The Atlanta Lawyer January/February 2015 | Página 9

Law School Life
AND pay compound interest (to credit card companies, for
example). It’s a beautiful thing if you are the one earning the
interest. The great news for students? The younger you are,
the more it benefits you. Save, invest, and be an earner.

create a budget and savings plan, build an emergency fund,
and think about how you will pay off your student loans. Be
careful not to overspend, and don’t rely on credit cards for
living expenses or emergencies. Start saving as soon as
possible so that you will enjoy the advantages that compound
interest offers young earners. When it comes to law students’
futures, financial planning makes great “dollars-and-sense.”

Tips for Paying off Student Loans

• Prioritize your loans, and pay the higher interest loans off
first.
• Use raises and bonuses to pay off loans instead of
increasing your spending.
• Check to see if consolidation can get you a lower interest
rate.
• Remember the Public Service Loan Forgiveness (PSLF)
Program, a loan forgiveness program designed to encourage
people to enter into public service careers. Only direct loans
are eligible for this program, which requires 120 qualifying
payments and other eligibility criteria for loan forgiveness,
but consolidation of other types of loans into direct loans is
an option. To learn more about PSLF, see https://studentaid.
ed.gov/publicservice.

http://newamerica.net/sites/newamerica.net/files/
policydocs/GradStudentDebtReview-Delisle-Final.pdf
2
The authors would like to thank Patrick J. McGonigle,
Senior Associate, and Jeffrey B. Rosengarten, Associate, of
Homrich Berg Wealth Management for providing a wealth of
information and advice to assist with this article. They were
very generous in sharing their time and knowledge. We only
wish that we had the space to include all of their suggestions
and comments!
1

The Law School Life column features topics
written by students attending one of Georgia’s five
law schools and is intended to provide perspective,
insight, support, and encouragement to students
as they matriculate through law school.

Conclusion

While going to law school is expensive and the current job
market is tough, there are some steps that law students can
take to prepare for financial success. Identify your goals,

Find people worthy of the name on the door. That was my mentor’s advice.
But the landscape has changed over the last few years. Profits are harder
earned and have to be more wisely spent.
So I’m getting help to ensure we’re always healthy enough to attract and
retain top talent. After all, it might as well be my name on the door.

WE SHINE WHEN WE HOLD OURSELVES TO A HIGHER STANDARD.

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The Official News Publication of the Atlanta Bar Association

January/February 2015

THE ATLANTA LAWYER

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