AccessLex Launches New Student Loan Calculator to Help Law Students Plan For Their Financial Future

News provided by

Nov 16, 2022, 09:01 ET

WEST CHESTER, Pa., Nov. 16, 2022 /PRNewswire/ -- For the past decade, the AccessLex Student Loan Calculator has been the leading resource for hundreds of thousands of aspiring, current, and recent law students seeking to calculate their potential student loan debt and plan for repayment. Free and easy-to-use with no login required, the Calculator now includes several new features that allow law student borrowers to better understand the financial realities of their degree.

The Calculator helps users identify how much they may need to borrow in federal student loans based on their school's cost of attendance, their projected expenses, and anticipated resources such as scholarships and grants. It also shows users how different student loan payments can fit into their budget and how much interest they can save with increased payments.

New features include a:

Consolidation and Refinancing Tool that educates users on the costs, benefits, and drawbacks of private refinancing and federal consolidation loans;
PSLF Calculator which projects how much may be forgiven under Public Service Loan Forgiveness for users who are interested in this option; and
Changing Repayment Plan Tool that helps borrowers in repayment analyze the financial impact of changing their repayment plan, both in monthly payment and total amount paid.

Lessons and educational content are woven throughout the Calculator to help student loan borrowers learn about their options and make more informed decisions about their finances.

"With all of the changes in the student loan landscape, it was imperative that the AccessLex Student Loan Calculator reflect the current repayment options available to borrowers — including Public Service Loan Forgiveness and consolidation options," said Cynthia Cassity, Senior Vice President for Strategic Engagement, AccessLex Institute. "With this resource, and with coaching through our free AccessConnex Student Loan Helpline, meaningful support is at a law student's fingertips throughout their law school journey."

Check out the new AccessLex Student Loan Calculator.

About AccessLex Institute^®

AccessLex Institute is a nonprofit organization committed to helping talented, purpose-driven students find their path from aspiring lawyer to fulfilled professional. In partnership with its nearly 200 member law schools, improving access and positively influencing legal education have been at the heart of the Company's mission since 1983. Learn more at AccessLex.org.

CONTACT: Julie Solomon, [email protected]

SOURCE AccessLex Institute