Three Personal Questions

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.

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Joined: Wed Jan 20, 2010 1:18 am

Three Personal Questions

Postby nimhnimh » Wed Jan 20, 2010 1:24 am

1) My family is currently going through a financial dilemma right now because of the economy. My parents are self-employed and their business was hurt by the recession. They also owe a large amount of debt and will probably be filing for bankruptcy. This all happened during 2009 so it won't be in their income tax forms. If they do file for bankruptcy, how do I go about telling the financial aid offices at law schools? Will they even take this into account when determining my package?

2) Additionally, they will also be filing for divorce and my siblings and I have been in the middle of a nasty separation. I'd like to send an additional statement/letter to the admissions committees just letting them know what I've been going through the past few months and how it has affected me personally. Would this be a bad decision? All my apps have been submitted already, I'd probably just email this statement/addendum. It would be less than one page.

3) My career goal is to be a judge. I guess this would be considered "public interest" or even government. However, I'd like to practice biglaw early on in my career. My personal statement spoke about my public interest career goals and I've been asked by some schools to apply for public interest scholarships. Should I apply for these even though I plan on doing biglaw early on and public interest later in life? Am I obligated to pay back the scholarships if I don't go into public interest right away?


Posts: 228
Joined: Sun Sep 27, 2009 2:32 pm

Re: Three Personal Questions

Postby PoliticalJunkie » Wed Jan 20, 2010 1:38 am

1. If the losses occurred during 2009, the tax returns should show it to some degree - diminished revenue/assets, etc.
FAFSA doesn't take into acct parents, but for those few schools that do require that info, those business losses should be reported in your parents 2009 filing and therefore can be considered. You can even write an addendum providing proof of bankruptcy filing as well.

2. It won't help you that much.....

3. Depends on the program and the school. GULC's program requires public interest but no committal - it's on the honor system. Others require 3-7 years of work. Best to reach out to the school and research the schools you are looking at.

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