GradPLUS + Cost of Living

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
makingwaves
Posts: 115
Joined: Sat Nov 21, 2009 11:04 am

GradPLUS + Cost of Living

Postby makingwaves » Fri Jan 01, 2010 8:53 pm

Starting to do some preliminary research on paying for law school and was wondering if anyone could provide me with some details about how the grad plus loans are awarded. I understand the limits put on the borrowing, but I wanted to know specifically how they measure COL. Do they go by the school's reported estimated COL, or can you determine your own?

Specifically, one of my top choices thus far participates in Direct Lending, so if I took out all the loans I needed to cover tuition and the cost of living designated by the school but that still wasn't enough, would I be able to borrow a bit more?

Any info is helpful, I am totally new to this entire thing!

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vanwinkle
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Re: GradPLUS + Cost of Living

Postby vanwinkle » Fri Jan 01, 2010 9:02 pm

Each school calcuates an estimated COL based on the typical COL expenses in the area around the school. It's a fixed number but takes into account the city the law school is in, so in NYC you'll get a larger amount than in Charlottesville. If you have any specific considerations you can request an adjustment in your COL, but it's going to depend on what the issue is and how friendly the finaid folks are whether they'll give it to you.

Generally, the COL amount is generous enough that if you know how to live on a budget, you can live within it unless you're extravagant or stupid.

makingwaves
Posts: 115
Joined: Sat Nov 21, 2009 11:04 am

Re: GradPLUS + Cost of Living

Postby makingwaves » Fri Jan 01, 2010 9:08 pm

vanwinkle wrote:Each school calcuates an estimated COL based on the typical COL expenses in the area around the school. It's a fixed number but takes into account the city the law school is in, so in NYC you'll get a larger amount than in Charlottesville. If you have any specific considerations you can request an adjustment in your COL, but it's going to depend on what the issue is and how friendly the finaid folks are whether they'll give it to you.

Generally, the COL amount is generous enough that if you know how to live on a budget, you can live within it unless you're extravagant or stupid.


Gotcha, thanks for the info!

Inygma
Posts: 629
Joined: Thu Oct 02, 2008 7:11 pm

Re: GradPLUS + Cost of Living

Postby Inygma » Fri Jan 01, 2010 9:17 pm

makingwaves wrote:
vanwinkle wrote:Each school calcuates an estimated COL based on the typical COL expenses in the area around the school. It's a fixed number but takes into account the city the law school is in, so in NYC you'll get a larger amount than in Charlottesville. If you have any specific considerations you can request an adjustment in your COL, but it's going to depend on what the issue is and how friendly the finaid folks are whether they'll give it to you.

Generally, the COL amount is generous enough that if you know how to live on a budget, you can live within it unless you're extravagant or stupid.


Gotcha, thanks for the info!


Was actually wondering this very same thing, thanks for asking/answering it =).

I am looking to probably get an increase, as my CoL will be higher since I am married. I guess that is something to discuss with the office.




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