Does anyone have an idea of the extent to which financial assets are taken into account in determining eligibility for need-based grants? Would have $20-30K in savings preclude me from receiving any grant money?
Basically, I am wondering if there is a general threshold for savings and cash assets. My situation is that I have a whole bunch of low interest UG debt. I could either pay that off before law school, or use some of that in place of the much higher interest Grad Plus loans in paying for 1L. Basically, I'm trying to determine if I would be better served by paying down my UG debt now and reducing my cash balance for the FAFSa/Need-Access, or keeping the money to reduce my debt that will be accumulated during LS.
I realize that need-based grants are exceedingly rare outside of HYS, CLS, and Boalt. Still, given the remote chance of reducing my debt burden by a few Gs, I figure that it's worth contemplating. I'm looking at one of MVP. Oh yeah, and I also have a 1/3 tuition scholarship, so that might further prevent me from qualifying for any need-based aid...
Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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I'm pretty sure cash in investment or savings is considered. Equity in a house is, so I don't know why that wouldn't be...
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