This week marks the beginning of a new year and a new semester at George Washington Law.

But, as students return to school with a set of new classmates, professors and textbooks, they also return to the unnerving financial reality of modern legal education–the growing burden of student debt.  This year, the average law school graduate will leave school in April carrying $100,000 in debt from both federal and private loans. Add the yoke of a currently unstable job market to that Everest-sized mountain of debt and the "reasonable man" or, in this case, the "reasonable GW law student” cannot be blamed for the stress and worry that accompanies academic loan repayment.

Despite the financial weight of attending law school, being a savvy borrower with shrewd foresight can enable law students to leave law school with a lower-than-average and manageable amount of debt.

Many students choose law school solely because they believe it offers them a path to sure and certain financial success. Unfortunately, starting salaries in the $150,000 range are no longer sure or certain for today's graduates.

However, the majority of students who chose law school for the right reasons understand the bargain and can look forward to a fulfilling legal career. When asked what role the burden of debt played in choosing law school, 1L student David Keithly responded, "I don't like being in debt, but I want to be a lawyer and I see it as an investment that will pay off in the future." Indeed, ensuring that the investment of attending law school pays off in the future is dependent on students' ability to take an active role in lessening the burden of student loan debt through smart and careful planning. When asked how students could take control of their debt, Professor Brian Tamanaha of Washington University School of Law offered the following advice:

"First-year students need to make a specific calculation about cost and opportunity in ways that might not have been necessary before, when tuition was prohibitively expensive, but are now smart and essential.”

One part of specifically calculating cost and opportunity of legal education means finding a balance between wants and needs on a budget. Unfortunately, the cost of the daily bagel and coffee breakfast with interest is more than most imagine.

Stephen Brown, assistant dean of enrollment services at Fordham University School of Law advises poor law students to "live like a law student while you're in law school or you'll live like a law student when you're a lawyer." It is true that while becoming wealthy should not be the primary goal of any law student, nobody came to law school with the intention of living below the poverty line for the rest of his or her life.

The best way to manage the burden of student loans is to keep debt to a minimum. As a law school student it's easier to spend less than to earn more. GW Law's Financial Aid website offers current students three suggestions to limiting debt:

First, students should save now for future expenses. Try to set aside enough to cover the security deposit on an apartment and your first month's living expenses. Moving expenses to D.C. from out of state are not included in our academic year budget.

Second, students should reduce consumer debt during law school. Credit card and other consumer debt monthly payments are not part of the living expense budget used by the Law Financial Aid Office to determine your aid package.

Educational debts should be reduced too. Although your undergraduate student loan payments will probably be deferred when you return to school, it is wise to repay as much as you can now. Your undergraduate loans will go into repayment immediately after you leave law school if you have already used your grace period on those loans.

Third, students should reduce monthly expenses. The Law School budget allows you to live like a student, not a lawyer, so economize wherever possible. You may wish to consult a site such as SmartMoney to help with issues related to budgeting and credit. Also, other websites provide like www.edfed.com/resources/calculators.php offer loan calculators that can help students manage their monthly expenses in relation to their debt more easily.

Although law school is a unique investment with risky returns, it can be an opportunity that leads to fulfilling experiences if managed correctly. Those students who work hard and wisely supervise their finances will find themselves safely summiting their mountain of debt and securing a lifetime of success.