Parental Contribution

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
christinalsat
Posts: 147
Joined: Mon Jan 11, 2010 10:27 am

Parental Contribution

Postby christinalsat » Tue Feb 22, 2011 10:35 am

I noticed that most schools expect a parental contribution of at least 50 percent (I'll be 27 upon entering law school). Given my parents' limited financial means, I wasn't planning on seeking my parent's help with paying for law school. Yet my parents and I are also concerned that putting down "zero" might hurt me in terms of the grants I'll be awarded. More specifically, we're worried that I will be given loans in the absence of their contribution and not grants.

In the end, my parents are willing to help me pay for law school, but can't contribute more than a few thousand dollars. In the grand scheme of things, I'm not sure that will change much in terms of the grants/loans I receive other than placing an extra burden on them. Any advice on what number I should put down?

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Eugenie Danglars
Posts: 2353
Joined: Wed Jul 07, 2010 12:04 pm

Re: Parental Contribution

Postby Eugenie Danglars » Wed Feb 23, 2011 9:27 am

Where are you getting that most schools expect a 50% contribution? I haven't seen that anywhere.

christinalsat wrote: Yet my parents and I are also concerned that putting down "zero" might hurt me in terms of the grants I'll be awarded.


What are you filling out here?

christinalsat
Posts: 147
Joined: Mon Jan 11, 2010 10:27 am

Re: Parental Contribution

Postby christinalsat » Wed Feb 23, 2011 9:39 am

On the Harvard and Yale websites, they say they expect a 50% parental contribution for students between the ages of 27-28. I haven't seen what other schools' formulas are, but I assume they're similar.

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

Re: Parental Contribution

Postby sarahh » Wed Feb 23, 2011 10:16 pm

christinalsat wrote:On the Harvard and Yale websites, they say they expect a 50% parental contribution for students between the ages of 27-28. I haven't seen what other schools' formulas are, but I assume they're similar.


No, I think you are misunderstanding what they are saying. Harvard says that if you are 27, they reduce the expected parental contribution by 50%. (That is probably what Yale means too). So if the expected parental contribution is calculated at $10,000, if you were 27, that would be reduced to $5,000

HOPEFORCHANGE
Posts: 340
Joined: Fri Feb 04, 2011 12:22 am

Re: Parental Contribution

Postby HOPEFORCHANGE » Wed Feb 23, 2011 10:30 pm

Whose parents actually help them pay for law school anyway? Isn't college enough if even that?




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