Spending Money

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
Mike19
Posts: 54
Joined: Wed Jan 20, 2010 1:05 pm

Spending Money

Postby Mike19 » Wed Jan 20, 2010 1:11 pm

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.

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Aeroplane
Posts: 473
Joined: Sat Feb 28, 2009 7:40 pm

Re: Spending Money

Postby Aeroplane » Wed Jan 20, 2010 1:14 pm

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
Posts: 54
Joined: Wed Jan 20, 2010 1:05 pm

Re: Spending Money

Postby Mike19 » Wed Jan 20, 2010 1:15 pm

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
Posts: 285
Joined: Sun Aug 23, 2009 8:14 pm

Re: Spending Money

Postby angioletto » Wed Jan 20, 2010 4:48 pm

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.

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ShibaDan
Posts: 337
Joined: Fri Jun 22, 2007 11:34 am

Re: Spending Money

Postby ShibaDan » Fri Jan 22, 2010 4:35 am

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.

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ShibaDan
Posts: 337
Joined: Fri Jun 22, 2007 11:34 am

Re: Spending Money

Postby ShibaDan » Fri Jan 22, 2010 4:36 am

angioletto wrote: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?

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im_blue
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Joined: Sun Apr 12, 2009 3:53 am

Re: Spending Money

Postby im_blue » Fri Jan 22, 2010 6:15 am

def2104 wrote:
angioletto wrote: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.

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ShibaDan
Posts: 337
Joined: Fri Jun 22, 2007 11:34 am

Re: Spending Money

Postby ShibaDan » Sat Jan 23, 2010 2:09 am

im_blue wrote:
def2104 wrote:
angioletto wrote: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!




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