The ABA boasts that about 56 law schools in eight states, as well as a few public service employers, have adopted LRAPs. The creation of LRAPs was spurred by the concern felt by the ABA that "high educational debt prevents many law graduates from pursuing or staying in public service jobs." The ABA feels that, because of educational debt, many students are forced to sacrifice their dreams of pursuing public service legal careers and their aspirations to serve their communities by delivering legal services to clients who cannot support six-figure salaries in return for legal advocacy. As the ABA laments, the average cost of tuition at public law schools rose by 134% between 1992 and 2002, and private law schools' tuition rates were not far behind, registering a 76% increase between those years. The LRAPs are the ABA's attempt to alleviate some of the burden, and it hopes they will "provide and preserve choices for law graduates." The ABA also notes that the existence of LRAPs can be an effective recruiting point for law schools. "Law schools," the ABA affirms, "should cultivate a student body with diverse career plans" by providing LRAPs.
Other groups are also stepping up to the plate to offer student assistance. LawCrossing located one such organization in Texas: Grad Resources. This organization is dedicated to serving the needs of graduate and professional students, and it does so by offering a number of support services. As its website explains, Grad Resources administers informative seminars and workshops to offer advice and help students develop useful qualities such as time-management skills and academic integrity. Special events are sponsored by the organization to bring attention to the issues faced by grad students and to provide opportunities for networking. Grad Resources also has a hotline called the National Graduate Student Crisis Line (877-GRAD-HLP), which provides round-the clock counseling and intervention. "E-mentors" are also available to help students online, and they provide local help in Seattle, Michigan, and Austin. Although much of the assistance provided by Grad Resources is practical, the organization also offers spiritual and philosophical support for students who are concerned about deeper issues such as purpose, identity, and worldview. Grad Resources can be reached at 800-867-0188 or at info@gradresources.org.
Despite the growing assortment of resources available to students, the best way to guard against financial hardship may be to take preventive measures from the very beginning. The National Endowment for Financial Education (NEFE) offers advice to help Americans quiet ever-present concerns about the financial security of their futures. Its website, which provides help in the areas of financial planning, credit and debt, saving, investing, and retirement, offers a set of 10 basic steps for "getting smart about money." These are:
- Get organized.
- Know where your money goes.
- Shop smarter.
- Look at your debt.
- Reduce your debt.
- Build a strong credit report.
- Save for your future.
- Set financial goals.
- Create a spending plan.
- Invest money to reach your goals.
Although the list above holds helpful pieces of advice for anyone looking to protect his or her financial future, planning ahead is particularly important for graduate students. LawCrossing spoke with the financial aid director of one popular grad school. She said that the number-one financial mistake made by grad students is not protecting financial health, especially by accruing credit card debt. The best tip she had to offer for helping students remain in good financial standing was simply to pay bills on time. This financial aid expert agreed that the number of students with unstable finances has risen greatly in the past few years due to the rising costs of tuition. At her college, she estimated that 89% of the student body is receiving financial aid, mostly in the form of student loans. However, as explained in the first part of this article, with the continued escalation of interest rates on student loans and the upward spiral of tuition costs, financial aid remains an increasingly inadequate form of relief for students.
