Need based Aid

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
005618502
Posts: 2577
Joined: Thu May 06, 2010 10:56 pm

Need based Aid

Postby 005618502 » Tue Oct 19, 2010 2:57 pm

Which schools give need based aid in the T14. Also does your parents financial aid go into the calculation as well?

I know this may very from school to school but i am very uninformed as to law school financial aid outside of scholarships.

User avatar
im_blue
Posts: 3276
Joined: Sun Apr 12, 2009 3:53 am

Re: Need based Aid

Postby im_blue » Tue Oct 19, 2010 3:07 pm

HYS aid is need-based only. I think Berkeley gives need-based aid, and the rest of the T14 gives aid on a combination of merit and need.

005618502
Posts: 2577
Joined: Thu May 06, 2010 10:56 pm

Re: Need based Aid

Postby 005618502 » Tue Oct 19, 2010 3:43 pm

Does it help you/hurt you if you are married?

User avatar
djjf39
Posts: 182
Joined: Tue May 25, 2010 4:32 pm

Re: Need based Aid

Postby djjf39 » Tue Oct 19, 2010 3:48 pm

jt1341 wrote:Does it help you/hurt you if you are married?


I would think it depends largely on your spouse's finances. If they do well, then I would think you would be looking at less need-based aid. If they are in a low income bracket, that would seem to help you.

If you are married with a child, then that would also seem to boost your chances of need based aid.

All of the above is conjecture based on prior FA dealings^^

005618502
Posts: 2577
Joined: Thu May 06, 2010 10:56 pm

Re: Need based Aid

Postby 005618502 » Tue Oct 19, 2010 3:51 pm

djjf39 wrote:
jt1341 wrote:Does it help you/hurt you if you are married?


I would think it depends largely on your spouse's finances. If they do well, then I would think you would be looking at less need-based aid. If they are in a low income bracket, that would seem to help you.

If you are married with a child, then that would also seem to boost your chances of need based aid.

All of the above is conjecture based on prior FA dealings^^


Thank you for the help. Would having a spouse (very low income, still in school, we are not married yet) make it so my parents are not included in the equation? that would ultimately screw me if parents were included as they make way to much to not help me pay for law school.... yet they arent :(

User avatar
paratactical
Posts: 5961
Joined: Wed Feb 04, 2009 1:06 pm

Re: Need based Aid

Postby paratactical » Tue Oct 19, 2010 3:53 pm

jt1341 wrote:
djjf39 wrote:
jt1341 wrote:Does it help you/hurt you if you are married?


I would think it depends largely on your spouse's finances. If they do well, then I would think you would be looking at less need-based aid. If they are in a low income bracket, that would seem to help you.

If you are married with a child, then that would also seem to boost your chances of need based aid.

All of the above is conjecture based on prior FA dealings^^


Thank you for the help. Would having a spouse (very low income, still in school, we are not married yet) make it so my parents are not included in the equation? that would ultimately screw me if parents were included as they make way to much to not help me pay for law school.... yet they arent :(


Umm... She is not your "spouse" if you aren't married.

User avatar
djjf39
Posts: 182
Joined: Tue May 25, 2010 4:32 pm

Re: Need based Aid

Postby djjf39 » Tue Oct 19, 2010 3:56 pm

jt1341 wrote:
djjf39 wrote:
jt1341 wrote:Does it help you/hurt you if you are married?


I would think it depends largely on your spouse's finances. If they do well, then I would think you would be looking at less need-based aid. If they are in a low income bracket, that would seem to help you.

If you are married with a child, then that would also seem to boost your chances of need based aid.

All of the above is conjecture based on prior FA dealings^^


Thank you for the help. Would having a spouse (very low income, still in school, we are not married yet) make it so my parents are not included in the equation? that would ultimately screw me if parents were included as they make way to much to not help me pay for law school.... yet they arent :(



Varies from school to school. Call and ask the FA people ate each of your schools, but the breakdown for most goes something like: if your parents have not paid tuition for your UG or co-signed loans or if your parents have not claimed you as a dependent on their taxes for the last two years, then their income will matter less if at all.

Again, school by school this policy varies, but for FAFSA purposes I believe it is necessary to either have filed your own independent taxes for consecutive years or have your parents not claim you as a dependent for consecutive years. Most schools will have an arbitrary age cut-off too, but I have no substantiated idea what that age might be.

User avatar
djjf39
Posts: 182
Joined: Tue May 25, 2010 4:32 pm

Re: Need based Aid

Postby djjf39 » Tue Oct 19, 2010 3:57 pm

paratactical wrote:
Umm... She is not your "spouse" if you aren't married.


Missed that line, haha. Yeah if you aren't actually married (common-law or otherwise) then spousal income will not come into play.

User avatar
vanwinkle
Posts: 9740
Joined: Sun Dec 21, 2008 3:02 am

Re: Need based Aid

Postby vanwinkle » Tue Oct 19, 2010 4:39 pm

jt1341 wrote:Which schools give need based aid in the T14. Also does your parents financial aid go into the calculation as well?

I know this may very from school to school but i am very uninformed as to law school financial aid outside of scholarships.

At practically all schools below HYS, "need-based aid" is given in the form of loans. You'll be eligible for federal loans up to the full cost of tuition and living expenses as long as you meet the requirements (US residency, no delinquent loans, etc.). Your loan eligibility will be largely independent of your parents' or spouse's income, though it may affect eligibility for lower-interest programs like Perkins (which cover relatively small percentages of your total expenses anyway). You'll mostly be getting Stafford and Plus loans regardless of your or your family's income.

Because you're obtaining a professional degree there's an expectation you can repay the loans after graduation, and schools prefer to reserve their limited grant funds and use them for merit awards to attract students with high GPA/LSAT or of diverse backgrounds.

User avatar
4for44
Posts: 209
Joined: Sat Mar 13, 2010 4:05 pm

Re: Need based Aid

Postby 4for44 » Tue Oct 19, 2010 4:55 pm

djjf39 wrote:
paratactical wrote:
Umm... She is not your "spouse" if you aren't married.


Missed that line, haha. Yeah if you aren't actually married (common-law or otherwise) then spousal income will not come into play.


Pretty sure he means IF he gets married... Not the best reason to tie the knot... but might be an okay reason to expedite the process :)

User avatar
Veyron
Posts: 3598
Joined: Fri Jan 08, 2010 3:50 am

Re: Need based Aid

Postby Veyron » Tue Oct 19, 2010 4:55 pm

jt1341 wrote:Which schools give need based aid in the T14. Also does your parents financial aid go into the calculation as well?

I know this may very from school to school but i am very uninformed as to law school financial aid outside of scholarships.


All say they do, only HYS really do with any frequency.

005618502
Posts: 2577
Joined: Thu May 06, 2010 10:56 pm

Re: Need based Aid

Postby 005618502 » Tue Oct 19, 2010 6:12 pm

4for44 wrote:
djjf39 wrote:
paratactical wrote:
Umm... She is not your "spouse" if you aren't married.


Missed that line, haha. Yeah if you aren't actually married (common-law or otherwise) then spousal income will not come into play.


Pretty sure he means IF he gets married... Not the best reason to tie the knot... but might be an okay reason to expedite the process :)


haha yes planning on getting married before law school, and no not for financial aid reasons.

Sounds like i will be mainly getting loans, how nice.

Say one has an "EFC" of 0 and is going to HYS, would they go to school for close to free since they have such high need?

User avatar
joeshmo39
Posts: 533
Joined: Tue Jun 09, 2009 5:15 am

Re: Need based Aid

Postby joeshmo39 » Tue Oct 19, 2010 6:17 pm

jt1341 wrote:
4for44 wrote:
djjf39 wrote:
paratactical wrote:
Umm... She is not your "spouse" if you aren't married.


Missed that line, haha. Yeah if you aren't actually married (common-law or otherwise) then spousal income will not come into play.


Pretty sure he means IF he gets married... Not the best reason to tie the knot... but might be an okay reason to expedite the process :)


haha yes planning on getting married before law school, and no not for financial aid reasons.

Sounds like i will be mainly getting loans, how nice.

Say one has an "EFC" of 0 and is going to HYS, would they go to school for close to free since they have such high need?


My impression is... no. I mean, EFC does not really factor into law school financial aid. Since we are all over 18, virtually all over 21, we are considered adults and it's not expected our families will contribute.

005618502
Posts: 2577
Joined: Thu May 06, 2010 10:56 pm

Re: Need based Aid

Postby 005618502 » Tue Oct 19, 2010 6:19 pm

Then how do they determine financial aid when most undergrads come in with little to no money....

User avatar
vanwinkle
Posts: 9740
Joined: Sun Dec 21, 2008 3:02 am

Re: Need based Aid

Postby vanwinkle » Tue Oct 19, 2010 6:24 pm

jt1341 wrote:Say one has an "EFC" of 0 and is going to HYS, would they go to school for close to free since they have such high need?

EFC is only one component; HYS will make you fill out supplemental applications to get additional information before giving you need-based aid, where you can report your assets and other things that might change the calculation. If you're 28 or under, HYS will take into account your parents' assets and income as well.

However, if you're 29 or older, had an EFC close to 0, and assets close to 0, then it is possible you'd get a huge need-based grant from one of those schools. You do have to realize that's an incredibly abnormal thing though, since most people who are 29 or older will be in the workforce and making money to support themselves, and hopefully have accrued at least minimal assets by then.

On the other hand, if you come close to qualifying their grants can be generous even if they don't cover full tuition; I say that from personal experience. I'm getting more grant money from HYS than the T14 I transferred from.

lyman03
Posts: 21
Joined: Thu Aug 12, 2010 10:21 am

Re: Need based Aid

Postby lyman03 » Mon Nov 08, 2010 7:08 pm

Vanwinkle, do you have any idea more specifically how HYS calculates your need? I am 29 so my parents' income won't count, I suppose, but I am making a decent but not high salary (which I obviously won't be making anymore when I'm in LS) and have some assets. Is there a certain percentage of your assets they expect you to spend on LS? Or are their specific methods of calculation unknown?

User avatar
LvingLegend
Posts: 72
Joined: Sat Oct 17, 2009 10:15 pm

Re: Need based Aid

Postby LvingLegend » Thu Nov 11, 2010 1:14 pm

Vanwinkle is not telling the truth. The UC (Berkeley, UCLA, Davis, and Hastings) all give out need based grants. At my school I was given 25,000 in need based grants. Call the school and ask or check their website.

ivantheterbl
Posts: 83
Joined: Sat Jun 26, 2010 10:04 am

Re: Need based Aid

Postby ivantheterbl » Fri Nov 12, 2010 12:40 pm

So if I am coming straight from undergrad and am still claimed on my parent's tax forms is it even worth submitting the need based forms? I know that I can get Stafford loans/private loans no matter what, but if I qualified for practically no need based money as an undergrad there is no reason that would change, correct?

User avatar
vanwinkle
Posts: 9740
Joined: Sun Dec 21, 2008 3:02 am

Re: Need based Aid

Postby vanwinkle » Fri Nov 12, 2010 12:43 pm

ivantheterbl wrote:So if I am coming straight from undergrad and am still claimed on my parent's tax forms is it even worth submitting the need based forms? I know that I can get Stafford loans/private loans no matter what, but if I qualified for practically no need based money as an undergrad there is no reason that would change, correct?

I would say it's always worth submitting the forms since you don't know how badly things like your parents' income will impact you until you've submitted everything.

User avatar
vanwinkle
Posts: 9740
Joined: Sun Dec 21, 2008 3:02 am

Re: Need based Aid

Postby vanwinkle » Fri Nov 12, 2010 12:50 pm

LvingLegend wrote:Vanwinkle is not telling the truth. The UC (Berkeley, UCLA, Davis, and Hastings) all give out need based grants. At my school I was given 25,000 in need based grants. Call the school and ask or check their website.

This doesn't really conflict with anything I said.

1) I said "practically all" schools below HYS. I was speaking about how things work generally, which is true, even though there might be a couple schools out there that genuinely do give out large amounts of pure need-based aid.

2) The thing is that most schools award grants on a "combination of merit and need" and it's impossible to know whether it was genuinely financial need or not. You had a 172 LSAT according to your profile, which puts you well above the median of any of the UC schools. Are you positive that merit wasn't a factor in your grant?

09042014
Posts: 18282
Joined: Wed Oct 14, 2009 10:47 pm

Re: Need based Aid

Postby 09042014 » Fri Nov 12, 2010 1:04 pm

vanwinkle wrote:
LvingLegend wrote:Vanwinkle is not telling the truth. The UC (Berkeley, UCLA, Davis, and Hastings) all give out need based grants. At my school I was given 25,000 in need based grants. Call the school and ask or check their website.

This doesn't really conflict with anything I said.

1) I said "practically all" schools below HYS. I was speaking about how things work generally, which is true, even though there might be a couple schools out there that genuinely do give out large amounts of pure need-based aid.

2) The thing is that most schools award grants on a "combination of merit and need" and it's impossible to know whether it was genuinely financial need or not. You had a 172 LSAT according to your profile, which puts you well above the median of any of the UC schools. Are you positive that merit wasn't a factor in your grant?


To back up VW, I know people at Northwestern who had zero dollars coming in, with zero income the year before and they got shit. And Northwestern doesn't consider parents at all. When most schools say need aid they mean they "need" your LSAT.

User avatar
soj
Posts: 7735
Joined: Sat Jan 16, 2010 11:10 pm

Re: Need based Aid

Postby soj » Fri Nov 12, 2010 1:14 pm

Desert Fox wrote:When most schools say need aid they mean they "need" your LSAT.

:lol:

My second-hand information seems to verify VW/DF. Schools are stingy.

User avatar
GinaTheresa
Posts: 52
Joined: Tue Dec 28, 2010 3:19 pm

Re: Need based Aid

Postby GinaTheresa » Tue Feb 01, 2011 2:55 pm

Let's say I had a pretty good job until leaving to go to law school in summer 2011, and I'm using all of my savings to pay a portion of L1 (and loans for the rest), then will I be eligible for need-based aid for L2 and L3? Isn't this the situation for pretty much every non-wealthy law student?

User avatar
GinaTheresa
Posts: 52
Joined: Tue Dec 28, 2010 3:19 pm

Re: Need based Aid

Postby GinaTheresa » Tue Feb 01, 2011 3:24 pm

Anybody know this? Am I missing something really obvious?

User avatar
Veyron
Posts: 3598
Joined: Fri Jan 08, 2010 3:50 am

Re: Need based Aid

Postby Veyron » Tue Feb 01, 2011 5:56 pm

GinaTheresa wrote:Let's say I had a pretty good job until leaving to go to law school in summer 2011, and I'm using all of my savings to pay a portion of L1 (and loans for the rest), then will I be eligible for need-based aid for L2 and L3? Isn't this the situation for pretty much every non-wealthy law student?


No, yes

respectively.




Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 1 guest