$40K+ EFC. Now what?

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

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$40K+ EFC. Now what?

Postby Dignan » Sun Feb 07, 2010 9:21 pm

I am currently employed and am making a little over $100k per year. Apparently because of this, my EFC is over 40K for the 2010-11 academic year. During my first year of law school, my income will be around 0. I have a little bit of money saved up, but not nearly enough to shell out 40K per year while I attend law school.

I'm sure this question has been asked before, but what are my options for financial aid? If I decide to pay sticker at a law school, am I going to have to take out a private bank loan to finance my law school education?

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thalassocrat

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Re: $40K+ EFC. Now what?

Postby thalassocrat » Sun Feb 07, 2010 9:26 pm

Dignan wrote:I am currently employed and am making a little over $100k per year. Apparently because of this, my EFC is over 40K for the 2010-11 academic year. During my first year of law school, my income will be around 0. I have a little bit of money saved up, but not nearly enough to shell out 40K per year while I attend law school.

I'm sure this question has been asked before, but what are my options for financial aid? If I decide to pay sticker at a law school, am I going to have to take out a private bank loan to finance my law school education?


No, even if your EFC were $40 million you'd still be able to take out the full cost of tuition + COL in a combination of Stafford and GradPLUS loans. Just like it's been said in just about every other thread where this question's asked.

narkizopoint

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Re: $40K+ EFC. Now what?

Postby narkizopoint » Sun Feb 07, 2010 9:28 pm

Yeah, you are going to have to get a loan. I suppose the assumption from the aid office side is that you were saving up some of that 100k a year to go to law school instead of feeding that nasty coke habit...

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Dignan

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Re: $40K+ EFC. Now what?

Postby Dignan » Sun Feb 07, 2010 9:30 pm

thalassocrat wrote:
Dignan wrote:I am currently employed and am making a little over $100k per year. Apparently because of this, my EFC is over 40K for the 2010-11 academic year. During my first year of law school, my income will be around 0. I have a little bit of money saved up, but not nearly enough to shell out 40K per year while I attend law school.

I'm sure this question has been asked before, but what are my options for financial aid? If I decide to pay sticker at a law school, am I going to have to take out a private bank loan to finance my law school education?


No, even if your EFC were $40 million you'd still be able to take out the full cost of tuition + COL in a combination of Stafford and GradPLUS loans. Just like it's been said in just about every other thread where this question's asked.

I apologize for asking an oft-repeated question; I am new to the FA forum and a quick search didn't reveal an answer. Anyway, thank you for answering.

luckyjd

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Re: $40K+ EFC. Now what?

Postby luckyjd » Sun Feb 07, 2010 10:05 pm

Dignan wrote:I am currently employed and am making a little over $100k per year. Apparently because of this, my EFC is over 40K for the 2010-11 academic year. During my first year of law school, my income will be around 0. I have a little bit of money saved up, but not nearly enough to shell out 40K per year while I attend law school.

I'm sure this question has been asked before, but what are my options for financial aid? If I decide to pay sticker at a law school, am I going to have to take out a private bank loan to finance my law school education?


It should change after your first year, since your income would go down to zero right?



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