Law School Financial Aid for Dummies?

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kaya_belly
Posts: 45
Joined: Sat Jan 30, 2010 1:00 pm

Law School Financial Aid for Dummies?

Postby kaya_belly » Sun Feb 14, 2010 1:35 pm

Can someone break this financial aid process down for me?

I have sent in the FASFA already, and my family contribution came out to around $5,000. What exactly does that mean? If I am only eligible for Stafford loans, does this mean that I can only get the max minus $5,000?

Also, what exactly is need access? Is that a specific type of need-based loan? Do only certains schools offer it? I am only applying to a few schools, and the only need-based aid loan info that I have come across is regarding Perkins loans. And the info that I read seemed to say that you are only eligible for this loan if you can demonstrate a significant need. My household income was around $75,000 last year, and although I certainly think of myself as financially needy, I am not sure I will qualify.

Is there anything that I am missing? Thank you for any and all help. I have been out of school for a number of years, so this process is a little lost on me.

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englawyer
Posts: 1270
Joined: Wed Feb 14, 2007 10:57 pm

Re: Law School Financial Aid for Dummies?

Postby englawyer » Tue Feb 16, 2010 1:52 pm

you will be able to take out as many loans as you want from the private sector provided you have good credit. financial aid is more about grants and subsidized loans from the gov't.

the process works like this.

FAFSA: contribution expected based on YOU alone.

+

SCHOOL FINANCIAL AID PROCESS: contribution expected based on YOU and YOUR PARENTS.

=

Amount of grants and subsidized loans you will get. You pay the rest in cash or take out private educational loans.


you will need to get your parents info even if they will not be paying a dime. most likely, this is to favor those from poor backgrounds over wealthy backgrounds. they probably don't want to give the george bush's of the world a substantial grant to attend law school.

each school has their own financial aid budget, so the need-based grants and loans can also come from there.

Anonymous Loser
Posts: 568
Joined: Fri Sep 11, 2009 11:17 am

Re: Law School Financial Aid for Dummies?

Postby Anonymous Loser » Tue Feb 16, 2010 2:51 pm

Financial Aid for Dummies

Note that this is a few years old: while most information is still current, some school-specific requirements may have changed.

This post used to be available here on TLS, but seems to have disappeared. It's a shame; sockpuppet was the most valuable poster the TLS community has ever had.




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