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If you are a law school graduate, the U.S. Government realizes that you are far more likely to make a significant impact on society with higher education than you would without a higher education. Moreover, the government knows you are going to be paying a lot of tax during your career as an attorney. Behind every good deal lies a catch.
The U.S. Department of Education has reported that every $1 it invests in federal financial aid produces $3 in revenue for the U.S. Treasury in tax revenue! The U.S. Department of Labor reports that, according to the Bureau of Labor Statistics, 60% of new jobs created through 2010 will require a higher education. A law school graduate means more tax revenue, greater productivity, increased consumer consumption, decreased reliance on government financial assistance, and expanded workforce flexibility for the American economy.
In addition to the economic reasons driving federal financial aid, there are historical forces as well. Before 1965, generally only wealthy students, students receiving scholarships, or students receiving aid under the G.I. Bill could attend school. In the late 1950s and 1960s, education became for all a political issue, and Congress responded with the Higher Education Act [HEA] of 1965.
The HEA authorized a loan program that provides guaranteed, low-interest loans for students to pay for post-secondary education costs. This program is known as the Federal Family Education Loan Program (FFELP), previously called the Guaranteed Student Loan Program (GSLP). The United States Government is eager to assist productive members of society who have made investments in their educations. Using Law School Loans, you can consolidate your federal educational debt in an extraordinary program that may save you thousands of dollars over the life your loan.
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