i The Frugal Law Student | 2006 | November

Law School
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Young and In Debt

Written by Brett McKay

USAToday is running a series called “Young and In Debt.” They will be following six twenty-somethings for the next six weeks as they battle their crippling debt. Each week USAToday will be writing about how these young people handle different financial situations such as paying off student debt, paying for health care, and affording housing.

In their article, USAToday mentioned some interesting statistics. Overall, the amount of young people battling debt has gone down; however, the amount of debt of those who have debt has increased dramatically.

Most of the people that USA is following seem to have genuine problems with student debt. One young woman is facing a debt burden of $165,000 after graduating college. However, I have no sympathy for Tolu Adeleye. He graduated college with no debt, but ran up his credit cards after visiting 22 countries in two years. You blew it dude. Don’t whine because you’re in debt. It’s your own damn fault.

I’m looking forward reading these articles in the next few weeks. Be sure to stop by and read my synopsis of each one.

> Brett McKay | 21 Nov 06 | Debt, Student Loans | Comments (0)

Good Riddance Legal Writing Memo

Written by Brett McKay

After twenty revisions, I finally turned in my memo. It feels so good to get that monkey off my back. Of course, I’ll be suffering severe mood swings until I get my paper back. One minute I’ll feel like I aced it, the next I’ll think I bombed it. Law school is one giant mind game.

I’d like to take the time to thank Frugal For Life for including me in this week’s Festival of Frugality carnival. It was the first blog carnival I’ve participated in, and I was nervous that my post would be too lame for a carnival to include. I’m looking forward to participating in even more carnivals.

> Brett McKay | 21 Nov 06 | School | Comments (2)

Weekly Report

Written by Brett McKay

  1. Opened an ING Direct account. The interest rate is 4.4%. Plus, they gave me $25 just for opening the account. If you would like a referral, feel free to e-mail me at frugallawstudent@gmail.com
  2. Opened a Sharebuilder Account. If you set up a monthly investment plan, it only costs $4 for each buy. I also got a $50 sing up bonus using one of the several promotion codes listed at Blueprint for Financial Prosperity.
  3. Using Envelope System. The envelope system is amazing. We’ve gone down from spending $400 a month on groceries and cosmetics for Mrs. FLS to $250. Knowing you only have the amount of money in the envelope to spend definitely curtails spending.
  4. Dinner Party Redux. The last time Mrs. FLS and I had people over for dinner it was costly both in time and money. We learned from our mistakes and opted for a cheap and simple Thai Pai meal. Our guests brought over egg rolls and desert.
  5. Added a new banner. I created it without spending a dime. I used an open source photoshop program called Gimp and downloaded the picture of the scale from a free stock photo site.
> Brett McKay | 19 Nov 06 | Report | Comments (0)

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> The Frugal Law Student | 17 Nov 06 | Posts I Like | Comments (0)

Free Stuff Times

Written by Brett McKay

As a Frugal Law Student, I’m always on the lookout for free stuff. So, I was pleased as punch to find a blog dedicated 100% to free stuff. Free Stuff Times dedicates itself finding all the free offers that are out there. The owner of the site has done a great job scouring the net for free offers. Take your pick from a free Beachnut Baby Bowl (for your favorite cereal, not necessarily baby food) to a free subscription to Giant. Check back daily because they’re always posting new items.

> Brett McKay | 17 Nov 06 | Free Stuff | Comments (2)

Highlights from Newsweek’s Live Talk: Legal Aid

Written by Brett McKay

Yesterday, Newsweek hosted an on-line question and answer session on how to make law school affordable with Jeffery E. Hanson, Ph.D, director of Borrower Group Education Services, a nonprofit graduate loan specialist.

Here are a few highlights of the discussion. (Click here for the complete transcript.)

1. Student loan debt provides flexible repayment. Although it is an individual decision as to whether you repay your student loans as fast as possible, or you take the full repayment period to repay what you borrowed, it is important to consider the trade-offs between the cost of the loans you are repaying versus the return you could earn if you invested your available funds elsewhere rather than prepaying your loans.

2. Borrow the minimum amount possible. There are several ways to reduce what you will need to borrow. First, make sure you are aware of what grant and scholarship assistance may be available from the school you want to attend and what you must do to receive that assistance. You also should consider living with roommates while in school who can help share in the cost of housing. Another step is to talk with your family about how much they will be able to help you. And, you will want to consider working part-time while in school so that you can reduce what you have to borrow.

3. Check to see if your school provides a Loan Repayment Assistance Repayment Program (LRAP). Check out the E-Guide and the resources that are available from Equal Justice.

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> Brett McKay | 15 Nov 06 | Debt, Saving, Student Loans | Comments (0)
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