UB Helps Law Students Find Their Financial Footing

In addition to UB’s Financial Aid department, the school recently launched a new Financial Wellness Program. A branch of the UB Health Promotion Office’s Wellness Coaching program, the Financial Wellness section offers the services of Danial Khan, a Financial Wellness Specialist. Khan’s role in the program is to not only help reduce student stigma about money, but to also educate students on financial strategies, tools and resources available to them.

We spoke with Khan about some of the key tips new law students can implement to help ease their financial transition to law school. He is available for both group and one on one meetings to help students implement these tips and personalize their financial goals.

• Open a savings account
  If you don’t have one already, building a nest egg begins with a savings account. Even putting away a few dollars every week can help you grow your financial health.
  
• Build an emergency fund
  Having enough to cover your “core expenses” for 3 to 6 months is the general rule of thumb, but for students who may not have been working it can be difficult. Start by saving $500 to give you a little breathing room for those unexpected expenses.
  
• Develop savings goals
  Save a fixed amount of income. Everyone’s financial situation is different, but it’s good to set a goal to save 10-15% of everything you make.
  
• Build the habit of saving now (and give yourself options for the future)
  As your school progresses and career options come into focus, it’ll be good to have a financial base to build off or even a set amount of savings to help kickstart your future financial goals.
  
• Consider investing
  One of the biggest values when investing comes from interest and time. There is a time value of money, meaning the earlier you start investing, the better your outcomes could (and likely will) be!
  
• Make a budget
  It’s easy to do and can greatly assist in limiting your expenses and helps you to hit your savings goals. There are plenty of free and useful templates online to help get you started.
  
• Use every resource at your disposal
  Do some research into what resources you might qualify for to help mitigate the burden of tuition and fees. Investigate scholarships first, looking into academic or merit-based scholarships, but also consider ones for first-generation students, non-traditional students, or other government or community scholarships. Also make sure to use the Free Application for Federal Student Aid (FAFSA), which can provide aid in the form of scholarships, grants or loans.
  
• Beware of lifestyle creep
  It’s easy to fall into lifestyle creep when attending school due to new living arrangements or routines. Even buying something small like a coffee adds up if you are doing it before every morning class! Be sure to make a budget and stick to it, using these tips as starting points to help prevent unwanted expense growth.

You’re never alone when it comes to financial planning at UB Law! Take full advantage of all of these resources to help you stay on top of tuition costs and unexpected expenses that might pop up.

• Financial Wellness Coaching – Make an appointment with a Financial Wellness Coach today to ask questions and receive coaching tailored specifically to your situation.
  
• Financial Aid Office – Learn about Loan Aversion and options for Alternative Funding. Ask about additional Federal and State Aid.
  
• Student Accounts Office – Learn about fees, any account holds or late fees you have incurred and steps to take against them now and into the future.
  
• Office of Fellowships and Scholarships – Explore options for grants, scholarships, and fellowship opportunities to better fund your studies.
  
• Career Design Center – Explore your career path and take advantage of the office's spectacular specialists who can assist you in creating and editing resumes, cover letters, LinkedIn profiles, and more—all at no cost!
  
• Emergency Funds – Emergency Funds are available for students who have recently experienced financial hardships and emergencies, and can be used toward off-campus rent, utilities, transportation, food, medical care, and child care.
  
• Blue Table – A virtual food pantry service for students who do not have access to food.

There are a lot of resources to take in and it can seem daunting to get your financial situation in order and to maintain a healthy economic scenario for law school. But if you start small and take these tips into account, you can reduce some of that initial stress and set a plan that works for both your peace of mind and your bank account. And don’t be afraid to reach out and ask for assistance! These programs are here for you, so take advantage of them.

• Free Application for Federal Student Aid
• Financial Aid Office