retirement income and financial aid for an older student?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
marg56
Posts: 2
Joined: Sun Jan 23, 2011 3:24 pm

retirement income and financial aid for an older student?

Postby marg56 » Sun Jan 23, 2011 3:41 pm

Hi,

I'm new here and have not yet come across the information that I'm specifically looking for. Hopefully I'm not asking a question that's been beaten to death already. I graduated from undergraduate in 2001 from a competitive school with a pretty good GPA (3.7). I haven't yet taken the LSAT but am studying now and am hopeful that I'll get a good score, based on previous scores that I received for standardized tests. My question has to do with my chances of getting need-based or merit-based aid. As I've been working for the past 10 years I have some savings in a 401k and I also purchased a home a few years ago. I was laid off about a year ago so now have very little income or savings outside of the 401k. As for the home, I'm actually a co-investor in it with one of my siblings, though the title and mortgage are in my name. I'm not really sure you could count it as a financial asset, given the mortgage payments that are due on it!

Am I unlikely to receive aid due to my savings or age?

Thanks!

ran12
Posts: 1003
Joined: Sun Oct 31, 2010 4:28 pm

Re: retirement income and financial aid for an older student?

Postby ran12 » Sun Jan 23, 2011 6:46 pm

marg56 wrote:Hi,

I'm new here and have not yet come across the information that I'm specifically looking for. Hopefully I'm not asking a question that's been beaten to death already. I graduated from undergraduate in 2001 from a competitive school with a pretty good GPA (3.7). I haven't yet taken the LSAT but am studying now and am hopeful that I'll get a good score, based on previous scores that I received for standardized tests. My question has to do with my chances of getting need-based or merit-based aid. As I've been working for the past 10 years I have some savings in a 401k and I also purchased a home a few years ago. I was laid off about a year ago so now have very little income or savings outside of the 401k. As for the home, I'm actually a co-investor in it with one of my siblings, though the title and mortgage are in my name. I'm not really sure you could count it as a financial asset, given the mortgage payments that are due on it!

Am I unlikely to receive aid due to my savings or age?

Thanks!


Any significant money you receive will be based on your GPA and LSAT. Need based aid is not that common and minimal to the point that it makes little if any real difference. Idk if you're taking Feb LSAT and thinking of applying late or taking June and applying next cycle but the sooner you apply and are accepted, the better your chances of getting money.

sarahh
Posts: 610
Joined: Wed Sep 08, 2010 2:36 pm

Re: retirement income and financial aid for an older student?

Postby sarahh » Mon Jan 24, 2011 3:20 pm

ran12 wrote:
marg56 wrote:Hi,

I'm new here and have not yet come across the information that I'm specifically looking for. Hopefully I'm not asking a question that's been beaten to death already. I graduated from undergraduate in 2001 from a competitive school with a pretty good GPA (3.7). I haven't yet taken the LSAT but am studying now and am hopeful that I'll get a good score, based on previous scores that I received for standardized tests. My question has to do with my chances of getting need-based or merit-based aid. As I've been working for the past 10 years I have some savings in a 401k and I also purchased a home a few years ago. I was laid off about a year ago so now have very little income or savings outside of the 401k. As for the home, I'm actually a co-investor in it with one of my siblings, though the title and mortgage are in my name. I'm not really sure you could count it as a financial asset, given the mortgage payments that are due on it!

Am I unlikely to receive aid due to my savings or age?

Thanks!


Any significant money you receive will be based on your GPA and LSAT. Need based aid is not that common and minimal to the point that it makes little if any real difference. Idk if you're taking Feb LSAT and thinking of applying late or taking June and applying next cycle but the sooner you apply and are accepted, the better your chances of getting money.


Well, it depends on the school. A few give out a significant amount of need aid. You don’t put your retirement assets on FAFSA, but I think many schools will consider 50% of its value. For the home, the mortgage payments don’t matter – what matters is your equity (value of home – mortgage amount). In this market, it is common to have little or even negative equity.

marg56
Posts: 2
Joined: Sun Jan 23, 2011 3:24 pm

Re: retirement income and financial aid for an older student?

Postby marg56 » Sun Jan 30, 2011 1:59 am

Thanks so much for the responses. I had trouble finding trouble finding information on these particularly issues elsewhere so this forum has been a valuable find for me. I suppose I'm off to study!




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