you get a raise or a bonus or some sort of boost in income, make it a priority to ensure that you’re paying down your loans in the way that makes most financial sense for you.
Adam Minsky, a lawyer specializing in student loan law, agrees and suggests you "reevaluate the repayment plan at least every couple of years or so." If you’re on an income-driven plan, for example, your financial situation two or three years from now may be different. You may have gotten married or divorced, or have bought a house, he says: "Circumstances change."
Your plan may need to change, too.
Federal student loan repayment plans can be divided into four general categories: Standard repayment plans, which spread equal payments out over the term of the loan, typically 10 years
Graduated repayment plans, which start off with lower payments that ramp up over time
Extended repayment plans, which generally give borrowers up to 25 years to pay back the loan
Income-based plans, which allow for monthly payments based on your income level Within each of these structures, there are several types of federal loans. Within income-driven plans, for example, there’s the Revised Pay As You Earn Repayment Plan (REPAYER Plan), which generally caps payments at 10 percent of your discretionary income, and the Income-Based Repayment Plan (IBR Plan), which caps payments at 10 percent of your discretionary income if you’re a new borrower."There’s no one-stop shop to find what the optimal repayment plan is," Minsky says, adding […]
Start date: September Duration: 4 years full-time (including 1 year study abroad) UCAS code: M1M4 This four year law course provides an English law degree together with a detailed understanding of Spanish law and the legal systems of certain Spanish-speaking countries. You spend your third year at an excellent Spanish university law school. I enjoy the fact that the combination of Law with Spanish Law allows me to compare how the common law jurisdiction of England and Wales and the civil law jurisdiction of Spain differ, and this has led me to see the law in a different light. Start your career with the Law (with Spanish Law) LLB Innovative – research-led teaching at a Russell Group University Law School
Flexible – a wealth of optional choices to tailor the course to your interests
Employability – develop your professional skills in our Employability and Skills Initiative workshops delivered directly by members of the legal profession.
Work experience – over 200 places in our voluntary law or criminology schemes
Global opportunities – year abroad at fantastic institutions in Spain
Prospects – Over the last 2 years, 90% of our graduates are in work and/or further study 6 months after finishing the course (Unistats)
During your first year, you study Spanish Legal Terminology alongside your English law subjects, which will also help to strengthen your Spanish-language ability. We’ll also introduce you to comparative law, in order to gain an understanding of non-English legal systems.
The second year provides a more advanced understanding of substantive Spanish law and the legal and political culture in which it exists. This part of the course, comprising two modules, is taught in Spanish by a Spanish academic lawyer. Learning from a native speaker will thoroughly prepare you for your year abroad at one of our many partner universities in Spain. During your time abroad, you will study the main aspects of public and private law and optional modules according to your interests.Your final year concludes your study with completion of optional modules from a wide range of choices. Visit us Find out more about the Law […]
Follow the step by step process or choose what situation that best describes you: Law Careers in South Carolina
According to the South Carolina Bar, the organization started as an organization of 200 lawyers in 1884. In 2012, the bar has over 14,000 members. The South Carolina Labor Department says that lawyers in the state have a bright outlook statewide over the next decade, with an expectation of an average of 213 jobs for lawyers available each year through 2020. The South Carolina Department of Employment & Workforce says that as of 2011, lawyers in the state earned an average annual salary of $107,100. As of July 2012, the counties with the largest number of jobs available for lawyers in South Carolina were Richland, Charleston, and Greenville. If you would like to become a practicing lawyer and bar member in South Carolina, and possibly claim one of those over 200 estimated jobs per year, read on.
The South Carolina Office of Bar Admissions has not mandated any undergraduate education necessary prior to law school education for admission to the state’s bar. The office does, however, mandate that you graduate from a law school approved by the American Bar Association (ABA). Because the ABA requires that you have at least a bachelor’s degree before being admitted to any ABA-approved law school, it follows, then, that you must complete undergraduate education.
Make sure that the undergraduate institution from which you graduate is accredited by an organization recognized by the U.S. Department of Education .
Requirements and Standards
There are no strict guidelines on courses that you must take as an undergraduate. Some students have found that the following types of courses taken as an undergraduate have helped them the most when they get to law school: criminal justice, economics, political science and government, history, world cultures, communications and philosophy.
You may receive a Bachelor of Arts (BA) or Bachelor of Science (BS) in any major you choose. Often, majors taken from the above-mentioned course areas are the most helpful to students once they reach law school.Sponsored Listing Featured Program Rasmussen College – Online Paralegal […]
Lately, we have heard arguments suggesting that there are too many law students graduating and that’s why there’s an articling crisis. Indeed, that’s the justification that the Ontario government gave just this week when it rejected funding for Ryerson’s proposed law school. But how could there be too many law students when there are not enough lawyers and when there is an access-to-justice crisis? Here’s an idea.
Maybe, it’s not the number of law students that’s out of control. Maybe the problem is the burden faced by new lawyers — skyrocketing tuition fees, creeping licensing fees and crippling debt for new licensees. To this end, I would like to suggest that the way forward is increasingly to move toward placing experiential learning within law schools with a view to getting rid of articling altogether.
By incorporating articling into law schools, we could help solve the articling crisis. We could also be responding to the access-to-justice crisis by helping to educate and train more lawyers capable of responding to chronically underserviced, remote and marginalized communities.
Interestingly, the ongoing LSO Dialogue on Licensing has suggested various options for licensing models/approaches, but none has sought to either rely upon law schools to provide experiential learning or fold articling into law schools. This notable absence epitomizes the legal academic-professional golden handshake that has orphaned articling to be left to the whim of market forces.
At a recent debate at the University of Ottawa responding to the LSO’s Dialogue on Licensing where I participated as a discussant, one of the really hot button topics of the afternoon was the suggestion that experiential learning could happen within law schools. One law school dean categorically insisted that it was not the mandate of the law school to create practice-ready lawyers.
Technically, I agree that the law schools don’t have that role currently, but I wonder whether it is the responsibility of law schools — in collaboration with the law society and the private bar — to dedicate themselves to the task. Here, I have three thoughts for you to consider.
Firstly, law schools are already set up for this. Some law schools […]
Now that Thanksgiving is behind us, many readers of this column are currently in the full swing of the holiday season. For many associates, the holiday season likely means billing those last hours of the year that might make the difference between receiving a bonus and not making any additional cash . For many partners, the holiday season likely means hounding clients so that outstanding legal fees can be paid before the end of the year. For many law students , the holiday season likely means worrying about exams and the grades that might be received after the semester is over. Exams and grades can really transform the lives of many law students around the holidays from the “most wonderful time of the year” to a living hell.
Although there are certain ways to boost your odds of receiving good grades, law school grades are still extremely arbitrary. Indeed, marks in law school are based on a number of random factors that likely have no bearing on an individual’s success in the legal profession. Although most law students might not take comfort in hearing how law school grades are somewhat arbitrary, it is still important to note that there are certain factors that make law school grades extremely random.
As many of us already know, law school grades are usually based on one three- or four-hour examination administered at the end of the academic semester. I’m not really sure why law school courses are graded this way, but since law school professors can‘t even be trusted to write new final exams each year , it make sense that they would want to keep their workload to a minimum.
In any case, basing grades on one single test introduces an element of randomness to the law school examination process. Individuals can be sick on the day of the exam, or might have had little sleep the night before the test. In addition, people could be undergoing any manner of life crises around the time of the exam that can impact their performance. Of course, the effect of these random factors would be minimized […]