Cost in Time and Money (Continued)
    Resale Value - At the end of every semester you will likely have an opportunity to sell your books.  The University bookstore or a division of your law school dealing in used materials will buy back the books if the book is scheduled to be used again.  I use the figure 30% as a general number for calculating buy back amounts.  You will oftentimes get more or less depending on the condition of the book.  You’ll notice that the chart also factors in a 30% sell back amount for your support materials.

    Foregone Income - This number represents the cornerstone of calculating costs on this worksheet.  Foregone income is almost always omitted by the very few who do try to calculate law school costs.  Those of you familiar with economics will recognize foregone income as "opportunity cost".  Foregone income is the amount of money you would make working a job for the three years you will instead be attending law school. 
    So let’s say that using your bachelor’s degree you could go out into the work force and generate $26,000 per year after taxes.  That $26,000 represents an income of $78,000 over the course of three years and that is money you will not see due to your attendance at law school.  Therefore, foregone income is a cost of attending law school.  If you are working now, then clearly your annual income (after taxes) multiplied by three years is the number you should enter.
   
    Minus Income While Attending Law School - This entry on line 1f accounts for any income you anticipate receiving during law school.  This does mean any income.  The entry is to include trust fund income, disability annuity payments, income from work while in law school, SSI payments, etc. 
    Law schools strongly discourage 1L's from working.  If you think you may work after your 1L year, factor in that figure.  If you have no idea, and are taking a wait and see approach, then enter a number no bigger than $6,000.  If you're just not sure, I would recommend you enter $3,000.

    Miscellaneous Expenses - This section is designed to allow you to enter any expenses you feel are not reflected in the other categories.  For those planning on attending an out-of-state school these costs might include moving expenses, re-registering cars, etc.
   
    Cost to Obtain J.D. Degree - add lines 2a, 2b, 2c, and 2d to arrive at the actual cost to attend 3 years of law school.

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