For example, a student in his or her final year of law school has a job lined up after graduation that would not allow him or her to qualify for public loan forgiveness. If the student wants to borrow $10,000 or less and will repay the loan within five years, a private loan could work out in the student's favor.
[Learn more about graduate school loan options.]
4. Consider the cost of borrowing: In Rennier's first two years of law school, some subsidized federal student loans were available to graduate students, so interest wasn't part of his initial calculations.
On July 1, 2012, for his final law school year, this program was eliminated. One year of interest on a $10,000 Graduate PLUS loan is nearly $800. Law students need to be aware of the growth of their student loans due to interest when determining how much they're willing to borrow, Jarvis says.
Rennier, who says he couldn't have gone to law school without student loans, adds that he is always cognizant of how much he's borrowing and how much his debt is growing.
Trying to fund your education? Get tips and more in the U.S. News Paying for Graduate School center.