Last year I was awarded with student loans for law school, but two months ago I went over my credit limit (once) on one credit card, and then I went over my credit limit (once) on my other credit card. I cleared this up immediately, but it's still on my credit report. Could this get me turned down for student loans (both governement and private)? If so, is there anything I can do about this, other than get a co-signer?

My first year of law school I was eligible for private law loans at a pretty good interest rate. The next year I was turned down, and the only bad thing on my credit report was that I was over 30 days late on my Kohl's charge once!! I could have gotten a cosigner, but decided instead to make due with federal loans. If that's not an option for you, try to find a cosigner. You might actually get a better interest rate if you can get a cosigner with really good credit.

Oh, by the following year, I was eligible for law loans again, but that old Kohl's thing is still on my credit report. I think what made the difference was that between those two years I had paid off a bunch of my other credit cards.

Is it wise to take out student loans for a excellent undergraduate school even though I'll apply to law school

Hi,


I want to attend New York University or George Washington University, which are notoriously expensive schools.

They are in the top ten for International relations, the degree I want to major in.

However, there is no doubt I will need to take out sizable student loans to pay my way. Is it wise to take out student loans even though I know for a fact I will attend law school?


Thanks in advance! :)

I'd say that GWU is really expensive. First off, talk to your parents to see what they can afford. GWU financial aid kinda screw you over because they look at your house mortgage and personal investments (which they add on TOP of what your FAFSA says you can contribute) and then they come out with what you have to pay. But, there's also the bright side that they give a lot of merit based financial aid, which many public schools do not do (atleast not in CA and a number of other states). I would say what do you want to go to law school for? If you're looking to go to a big name school for law then you have better chances coming out of a good school like NYU and GWU because their academic merit is much higher than SUNY's or CSU's. Your best bet is to write a separate letter to the financial aid office of both describing why you should get more merit based scholarships, also apply for outside scholarships. Just be realistic about what you want to do and how much your are going to make. Many people go to GWU or Georgetown and then end up working for an NGO making 30,000$ a year which is not enough to pay off those loans. I would say if you really want to do it then go for it!

How long does it take to get the money once u apply for a private student loan for law school? How long does it take to get the money once u apply for a private student loan for law school?

It varies depending on the situaiton and lender. If the school on already on the approved list and you are able to get everything needed for your application to the lender quickly it can be as quick as 10 days. If the lender has to wait for the school to send in certifications it can take forever. :)

Work with lenders that specialize in loans for law school as that will help. Search sites like http://www.studentloanconsultants.com and apply at several to find the best rate and fees and of course speed for you.