This is going to sound kind of pretentious but...

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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je_ne_regrette_rien
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This is going to sound kind of pretentious but...

Postby je_ne_regrette_rien » Fri Jan 08, 2010 10:11 pm

My parents make an obscene amount of money. I don't want them to pay for law school after they forked out half a million dollars for my private schooling + undergrad education (I got into the honors program at my college, but because of my parents' salaries, I wasn't eligible for merit scholarships).

How do you do this whole financial aid business?

Like...where do you start? What should I google? lol

Does everyone who applies for loans automatically get loans, barring those with really horrible credit? Will they see my parents' tax returns and bank statements and force me to pay for law school out of pocket?

Thanks. :oops:

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MC Southstar
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Re: This is going to sound kind of pretentious but...

Postby MC Southstar » Fri Jan 08, 2010 10:15 pm

Your parents should pay. Then, you should pay them back. /thread

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bluejayk
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Re: This is going to sound kind of pretentious but...

Postby bluejayk » Fri Jan 08, 2010 10:15 pm

Go to the financial aid page for whatever law school you're going to. Then google "FAFSA".

Your expected family contribution (computed by the data from your FAFSA) will be very high, so you won't get offered any need based aid, but you'll be eligible to borrow shitloads, your parents might have to guarantee those loans if you don't have much credit.

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loser148
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Re: This is going to sound kind of pretentious but...

Postby loser148 » Fri Jan 08, 2010 10:17 pm

I absolutely hate people like this. Have you ever even sacrified food for education? Ughhhhhh :wink:

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fonzerelli
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Re: This is going to sound kind of pretentious but...

Postby fonzerelli » Fri Jan 08, 2010 10:18 pm

je_ne_regrette_rien wrote:My parents make an obscene amount of money. I don't want them to pay for law school after they forked out half a million dollars for my private schooling + undergrad education (I got into the honors program at my college, but because of my parents' salaries, I wasn't eligible for merit scholarships).

How do you do this whole financial aid business?

Like...where do you start? What should I google? lol

Does everyone who applies for loans automatically get loans, barring those with really horrible credit? Will they see my parents' tax returns and bank statements and force me to pay for law school out of pocket?

Thanks. :oops:


http://lmgtfy.com/ + lame.

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bluejayk
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Re: This is going to sound kind of pretentious but...

Postby bluejayk » Fri Jan 08, 2010 10:19 pm

I mostly answered just so I could tag this thread and read the amusing class-envy from people who respond angrily.

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Helmholtz
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Re: This is going to sound kind of pretentious but...

Postby Helmholtz » Fri Jan 08, 2010 10:19 pm

shadowfrost000 wrote:Your parents should pay. Then, you should pay them back. /thread


titcr

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fonzerelli
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Re: This is going to sound kind of pretentious but...

Postby fonzerelli » Fri Jan 08, 2010 10:21 pm

bluejayk wrote:I mostly answered just so I could tag this thread and read the amusing class-envy from people who respond angrily.


FAIL. I actually think she's relatively poor. I know this because of the "salary" comment. Real weath doesn't involve salaries. That's a working-class consideration, no?

Rockefeller: "Competition is a sin". "Own nothing. Control everything".

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Mr. Matlock
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Re: This is going to sound kind of pretentious but...

Postby Mr. Matlock » Fri Jan 08, 2010 10:24 pm

fonzerelli wrote:
je_ne_regrette_rien wrote:My parents make an obscene amount of money. I don't want them to pay for law school after they forked out half a million dollars for my private schooling + undergrad education (I got into the honors program at my college, but because of my parents' salaries, I wasn't eligible for merit scholarships).

How do you do this whole financial aid business?

Like...where do you start? What should I google? lol

Does everyone who applies for loans automatically get loans, barring those with really horrible credit? Will they see my parents' tax returns and bank statements and force me to pay for law school out of pocket?

Thanks. :oops:


http://lmgtfy.com/ + lame.


You've been waiting sooooo long to use the google gag, and when you came up to the plate:

Image

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bluejayk
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Re: This is going to sound kind of pretentious but...

Postby bluejayk » Fri Jan 08, 2010 10:28 pm

fonzerelli wrote:FAIL. I actually think she's relatively poor. I know this because of the "salary" comment. Real weath doesn't involve salaries. That's a working-class consideration, no?


Well, done, you out-snobbed the OP!

09042014
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Re: This is going to sound kind of pretentious but...

Postby 09042014 » Fri Jan 08, 2010 10:31 pm

je_ne_regrette_rien wrote:My parents make an obscene amount of money. I don't want them to pay for law school after they forked out half a million dollars for my private schooling + undergrad education (I got into the honors program at my college, but because of my parents' salaries, I wasn't eligible for merit scholarships).

How do you do this whole financial aid business?

Like...where do you start? What should I google? lol

Does everyone who applies for loans automatically get loans, barring those with really horrible credit? Will they see my parents' tax returns and bank statements and force me to pay for law school out of pocket?

Thanks. :oops:


Law school federal aid is entirely based on what you make. Your parents won't matter, but federal aid for grad programs is just limited to loans. Like you said everyone baring those with bad credit, get the loans for the entire cost of attendance.

The schools itself may have need based grants, you won't get them, but neither do most people.

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fonzerelli
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Re: This is going to sound kind of pretentious but...

Postby fonzerelli » Fri Jan 08, 2010 10:31 pm

Mr. Matlock wrote:
fonzerelli wrote:
je_ne_regrette_rien wrote:My parents make an obscene amount of money. I don't want them to pay for law school after they forked out half a million dollars for my private schooling + undergrad education (I got into the honors program at my college, but because of my parents' salaries, I wasn't eligible for merit scholarships).

How do you do this whole financial aid business?

Like...where do you start? What should I google? lol

Does everyone who applies for loans automatically get loans, barring those with really horrible credit? Will they see my parents' tax returns and bank statements and force me to pay for law school out of pocket?

Thanks. :oops:


http://lmgtfy.com/ + lame.


You've been waiting sooooo long to use the google gag, and when you came up to the plate:

Image



LR FAIL - I meant for them to google "lame." Why should I do the work?

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Tangerine Gleam
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Re: This is going to sound kind of pretentious but...

Postby Tangerine Gleam » Fri Jan 08, 2010 10:34 pm

fonzerelli wrote:FAIL. I actually think she's relatively poor. I know this because of the "salary" comment. Real weath doesn't involve salaries. That's a working-class consideration, no?


Salary = relatively poor.

Classy! Classic! Logical!

aad
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Re: This is going to sound kind of pretentious but...

Postby aad » Fri Jan 08, 2010 10:36 pm

Do they consider parents asset/income for everybody regardless of how long one has been out of college/working?

itsfine
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Re: This is going to sound kind of pretentious but...

Postby itsfine » Fri Jan 08, 2010 10:37 pm

Helmholtz wrote:
shadowfrost000 wrote:Your parents should pay. Then, you should pay them back. /thread


titcr



theres your answer, you can stop reading this thread op

09042014
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Re: This is going to sound kind of pretentious but...

Postby 09042014 » Fri Jan 08, 2010 10:38 pm

aad wrote:Do they consider parents asset/income for everybody regardless of how long one has been out of college/working?


Its on a school by school basis. For federal loans all law students are considered independent.

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D. H2Oman
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Re: This is going to sound kind of pretentious but...

Postby D. H2Oman » Fri Jan 08, 2010 10:38 pm

bluejayk wrote:
fonzerelli wrote:FAIL. I actually think she's relatively poor. I know this because of the "salary" comment. Real weath doesn't involve salaries. That's a working-class consideration, no?


Well, done, you out-snobbed the OP!



:lol: lol :lol:

msbeautifulbasham
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Re: This is going to sound kind of pretentious but...

Postby msbeautifulbasham » Fri Jan 08, 2010 10:39 pm

I totally understand your situation, OP. I am worried about the same thing. I am wondering if I will qualify for any loans, because my parents have created savings accounts and mutual funds in my name and have purchased a home with my name - with the exception that they won't let me access them! So, on paper it looks like I'm loaded, but its really not the case at all, since it is all my parents' money and they won't give it to me (something about me needing to learn the value of a dollar.... hmph!) So pretty much, I'm probably headed to a much lower school than my LSAT/G.P.A. afford, because I need the scholarship money.
Last edited by msbeautifulbasham on Fri Jan 08, 2010 10:41 pm, edited 1 time in total.

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Tangerine Gleam
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Re: This is going to sound kind of pretentious but...

Postby Tangerine Gleam » Fri Jan 08, 2010 10:39 pm

aad wrote:Do they consider parents asset/income for everybody regardless of how long one has been out of college/working?


Nope, they factor in how old you are. I'm 25 years old and was deemed "independent" by FAFSA, so I won't need to report on my parents' assets.

However, different schools have additional requirements. I can't remember which, but I know from my own research that some schools require 7+ years of tax returns and/or an age of 30+ to be considered completely independent from parents' earnings.

msbeautifulbasham
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Re: This is going to sound kind of pretentious but...

Postby msbeautifulbasham » Fri Jan 08, 2010 10:40 pm

itsfine wrote:
Helmholtz wrote:
shadowfrost000 wrote:Your parents should pay. Then, you should pay them back. /thread


titcr



theres your answer, you can stop reading this thread op


This is what I have been trying to beg my parents to do...

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D. H2Oman
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Re: This is going to sound kind of pretentious but...

Postby D. H2Oman » Fri Jan 08, 2010 10:41 pm

msbeautifulbasham wrote:I totally understand your situation, OP. I am worried about the same thing. I am wondering if I will qualify for any loans, because my parents have created savings accounts and mutual funds in my name and have purchased a home with my name - with the exception that they won't let me access them! So, on paper it looks like I'm loaded, but its really not the case at all, since it is all my parents' money that they won't give it to me (something about me needing to learn the value of a dollar.... hmph!) So pretty much, I'm probably headed to a much lower school than my LSAT/G.P.A. afford, because I need the aid.



Well I doubt having money will hurt your ability to qualify for loans.

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Tangerine Gleam
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Re: This is going to sound kind of pretentious but...

Postby Tangerine Gleam » Fri Jan 08, 2010 10:41 pm

msbeautifulbasham wrote:I totally understand your situation, OP. I am worried about the same thing. I am wondering if I will qualify for any loans, because my parents have created savings accounts and mutual funds in my name and have purchased a home with my name - with the exception that they won't let me access them! So, on paper it looks like I'm loaded, but its really not the case at all, since it is all my parents' money that they won't give it to me (something about me needing to learn the value of a dollar.... hmph!) So pretty much, I'm probably headed to a much lower school than my LSAT/G.P.A. afford, because I need the aid.


No offense, but your conclusion is completely off.

You don't need to be able to afford a school up-front to attend. The grand majority of applicants have to pay entirely via loans because they don't have the money on-hand to pay for it.

Be very happy that you are lucky enough to have significant holdings, even if you won't be able to access them for years.

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Helmholtz
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Re: This is going to sound kind of pretentious but...

Postby Helmholtz » Fri Jan 08, 2010 10:42 pm

msbeautifulbasham wrote:
itsfine wrote:
Helmholtz wrote:
shadowfrost000 wrote:Your parents should pay. Then, you should pay them back. /thread


titcr



theres your answer, you can stop reading this thread op


This is what I have been trying to beg my parents to do...


Wow, kinda sucks your parents are content in keeping you from attending the best school when they have means to allow otherwise.

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Tangerine Gleam
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Re: This is going to sound kind of pretentious but...

Postby Tangerine Gleam » Fri Jan 08, 2010 10:42 pm

Dwaterman86 wrote:
msbeautifulbasham wrote:I totally understand your situation, OP. I am worried about the same thing. I am wondering if I will qualify for any loans, because my parents have created savings accounts and mutual funds in my name and have purchased a home with my name - with the exception that they won't let me access them! So, on paper it looks like I'm loaded, but its really not the case at all, since it is all my parents' money that they won't give it to me (something about me needing to learn the value of a dollar.... hmph!) So pretty much, I'm probably headed to a much lower school than my LSAT/G.P.A. afford, because I need the aid.



Well I doubt having money will hurt your ability to qualify for loans.


Exactly.

Loans and need-based aid are two completely different things.

If anything, having parents with loads of money will only help you get loans. :roll: They can even co-sign for them if your credit is weak.

09042014
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Re: This is going to sound kind of pretentious but...

Postby 09042014 » Fri Jan 08, 2010 10:44 pm

msbeautifulbasham wrote:I totally understand your situation, OP. I am worried about the same thing. I am wondering if I will qualify for any loans, because my parents have created savings accounts and mutual funds in my name and have purchased a home with my name - with the exception that they won't let me access them! So, on paper it looks like I'm loaded, but its really not the case at all, since it is all my parents' money and they won't give it to me (something about me needing to learn the value of a dollar.... hmph!) So pretty much, I'm probably headed to a much lower school than my LSAT/G.P.A. afford, because I need the scholarship money.


1)[strike]Pretty sure that is fraud.[/strike] RC fail

2)It won't matter, you'll still qualify for loans like almost everyone else.

3)If the accounts are in your name, you can access them.
Last edited by 09042014 on Fri Jan 08, 2010 10:45 pm, edited 1 time in total.




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