There are plenty of financial aid and scholarship opportunities available to help students fund their M.L.S. educations, making an advanced degree more accessible than some might think.
At the same time, it's crucial to consider the value of an M.L.S. degree’s potential to expand your career advancement opportunities and future earnings. In this sense, it can be helpful to view an M.L.S. degree as an investment in your future.
Understanding the Basics of Financial Aid and Scholarships for M.L.S. Programs
Students applying for a Master of Legal Studies program may qualify for various types of financial aid, ranging from M.L.S. scholarships to grants and loans. Delve into the key differences between these funding sources so you can be prepared to navigate the process.
The Difference Between Scholarships, Grants, and Loans
There are three main types of financial aid available to M.L.S. students:
- Scholarships – These can be either need-based or merit-based and may be paid out directly by the university or a third-party sponsor. The most notable distinction to remember about scholarships is that they do not need to be repaid. Some scholarships may be automatically renewed each year, whereas others may offer one-time funding.
- Grants – Grants are another popular form of financial aid. Like scholarships, grants do not need to be repaid. The core difference between a grant and a scholarship, however, is that the former is usually only rewarded based on financial need.
- Loans – Loans are a viable financial aid option for students seeking help paying for school. There are different types of loans available, from subsidized and unsubsidized government loans to private loans. Keep in mind that loans do need to be repaid, and many of them will accrue interest while you're in school.
Overview of the Financial Aid Application Process
The best way to see if you qualify for financial aid is to fill out a Free Application for Federal Student Aid (FAFSA). This application uses information about your income and other factors to determine your eligibility for federal funding, such as grants and federal loans. The FAFSA needs to be filled out and submitted by the deadline each year, as funding does not automatically renew.
Even if your federal funding doesn't cover all your M.L.S. program costs, you can always apply for private loans and legal studies scholarships as well. Filling out a FAFSA is simply the easiest and quickest way to determine your eligibility for grants and other financing options through the federal government.
Types of Scholarships Available for M.L.S. Students
When it comes to Master of Legal Studies scholarship opportunities, there are two main types for which you may want to consider applying: merit-based and need-based scholarships.
Merit-Based Scholarships: Criteria and Application Tips
A merit-based scholarship is one that is awarded based on academic achievement, leadership potential, work experience, or other specific talents. An example of a popular merit-based scholarship for M.L.S. students is the ABA Legal Opportunity Scholarship, which is awarded to incoming diverse law students who have demonstrated outstanding academic achievement and commitment to public interest law.
If you're applying for any merit-based scholarships, crafting a strong application that highlights your achievements and relevant experience is key—so don't be afraid to sing your own praises here or collect recommendation letters from past managers, professors, or other professionals.
Need-Based Scholarships: How to Demonstrate Financial Need
Need-based scholarships, on the other hand, are awarded based on financial need. To demonstrate eligibility or financial need, you typically need to submit bank statements or other proof of income as part of your scholarship application. One need-based scholarship that M.L.S. students may want to explore is the Public Loan Forgiveness Program (PSLF), offering loan forgiveness for those who go on to work in public service positions after graduation.
If applying for a need-based scholarship, be sure to include all requested documentation (including bank statements and/or previous years' tax returns) with your application. Keep in mind that even need-based scholarships may be limited, so you might also be asked to submit a personal essay that details how you would use the funding to advance your education and pursue your professional goals.
Exploring Financial Aid Options for M.L.S. Students
In addition to merit- and need-based scholarships, M.L.S. students may have other financial aid options to consider. This includes not only federal and state programs but also private loans.
Federal and State Financial Aid Programs
Federal and state student aid programs may come in the form of grants, work-study programs, and loans. Grants are awarded by the federal government based on need and do not need to be paid back; you will need to complete a FAFSA each year to determine your eligibility for grants.
A work-study program is another possible way to pay your way through graduate school. Specifically, work-study positions are available to those who qualify based on need. In this type of program, students hold a part-time job that is funded by the federal government and helps them pay their way through school.
Aside from federal financial aid programs, individual states may offer their own grants and financing options to help students in graduate school. Check with your own state government to learn more about financial aid programs, grant application deadlines, and other opportunities.
Private Loans for Legal Studies: What to Consider
Most students seeking loans to pay for school will want to start with federal loans, as these may be subsidized (which can help save on interest payments) and tend to have lower interest rates in general. However, if you've exhausted your federal loan options and still need more funding, you may want to explore private loans for legal studies.
When filling funding gaps with a private loan, there are a number of factors to consider, starting with the interest rate. Likewise, it's important to understand your repayment terms—including how long you'll have to pay off the loan—and research the reputation of the lender before signing off on anything.
How to Find and Apply for M.L.S. Scholarships
There is no limit to the number of scholarships you can receive when you're in school, so applying for more scholarships is always a good idea if you need additional help paying for your M.L.S. education.
Utilizing Scholarship Databases and Resources
Plenty of reputable and free resources are available to help you find and filter through scholarships to find the best matches for which you might qualify. Some options worth checking out include:
Tips for Crafting a Winning Scholarship Application
The effort you put into your scholarship applications can really pay off, so it's wise to focus on quality over quantity when completing scholarship applications. Be sure to follow guidelines as closely as possible. This includes writing a compelling application essay, submitting letters of recommendation, and submitting all application materials ahead of the posted deadline.
Specialized Scholarships and Grants for Diverse Applicants
If you're a member of a historically underrepresented or minority group, you might qualify for specialized scholarships in legal studies as well as general financial awards. While the scholarships mentioned here are by no means an exhaustive list, this can provide a starting point. You can always use the resources provided above to match with additional scholarship opportunities, too.
Grants and Scholarships for Minorities and Underrepresented Groups
Numerous scholarships are designed to support students from various backgrounds and experiences, including:
- Arent Fox Diversity Scholarship
- Hispanic Scholar Program
- Flagship Scholarship (for LGBTQ+ students)
- The Legacy of Judge Edward Rodgers Scholarship
- Howard Brown Rickard Scholarship (through the National Federation of the Blind)
Grants and Scholarships for Women in Legal Studies
In addition to scholarships offered to minorities and diverse students, there are also unique scholarship opportunities available to women, including scholarships for those who are pursuing law-adjacent careers. For example:
- Women in Public Finance Award & Scholarship (for those working in the public finance industry)
- AAUW Career Development Grant
- CREW Chicago Scholarship (for those interested in commercial real estate)
Learn More About Our Online Master of Legal Studies Program
The prospect of paying for graduate school doesn't have to be daunting. Many students who enroll in an online Master of Legal Studies degree program will qualify for some form of financial aid, lessening the burden that can otherwise come from paying for school out of your own pocket.
At the University of Miami School of Law, we are committed to helping prospective students navigate the process of applying for while delivering a comprehensive online M.L.S. curriculum that can prepare them for a more prosperous career. Reach out to learn more about our program offerings, or begin your online application today.
Sources
https://admissions.law.miami.edu/academics/mls/tuition-financing/
https://admissions.law.miami.edu/academics/mls/
https://admissions.law.miami.edu/academics/mls/curriculum/
https://studentaid.gov/h/complete-aid-process
http://www.arentfox.com/firm/diversity/index.cfm?fa=scholarship
https://dapprogram.org/how-it-works/
https://www.americanbar.org/groups/diversity/disabilityrights/resources/lawstudents/Opportunities/
https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service
https://www.bakerdonelson.com/diversity-scholarship
