Financing your LLM degree may present challenges, but some careful attention to the following may help.

Find out the true cost of the program
Consider not only how much it will cost each year, but the potential total cost over the entire duration of the LLM program. Your cost of attendance (COA) consists of direct expenses-over which you have no control, such as tuition and fees-and indirect costs, which include such items as living expenses, books, and other related costs. Learning to "control what you can control" by living on a budget should help you reduce your indirect expenses and subsequent borrowing. Finally, consider the potential long-term financial implications based on how long it may take you to repay your student loans and the potential return on your investment.

Know the difference between subsidized and unsubsidized loans
Should you need to borrow, the majority of your student loan portfolio will likely be composed of unsubsidized loans, which accrue interest from the date of disbursement. Unless you pay off the interest as it accrues while you’re in school, that interest will eventually be added back to the principal through capitalization, thereby increasing the total amount on which interest accrues. You can potentially reduce the amount of unsubsidized loans by:

• Working closely with the financial aid professional at your school to ensure you are considered for grants and scholarships (financing that does not have to be repaid) as well as subsidized loans
• Considering work options, if offered and provided by your school
• Living at or below the living allowance suggested in the financial aid budget
• Exhausting your federal loan eligibility first, including Federal Stafford Loans, before considering more expensive private education loans. With the relatively new Graduate PLUS Loan, borrowers who exhaust their Stafford Loan eligibility and still need financing help may apply for the Graduate PLUS Loan in lieu of private loans.

Choose your loan provider carefully
You should always have a choice of loan providers, and as student loans often represent a long-term investment, you should choose a loan provider you can trust. Consider asking the following questions when selecting a loan provider:

• How long have they been in business and do they offer comprehensive financing solutions for students in the LLM program?
• Do they offer debt management programs designed specifically for law students?
• Do they sell their loans and are they known for their servicing once the loan is in repayment?
• Do they have benefits that will help reduce overall repayment cost?
• Can the student apply online and do they offer other online services?

Get a copy of your credit report and find out your credit score
The relationship between student loans and credit is more important than ever, and having good credit can help ensure that you have no difficulty accessing additional funding beyond Federal Stafford Loans should you need it. You can access your free credit report at www.annualcreditreport.com, and you can learn about credit scores at www.myfico.com/crediteducation.