Graduating from law school today without student loan debt is a rarity. In fact, according to the American Bar Association most law school graduates have a cumulative debt from undergraduate and law school that exceeds $80,000. Sound familiar?
An even more sobering thought is what that debt will mean in repayment. Assuming a standard 10-year repayment schedule, $80,000 in debt equates to monthly payments of more than $1,000. Unfortunately, this is a situation facing many of those in the Indianapolis legal community.
Can loans be consolidated or deferred? What are options for repayment? What if I don’t have a job?
An upcoming program co-sponsored by the IndyBar and Indiana University School of Law – Indianapolis will attempt to answer these and other questions. Jennifer Vines, Assistant Director of Financial Aid Services, will present “What You Need to Know About Student Loans: Myth v. Fact” on Monday, April 4 from noon to 1 p.m. and again from 4:30 p.m. to 5:20 p.m. at the law school.
This discussion will not be an introduction to financial aid or how to take out loans; rather it is a program specifically designed to sift through the challenges and questions associated with loan consolidation, loan repayment and how loans will be affected upon commencement.
The program is open to all law student and IndyBar members.•