Spending Money

[Mike19]

I've read on these forums that a person can take out loans up to the cost of attendance set forth by the school. I was wondering if this includes any form of spending money, or if I am going to have the loans paying for my school and whatever money I had in my pocket before law school being used to carry me through.

I'm sure this has probably been addressed before, but I could not find it.

[Aeroplane]

The cost of attendance includes money for hosing, food, "personal expenses" or some such and is meant to be an adequate amount to live on, including "spending money." Some people will have to adjust their spending drastically downwards.

[Mike19]

Thank you for the reply. I'm pretty sure I can handle whatever they give me, I was just making sure it would be something haha.

[angioletto]

Here's how it works - around the first week of class (maybe the week before) the school receives all of your loan money from your lender(s), takes out what you owe them for tuition and fees and sends you a check for the rest. You cash the check and spend it as you see fit. They assume/expect you to use it for rent, food, utilities, etc but they do not track how you are actually spending it.

[ShibaDan]

I worry because I am coming back from abroad where I made very little money and will have to basically start my life again from scratch for me and my dog. I am seriously worried about my first year's budget. Parents aren't contributing.

[ShibaDan]

Here's how it works - around the first week of class (maybe the week before) the school receives all of your loan money from your lender(s), takes out what you owe them for tuition and fees and sends you a check for the rest. You cash the check and spend it as you see fit. They assume/expect you to use it for rent, food, utilities, etc but they do not track how you are actually spending it.

Can you request more loan money? Do they set the amount?

[im_blue]

Here's how it works - around the first week of class (maybe the week before) the school receives all of your loan money from your lender(s), takes out what you owe them for tuition and fees and sends you a check for the rest. You cash the check and spend it as you see fit. They assume/expect you to use it for rent, food, utilities, etc but they do not track how you are actually spending it.

Can you request more loan money? Do they set the amount?

You usually cannot request more loan money except in unusual circumstances, such as spouse/child, extraordinary medical expenses, laptop for 1L, etc. Every law school has a calculated "cost of attendance" budget which is the maximum amount you're allowed to borrow, along with a breakdown for rent, food, etc which is just a guideline.

[ShibaDan]

Here's how it works - around the first week of class (maybe the week before) the school receives all of your loan money from your lender(s), takes out what you owe them for tuition and fees and sends you a check for the rest. You cash the check and spend it as you see fit. They assume/expect you to use it for rent, food, utilities, etc but they do not track how you are actually spending it.

Can you request more loan money? Do they set the amount?

You usually cannot request more loan money except in unusual circumstances, such as spouse/child, extraordinary medical expenses, laptop for 1L, etc. Every law school has a calculated "cost of attendance" budget which is the maximum amount you're allowed to borrow, along with a breakdown for rent, food, etc which is just a guideline.

Ah, I see but as you pointed out in the other thread it actually works out to be livable. Thanks again!