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

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
User avatar
fatduck
Posts: 4186
Joined: Mon Sep 13, 2010 10:16 pm

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

Postby fatduck » Wed Mar 02, 2011 11:08 pm

mcweanis wrote: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

you are getting need-based aid. that need-based aid is called loans. your parents make enough money that they should be able to help you out with your loan payments. need-based grants are for people with more extreme financial need than you.

no one expects students to pay their law school tuition in straight cash, homey.
Last edited by fatduck on Wed Mar 02, 2011 11:20 pm, edited 1 time in total.

FiveSermon
Posts: 1507
Joined: Tue Dec 14, 2010 6:56 pm

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

Postby FiveSermon » Wed Mar 02, 2011 11:18 pm

fatduck wrote:
mcweanis wrote: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

you are getting need-based aid. that need-based aid is called loans. your parents make enough money that they should be able to help you out with your loan payments. need-based grants are for people with more extreme financial need than you.

no one expects students to pay their law school tuition in cash, dude.


cash money yo. that's what i wants.

rundoxierun
Posts: 1893
Joined: Wed Dec 03, 2008 1:46 am

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

Postby rundoxierun » Wed Mar 02, 2011 11:53 pm

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.


I wouldnt call it a "myth" but very few schools do actual need based aid. Some schools say they make their aid offers on a combination of merit/need but dont show the amounts for each(absolutely silly when you think about it). One school even said financial aid info was "optional" but that if you submitted they would "consider it"(from my aid package it looks like they didnt). The only non-HYS schools I have heard of offering pure need-based aid are Duke, Berkeley, and Columbia.

With that said, need-based aid is always very limited. Almost all schools expect you to take out AT LEAST about 40k/yr in loans.

User avatar
beachbum
Posts: 2766
Joined: Tue Jun 29, 2010 9:35 pm

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

Postby beachbum » Thu Mar 03, 2011 12:10 am

tkgrrett wrote:I wouldnt call it a "myth" but very few schools do actual need based aid. Some schools say they make their aid offers on a combination of merit/need but dont show the amounts for each(absolutely silly when you think about it). One school even said financial aid info was "optional" but that if you submitted they would "consider it"(from my aid package it looks like they didnt). The only non-HYS schools I have heard of offering pure need-based aid are Duke, Berkeley, and Columbia.


That sounds good enough for me. If I get any substantial amount of need-based aid, I'm going streaking through the quad.

User avatar
FalafelWaffle
Posts: 286
Joined: Tue Mar 01, 2011 12:07 pm

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

Postby FalafelWaffle » Thu Mar 03, 2011 12:19 am

What do people mean by need-based aid? You guys are talking about grants from a school right? Anyone doing graduate studies is eligible for federal loans. No one's entitled to grants, anyone can get a loan. If you're deadset on law school, no matter how foolhardy it may be in your case, you can get the money for it.

Miracle
Posts: 929
Joined: Fri Dec 19, 2008 9:25 pm

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

Postby Miracle » Thu Mar 03, 2011 1:17 am

FalafelWaffle wrote:What do people mean by need-based aid? You guys are talking about grants from a school right? Anyone doing graduate studies is eligible for federal loans. No one's entitled to grants, anyone can get a loan. If you're deadset on law school, no matter how foolhardy it may be in your case, you can get the money for it.


What does this have to do with the price of eggs?

User avatar
androstan
Posts: 2645
Joined: Mon Jul 19, 2010 8:07 am

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

Postby androstan » Thu Mar 03, 2011 9:50 am

beachbum wrote:
tkgrrett wrote:I wouldnt call it a "myth" but very few schools do actual need based aid. Some schools say they make their aid offers on a combination of merit/need but dont show the amounts for each(absolutely silly when you think about it). One school even said financial aid info was "optional" but that if you submitted they would "consider it"(from my aid package it looks like they didnt). The only non-HYS schools I have heard of offering pure need-based aid are Duke, BU, GWU, Berkeley, and Columbia.


That sounds good enough for me. If I get any substantial amount of need-based aid, I'm going streaking through the quad.

viking138
Posts: 223
Joined: Thu Jan 22, 2009 7:55 pm

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

Postby viking138 » Thu Mar 03, 2011 10:04 am

Parents make ~45-50k, I had no income because I was straight out of undergrad, got $50k from Columbia but nothing from anyone else. I'm pretty sure if your parents make more than $100k you won't be getting anything though.

Miracle
Posts: 929
Joined: Fri Dec 19, 2008 9:25 pm

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

Postby Miracle » Thu Mar 03, 2011 2:21 pm

viking138 wrote:Parents make ~45-50k, I had no income because I was straight out of undergrad, got $50k from Columbia but nothing from anyone else. I'm pretty sure if your parents make more than $100k you won't be getting anything though.


50,000 for all three years combined?

CP2323
Posts: 67
Joined: Sun Feb 20, 2011 6:25 pm

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

Postby CP2323 » Thu Mar 03, 2011 5:05 pm

What about for us older folks?

I make about 50K and that will go away when I enter Law School. I have three children and a wife and technically will have 0 taxable income.

If I get into a top law school will I see any need based aid? :mrgreen:

09042014
Posts: 18282
Joined: Wed Oct 14, 2009 10:47 pm

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

Postby 09042014 » Thu Mar 03, 2011 5:13 pm

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.


Nobody who makes 140K will able to send a kid to law school at sticker unless they live at the poverty level. After taxes 140 is more like 95K. That leaves 25K/year to live on.

Not willing? Why should parents pay for an adults education. We aren't all 18.

Other than at HYS it's mostly myth.

User avatar
dood
Posts: 1639
Joined: Tue Apr 21, 2009 11:59 am

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

Postby dood » Thu Mar 03, 2011 5:41 pm

yo OP: why dont u just fill out a FAFSA to get a definitive answer?

sarahlawg
Posts: 1001
Joined: Fri Jun 25, 2010 5:59 pm

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

Postby sarahlawg » Sat Mar 05, 2011 10:51 am

androstan wrote:
beachbum wrote:
tkgrrett wrote:I wouldnt call it a "myth" but very few schools do actual need based aid. Some schools say they make their aid offers on a combination of merit/need but dont show the amounts for each(absolutely silly when you think about it). One school even said financial aid info was "optional" but that if you submitted they would "consider it"(from my aid package it looks like they didnt). The only non-HYS schools I have heard of offering pure need-based aid are Duke, BU, UCLA, GWU, Berkeley, and Columbia.





Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 3 guests