I sat running the numbers. Part-time tuition at Texas A&M School of Law was approximately $25,000 per year. I would complete the degree in four years for an estimated $100,000. The GI Bill would cover 40%, leaving me with around $60,000 in addition to books and living expenses. What did that break down to in a monthly budget?
Suppose I started school in August 2015, graduating in May 2019. Since all money had to be paid by graduation, I had 58 months starting June 2014. That broke down to around $1050 per month. I had whittled my monthly budget to around $5,500. That, however, was only making the minimum payments on my pesky credit cards. I certainly didn't want to maintain my current debt for five years.
I contacted my bank, USAA Federal Savings. I had started using USAA during my time in the Air Force. Founded by and designed for military people, I have found them accommodating.
I inquired about a personal loan to consolidate my credit card balances. The three credit cards I still had were through USAA. I explained what I needed, fully expecting to be turned down. Instead I was approved: $30,000, 7.5% interest, seven year term. For the lowest APR, I needed to purchase payment insurance (dropped my interest rate from 8.25 to 7.5%). My biweekly payment was $243 ($526.50 monthly average). I had been paying about $720/month in pure interest.
I turned to my student loans.
I contacted my bank, USAA Federal Savings. I had started using USAA during my time in the Air Force. Founded by and designed for military people, I have found them accommodating.
I inquired about a personal loan to consolidate my credit card balances. The three credit cards I still had were through USAA. I explained what I needed, fully expecting to be turned down. Instead I was approved: $30,000, 7.5% interest, seven year term. For the lowest APR, I needed to purchase payment insurance (dropped my interest rate from 8.25 to 7.5%). My biweekly payment was $243 ($526.50 monthly average). I had been paying about $720/month in pure interest.
I turned to my student loans.
The Wells Fargo Loan had ballooned with interest(post graduation) from $10,000 to $11,200. With steady payments, I stood at 10,800 with 11% interest.
The Discover student loan stood at $8,486.88 with 10% interest. I ran the debt calculator to find the necessary payment to eliminate both in 74 months. Wells Fargo required a payment of $205, while Discover needed $155.00. Eliminating debt in seven years was longer than the five years (or less) I had originally hoped for. My monthly debt payments stood at $886.50. That number burned me. So close to what I needed, but it was going to pay for my foolishness. Perhaps I could get a scholarship.
To be competitive for a law school merit scholarship, good grades and an excellent LSAT score are necessary. My grade point averages, undergraduate and graduate, stood at 3.94 and 3.48, respectively. Back in 2001, I had taken the LSAT on a whim, with little prep, scoring a 158 (77th percentile). To qualify for at least a partial scholarship from a fourth tier law school (Texas A&M is currently ranked as fourth tier), I would need an LSAT score in the 160's.
To be competitive for a law school merit scholarship, good grades and an excellent LSAT score are necessary. My grade point averages, undergraduate and graduate, stood at 3.94 and 3.48, respectively. Back in 2001, I had taken the LSAT on a whim, with little prep, scoring a 158 (77th percentile). To qualify for at least a partial scholarship from a fourth tier law school (Texas A&M is currently ranked as fourth tier), I would need an LSAT score in the 160's.
I began to prepare and decided I needed a bit of extra help. I looked at my options. Kaplan's LSAT test prep with a one-on-one tutor started at $2600. PowerScore and Testmasters offered private LSAT telephone tutoring for around $100/hr. I wanted to know expressly who I would be working with, what their qualifications were. Plus, I honestly couldn't afford $100/hr must less $2600.
I found one site, LSAT-Tutoring.com. Peg Tittle, the tutor, had once written LSAT questions. She had taught extensively and authored a book,"Critical Thinking: An Appeal To Reason", that was used in college level courses both in the United States and Canada. Tutoring rates started at $75/hr, or $60/hr if the student committed to 10+ hours. I decided she was worth a try.
With Peg, I made significant progress, understanding the test better, gaining speed and accuracy. As test day neared, I took several timed practice tests, scoring an average of 165 (92nd percentile) Aside from the general test angst, my LSAT went well.
With score release in early July, I totaled up what I would needed per month during the school year. Even with a scholarship it would be difficult to make bills. Expenses had to come down significantly. The largest among them was my mortgage. Should I sell my home? I hated losing the equity that I had in it. What about leasing?
If I leased my home now, I could put back the extra money for school. I would then have a bit of a cushion. In the event I was awarded a scholarship, I would need to maintain a certain GPA (usually 3.0+) to keep it. During the term, if I could hold monthly expenses to $3,000, I would only have to work about 80hrs per month. This option showed promise. So how does one lease out a home?
With Peg, I made significant progress, understanding the test better, gaining speed and accuracy. As test day neared, I took several timed practice tests, scoring an average of 165 (92nd percentile) Aside from the general test angst, my LSAT went well.
With score release in early July, I totaled up what I would needed per month during the school year. Even with a scholarship it would be difficult to make bills. Expenses had to come down significantly. The largest among them was my mortgage. Should I sell my home? I hated losing the equity that I had in it. What about leasing?
If I leased my home now, I could put back the extra money for school. I would then have a bit of a cushion. In the event I was awarded a scholarship, I would need to maintain a certain GPA (usually 3.0+) to keep it. During the term, if I could hold monthly expenses to $3,000, I would only have to work about 80hrs per month. This option showed promise. So how does one lease out a home?
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