Maximizing Need Based Aid / FAFSA for 2012
Posted: Sun Jan 30, 2011 8:24 pm
First, I'd like to say that I understand that need based aid seems to be pretty rare at law schools- my understanding is I'm going to be taking out quite a few loans to go to law school.
With that said, I was just wondering if any TLSers had any comments/insights into how I can maximize my need based aid qualifications for when I plan to enroll into law school in the Fall of 2012 based on my current situation. I graduated in May with about 42K in UG debt and minimal savings or assets from a top 20 UG, which will be down to about 35K after I pay off my high interest rate loan in full this week.
I make about 50K a year and save almost all my money since I live with my parents. My questions come in the form of wondering what I should do with the money I make over the next 18 months to give me the best chance at qualifying for need based aid. Would I be more "needy" if I pay off the loans and so I would have practically no savings and no debt in 2012, or more "needy" if I still have a lot of debt outstanding but a good amount in savings too?
Most of my savings will also go into a brokerage account and my 401k account. What percentage of my brokerage account will schools expect me to contribute to law school? Are assets in 401ks un-reportable on the FAFSA since I can't reach that money until I'm 59 1/2 (and therefore give me more incentive to invest more in my 401k because it gives me a better chance to qualify for aid)?
Just wondering what the best way to handle this situation is because I already have 35K in debt, so if there's any way I could make law school more affordable via need based aid or investing/paying down debt with the money I've made over the last 6 months and will make over the next 18, I'd like to do so.
I also have a 3.85 from a top 20 UG and a 168 on the LSAT (with a possible re-take to try to score 170+ in June) and two year's work experience in consulting at enrollment time, so if anyone has any information on whether I would realistically qualify for any merit scholarships, that would also be much appreciated.
With that said, I was just wondering if any TLSers had any comments/insights into how I can maximize my need based aid qualifications for when I plan to enroll into law school in the Fall of 2012 based on my current situation. I graduated in May with about 42K in UG debt and minimal savings or assets from a top 20 UG, which will be down to about 35K after I pay off my high interest rate loan in full this week.
I make about 50K a year and save almost all my money since I live with my parents. My questions come in the form of wondering what I should do with the money I make over the next 18 months to give me the best chance at qualifying for need based aid. Would I be more "needy" if I pay off the loans and so I would have practically no savings and no debt in 2012, or more "needy" if I still have a lot of debt outstanding but a good amount in savings too?
Most of my savings will also go into a brokerage account and my 401k account. What percentage of my brokerage account will schools expect me to contribute to law school? Are assets in 401ks un-reportable on the FAFSA since I can't reach that money until I'm 59 1/2 (and therefore give me more incentive to invest more in my 401k because it gives me a better chance to qualify for aid)?
Just wondering what the best way to handle this situation is because I already have 35K in debt, so if there's any way I could make law school more affordable via need based aid or investing/paying down debt with the money I've made over the last 6 months and will make over the next 18, I'd like to do so.
I also have a 3.85 from a top 20 UG and a 168 on the LSAT (with a possible re-take to try to score 170+ in June) and two year's work experience in consulting at enrollment time, so if anyone has any information on whether I would realistically qualify for any merit scholarships, that would also be much appreciated.