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How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 4:02 pm
by mcweanis
My parents combined income was 140,000 last year. They have significant loans from my undergrad, a big mortgage and another child in college. Will I quality for any need-based aid from a T-14 school? I don't think my top choice (Columbia) even gives any merit based aid.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 4:19 pm
by FiveSermon
Almost definitely not.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 4:26 pm
by duckmoney
Columbia gives some merit-based aid, but only to people with insane numbers. I doubt you would qualify for need-based aid unless you have serious strains on that income, such as 4 children in college, very sick grandparent, unmanageable debt, etc. Although you'll never know unless you fill out the form.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 7:39 pm
by aspire2more
No. Need-based aid doesn't cover actual need, just whatever the calculations show. I'd be willing to bet they still think you can cover all of your tuition without grants. Still fill out the FAFSA, because you may get lucky but I wouldn't be surprised if your package was 100% loans. Sorry.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 7:41 pm
by thecilent
If anyone knows, what kind of parent income is low enough to get some good need-based aid?

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 7:59 pm
by aspire2more
thecilent wrote:If anyone knows, what kind of parent income is low enough to get some good need-based aid?


Well obviously if they are either unemployed, on food stamps, living in subsidized housing, or are getting some other type of government aid for low income individuals/families, you're in a better position to get a need-based grant. Other than that, I really can't say. If you fill out the FAFSA and your EFC is $0, you're in great shape for getting a need-based grant!

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 8:02 pm
by thecilent
aspire2more wrote:
thecilent wrote:If anyone knows, what kind of parent income is low enough to get some good need-based aid?


Well obviously if they are either unemployed, on food stamps, living in subsidized housing, or are getting some other type of government aid for low income individuals/families, you're in a better position to get a need-based grant. Other than that, I really can't say. If you fill out the FAFSA and your EFC is $0, you're in great shape for getting a need-based grant!

*crosses fingers*

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 9:54 pm
by rundoxierun
Ive heard of ppl with family incomes in the 60k range getting full grant at HYS(meaning EFC=0). With 140k income you def shouldnt be expecting any significant amount of aid though.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:00 pm
by mcweanis
ahh that's why i hate the need access though.. i'm an independent now and my parents aren't going to help with my tuition at all, and I make 20k a year!

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:02 pm
by kwais
mcweanis wrote:ahh that's why i hate the need access though.. i'm an independent now and my parents aren't going to help with my tuition at all, and I make 20k a year!


+1 I think it's even funny that they think a family making 100k can somehow come up with 70k for tuition and expenses. EFC is a joke.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:04 pm
by Stanford4Me
Sorry to be a debby-downer, but need-based aid is virtually nonexistent in law school. Of course, you'll be able to get subsidized loans and stuff, but need-based is pretty much a no go.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:06 pm
by fatduck
kwais wrote:
mcweanis wrote:ahh that's why i hate the need access though.. i'm an independent now and my parents aren't going to help with my tuition at all, and I make 20k a year!


+1 I think it's even funny that they think a family making 100k can somehow come up with 70k for tuition and expenses. EFC is a joke.

yea it's crazy. they should at least give out loans.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:06 pm
by dextermorgan
Stanford4Me wrote:Sorry to be a debby-downer, but need-based aid is virtually nonexistent in law school. Of course, you'll be able to get subsidized loans and stuff, but need-based is pretty much a no go.

No one will believe you (except me).

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:11 pm
by mcweanis
on my fafsa, my efc is 0 - but i had to fill out my parents info on needaccess..

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:11 pm
by Miracle
Its normal for someone with EFC=0 to get 20,000 in grant aid

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:14 pm
by Miracle
mcweanis wrote:My parents combined income was 140,000 last year. They have significant loans from my undergrad, a big mortgage and another child in college. Will I quality for any need-based aid from a T-14 school? I don't think my top choice (Columbia) even gives any merit based aid.


I wish my parents made that much! Need aid is for someone like myself whose parents make less than 50,000 together, not you

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:15 pm
by Stanford4Me
dextermorgan wrote:
Stanford4Me wrote:Sorry to be a debby-downer, but need-based aid is virtually nonexistent in law school. Of course, you'll be able to get subsidized loans and stuff, but need-based is pretty much a no go.

No one will believe you (except me).

*sigh*
mcweanis wrote:on my fafsa, my efc is 0 - but i had to fill out my parents info on needaccess..

Mine was too. The only reason you fill out a FAFSA is so you can get government loans.


To be clear, I should probably explain why need-based aid doesn't exist (or at least what has been explained to me). Unless you have some crazy, jacked up credit (multiple defaults, missed payments, bankruptcy) you are virtually guaranteed to qualify for government-provided loans (well . . . all educational loans are government-provided, now). Some of these loans will be subsidized, others will be unsubsidized. Someone told me that grad schools expect you to pay your own way, or something like that.

That being said, apply to as many (merit-based) scholarship programs at each school as is possible. You may think you don't qualify/won't get accepted but you'll be surprised. I can't tell you how angry I was after I found out I could have gotten more scholarship money if I would have either a) applied to a wider range of scholarship programs, or b) bargained more effectively for an increase in my current scholarship.

As always, fell free to PM me for more info. If anyone has any information that contradicts this, feel free to provide. Just don't try to refute this by saying "well I think," or "it seems like . . ." because you're probably wrong.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:19 pm
by beachbum
Wait, so what is the consensus on this? Is need-based aid a myth or no?

My EFC is 0 and my total family income is ~$70k. (Parents are divorced and father is living almost entirely off of Social Security/VA disability). Is this in the ballpark of those elusive need-based grants?

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:25 pm
by mcweanis
Miracle wrote:
mcweanis wrote:My parents combined income was 140,000 last year. They have significant loans from my undergrad, a big mortgage and another child in college. Will I quality for any need-based aid from a T-14 school? I don't think my top choice (Columbia) even gives any merit based aid.


I wish my parents made that much! Need aid is for someone like myself whose parents make less than 50,000 together, not you


It's true that my parents make a lot more money, but they're no more capable (or even willing) to help pay for law school - so doesn't that mean we should get the same amount of aid, depending on our previous debt/savings?

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:26 pm
by Miracle
beachbum wrote:Wait, so what is the consensus on this? Is need-based aid a myth or no?

My EFC is 0 and my total family income is ~$70k. (Parents are divorced and father is living almost entirely off of Social Security/VA disability). Is this in the ballpark of those elusive need-based grants?


How can it be a myth if a lot of our own TLS friends have received need based aid.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:27 pm
by Miracle
mcweanis wrote:
Miracle wrote:
mcweanis wrote:My parents combined income was 140,000 last year. They have significant loans from my undergrad, a big mortgage and another child in college. Will I quality for any need-based aid from a T-14 school? I don't think my top choice (Columbia) even gives any merit based aid.


I wish my parents made that much! Need aid is for someone like myself whose parents make less than 50,000 together, not you


It's true that my parents make a lot more money, but they're no more capable (or even willing) to help pay for law school - so doesn't that mean we should get the same amount of aid, depending on our previous debt/savings?


If they are not capable to pay for your law school then that's what you call living beyond your means.

Not willing-I never understood that one either.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:28 pm
by beachbum
Miracle wrote:
beachbum wrote:Wait, so what is the consensus on this? Is need-based aid a myth or no?

My EFC is 0 and my total family income is ~$70k. (Parents are divorced and father is living almost entirely off of Social Security/VA disability). Is this in the ballpark of those elusive need-based grants?


How can it be a myth if a lot of our own TLS friends have received need based aid.


I hope you're right. A little would go a long way.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:30 pm
by Miracle
beachbum wrote:
Miracle wrote:
beachbum wrote:Wait, so what is the consensus on this? Is need-based aid a myth or no?

My EFC is 0 and my total family income is ~$70k. (Parents are divorced and father is living almost entirely off of Social Security/VA disability). Is this in the ballpark of those elusive need-based grants?


How can it be a myth if a lot of our own TLS friends have received need based aid.


I hope you're right. A little would go a long way.


A lot of people think 20,000 is not a lot. If a school gives me 20,000-i'll take it.

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 10:31 pm
by mcweanis
Miracle wrote:
mcweanis wrote:
Miracle wrote:
mcweanis wrote:My parents combined income was 140,000 last year. They have significant loans from my undergrad, a big mortgage and another child in college. Will I quality for any need-based aid from a T-14 school? I don't think my top choice (Columbia) even gives any merit based aid.


I wish my parents made that much! Need aid is for someone like myself whose parents make less than 50,000 together, not you


It's true that my parents make a lot more money, but they're no more capable (or even willing) to help pay for law school - so doesn't that mean we should get the same amount of aid, depending on our previous debt/savings?


If they are not capable to pay for your law school then that's what you call living beyond your means.

Not willing-I never understood that one either.


I don't really think it's living beyond your means to not have 60,000 extra dollars around to throw at your grown-up kid

Re: How much income is too much for need-based aid?

Posted: Wed Mar 02, 2011 11:03 pm
by Stanford4Me
Miracle wrote:
If they are not capable to pay for your law school then that's what you call living beyond your means.

Not willing-I never understood that one either.


You're fucking 22 - an adult - you should be paying for your own education at this point in life, which is why it is understood that, unless you get merit-aid or are extremely financially needy, you'll be taking out loans. Sheesh.


/rant