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Ask Dave

Going To Law School

Marissa was offered a law school scholarship, but it won't cover everything. Should she take it?

QUESTION: Marissa and her husband have $72,000 in debt, not including the house. They make $5,000 a month and she wants to go to law school. They offered her a scholarship which would mean they would need $60,000 in student loans. Should she get the loan? Dave says this is all predicated on one thing.

ANSWER: All that only works if you graduate, pass the bar and don’t want to go back home and be a mom. Don’t make the assumption in your game plan that everything will go right, because a lot of times it doesn’t. This is why I tell people not to borrow money. I’ve got some alternatives. You can live your dream of being a lawyer by talking to law firms and ask if they would support your habit. If you do that and your plan doesn’t go through, you’re all right, not in debt and not struggling. By not going into debt, you avoid a lot of the negative things that can happen.