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.
msbeautifulbasham
Posts: 206
Joined: Sat Mar 21, 2009 9:00 pm

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

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

Tangerine Gleam 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.


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.


Thanks, guys. That is reassuring. I guess I am way off. I'm so confused on how aid works. Fortunately, I never had to depend on aid for my UG (scholarships covered all direct expenses). However, my brother is a Ph.D. student at Stanford and he was denied aid at Stanford when he applied 4 years ago, so I was wondering if its the same situation...

aad
Posts: 76
Joined: Mon Nov 23, 2009 11:49 pm

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

Postby aad » Fri Jan 08, 2010 10:46 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.


Parents are protecting their assets and might be helping you out in the long run. This strategy will probably help you avoid a lot of estate taxes when your parents pass away. You might need to take the loans now, but you'll be alright in the long run.

User avatar
D. H2Oman
Posts: 7469
Joined: Tue Feb 24, 2009 5:47 am

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

Postby D. H2Oman » Fri Jan 08, 2010 10:46 pm

msbeautifulbasham wrote:
Tangerine Gleam 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.


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.


Thanks, guys. That is reassuring. I guess I am way off. I'm so confused on how aid works. Fortunately, I never had to depend on aid for my UG (scholarships covered all direct expenses). However, my brother is a Ph.D. student at Stanford and he was denied aid at Stanford when he applied 4 years ago, so I was wondering if its the same situation...


aid and loans are different. If you have a ton of assets you will be able to tap into later in life, I wouldn't be hesitant to take out loans.

User avatar
rw2264
Posts: 314
Joined: Sat Nov 07, 2009 2:59 am

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

Postby rw2264 » Fri Jan 08, 2010 10:47 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...


i wonder if i could swindle my millionaire grandmother who lives in a trailer park and shops at the 99 cent store to do this for me. probably not. sad face.

User avatar
billyez
Posts: 868
Joined: Sun Jun 14, 2009 6:19 pm

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

Postby billyez » Fri Jan 08, 2010 10:49 pm

Tangerine Gleam 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.


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.


This is the best post in this thread. I don't understand how you folks with parents who actually have a great deal of money can stress about the cost. I mean, does anyone on this thread have the money to pay for a law school up front? Just take your loans like the rest of us, whether they're small or large. Heck, what makes your situations so good is that you could go to the most expensive law school you get accepted to, get crappy loans, and just ask your parents for help later. I'm not really seeing a problem here.

Parents change their minds all the time. If your working as hard as you can and just can't pay the loans after law school, I bet they'll be willing to help you. Ya'll are really blessed...

User avatar
je_ne_regrette_rien
Posts: 78
Joined: Mon May 18, 2009 1:26 am

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

Postby je_ne_regrette_rien » Fri Jan 08, 2010 10:50 pm

fonzerelli wrote:
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".


Lol. Cute but not true. My grandfather was a duke but even he worked as an architect. In fact, everyone in my family is expected to work. My aunt married a French noble, and he's a lawyer. (And bombards me with crazy advice about the law school admissions process. haha).

Back to my questions...

Thank you everyone for the advice. I'm on the FAFSA website now. It says about the Stafford loans:

If you're a graduate or professional degree student, each year you can borrow up to:

* $20,500. No more than $8,500 of this amount may be in subsidized loans.



Okay. Since I will be getting unsubsidized loans, I can only borrow up to 20k per year? What do you do with the rest? Can you get loans from the universities?

Thank youuuu for putting up with me!

09042014
Posts: 18282
Joined: Wed Oct 14, 2009 10:47 pm

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

Postby 09042014 » Fri Jan 08, 2010 10:51 pm

je_ne_regrette_rien wrote:
fonzerelli wrote:
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".


Lol. Cute but not true. My grandfather was a duke but even he worked as an architect. In fact, everyone in my family is expected to work. My aunt married a French noble, and he's a lawyer. (And bombards me with crazy advice about the law school admissions process. haha).

Back to my questions...

Thank you everyone for the advice. I'm on the FAFSA website now. It says about the Stafford loans:

If you're a graduate or professional degree student, each year you can borrow up to:

* $20,500. No more than $8,500 of this amount may be in subsidized loans.



Okay. Since I will be getting unsubsidized loans, I can only borrow up to 20k per year? What do you do with the rest? Can you get loans from the universities?

Thank youuuu for putting up with me!


Look up GradPlus loans.

User avatar
D. H2Oman
Posts: 7469
Joined: Tue Feb 24, 2009 5:47 am

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

Postby D. H2Oman » Fri Jan 08, 2010 10:52 pm

je_ne_regrette_rien wrote:
fonzerelli wrote:
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".


Lol. Cute but not true. My grandfather was a duke but even he worked as an architect. In fact, everyone in my family is expected to work. My aunt married a French noble, and he's a lawyer. (And bombards me with crazy advice about the law school admissions process. haha).

Back to my questions...

Thank you everyone for the advice. I'm on the FAFSA website now. It says about the Stafford loans:

If you're a graduate or professional degree student, each year you can borrow up to:

* $20,500. No more than $8,500 of this amount may be in subsidized loans.



Okay. Since I will be getting unsubsidized loans, I can only borrow up to 20k per year? What do you do with the rest? Can you get loans from the universities?

Thank youuuu for putting up with me!


Google-grad plus loans

Also, if you're super rich, you will have no problem getting loans for school. Chill

User avatar
je_ne_regrette_rien
Posts: 78
Joined: Mon May 18, 2009 1:26 am

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

Postby je_ne_regrette_rien » Fri Jan 08, 2010 10:56 pm

Thanks! I found the grad-plus loans link right after I wrote that entry.

User avatar
je_ne_regrette_rien
Posts: 78
Joined: Mon May 18, 2009 1:26 am

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

Postby je_ne_regrette_rien » Fri Jan 08, 2010 11:01 pm

msbeautifulbasham wrote:
Tangerine Gleam 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.


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.


Thanks, guys. That is reassuring. I guess I am way off. I'm so confused on how aid works. Fortunately, I never had to depend on aid for my UG (scholarships covered all direct expenses). However, my brother is a Ph.D. student at Stanford and he was denied aid at Stanford when he applied 4 years ago, so I was wondering if its the same situation...


I think someone else said that aid and loans are two different things. It doesn't matter how much money you have in assets, you should still be able to get loans. I don't know your brother's situation though.

And I agree with you... I just don't want my parents to keep paying for me for everything. Obviously, it's convenient, and I'm blessed that I was able to focus on my studies and not worry about how to pay for them... but I realized that I'm really behind my peers when it comes to being "responsible" with money. And I can tell that my boyfriend is worried. =/

User avatar
TheTopBloke
Posts: 486
Joined: Sat Jun 13, 2009 7:29 pm

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

Postby TheTopBloke » Fri Jan 08, 2010 11:11 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:


Shut up and take the money. If they make 'an obscene amount of money', then they won't mind paying cash for your education, and you won't have debt when you graduate. So, don't be silly, take the money.

User avatar
kalvano
Posts: 11718
Joined: Mon Sep 07, 2009 2:24 am

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

Postby kalvano » Sat Jan 09, 2010 12:02 am

billyez wrote:Ya'll



It's spelled y'all.









Shut up, it bothers me.

User avatar
Tangerine Gleam
Posts: 1349
Joined: Wed Jul 01, 2009 4:50 pm

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

Postby Tangerine Gleam » Sat Jan 09, 2010 12:20 am

kalvano wrote:
billyez wrote:Ya'll



It's spelled y'all.









Shut up, it bothers me.


Native Southerner +1

User avatar
adrib
Posts: 283
Joined: Mon Jun 08, 2009 6:03 pm

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

Postby adrib » Sat Jan 09, 2010 12:32 am

Tangerine Gleam wrote:
kalvano wrote:
billyez wrote:Ya'll



It's spelled y'all.









Shut up, it bothers me.


Native Southerner +1

Texan +1

User avatar
thalassocrat
Posts: 488
Joined: Wed Sep 23, 2009 8:07 pm

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

Postby thalassocrat » Sat Jan 09, 2010 12:39 am

Tangerine Gleam wrote:
kalvano wrote:
billyez wrote:Ya'll



It's spelled y'all.









Shut up, it bothers me.


Native Southerner +1


+2

User avatar
YCrevolution
Posts: 4714
Joined: Sat Oct 25, 2008 1:25 am

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

Postby YCrevolution » Sun Jan 10, 2010 3:33 pm

..

User avatar
faceman9000
Posts: 95
Joined: Fri Jul 17, 2009 1:34 am

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

Postby faceman9000 » Sun Jan 10, 2010 3:45 pm

This is quite the dilemma to have indeed...

User avatar
Drake014
Posts: 886
Joined: Tue Jan 13, 2009 4:22 pm

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

Postby Drake014 » Sun Jan 10, 2010 3:50 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:


Why not just let them pay? If you're a failure in life, they'll just end up paying for your loans and debt anyway. If you succeed, then no harm, no foul. How much character will paying for law school really build when you know in your heart of hearts you have a safety net just waiting to kick in?

User avatar
BC2010
Posts: 41
Joined: Wed Sep 30, 2009 10:40 am

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

Postby BC2010 » Sun Jan 10, 2010 4:08 pm

Yeah it's already been said but... take out a zero-interest "loan" from your parents.

That's what I'm doing, and my parents aren't even that loaded (although they don't make a salary so I guess I'm better of then you :lol: ). It just makes more sense: Your parents have a pool of money probably doing shit in the market right now anyway. You take it for a few years and return it in time for them to install the jacuzzi in their summer home when they retire. You're paying something like an extra 40-50k on a 6.8% loan depending on how long it takes you to pay it off.

Also, your parents have probably put a lot of assets in your name by now (you know just in case..) and that will not bode well on your FAFSA.

Thomas Sutpen
Posts: 19
Joined: Sun Jan 17, 2010 11:47 pm

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

Postby Thomas Sutpen » Mon Jan 18, 2010 1:05 am

thalassocrat wrote:
Tangerine Gleam wrote:
kalvano wrote:
billyez wrote:Ya'll



It's spelled y'all.









Shut up, it bothers me.


Native Southerner +1


+2


+3 Future pretentious judge who corrects witness' grammar during testimony.




Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 1 guest