Information on managing debt acquired by St. John's University law students is provided. The cost of education for a graduate student includes tuition, fees, books, home maintenance, personal expenses, and transportation. A student budget for 1984-1985 is provided by students' dependency status (dependent 9 months, 9-month residency/dependent, and 12-month residency/independent). Financial counseling services offered to law students during the first, second, third, and fourth year are described. Loan deferments for full- and part-time graduate students are also discussed. Kinds of investments that students might make with part of their income are identified. Information is provided on acceptable levels of indebtedness based on entry-level salary levels for private practice firms by size, business concerns, government, and judicial clerkships. Additional data are presented on: living expenses (e.g., transportation, rent, automobiles, personal loans); student loan repayment for different interest rates; professional expenses; and taxes students will have to pay. Sample law school budgets for unmarried/married students are provided that cover: living at home/no car, living in own apartment/no car, living at home/used car, and living at home/new car. Agendas of seminars on financial planning and debt management are appended. (SW)