Getting Financial Aid for Living Expenses

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
stckfghtr
Posts: 4
Joined: Fri Mar 04, 2011 5:33 pm

Getting Financial Aid for Living Expenses

Postby stckfghtr » Fri Mar 04, 2011 5:51 pm

I am considering applying to law school but I am concerned about the cost. Does anyone know if there is a cap on how much you can get for living expenses? I currently have a mortgage and I really don't want to work full time while going to school, but if I can't get a loan to cover my mortgage/utilities/etc, law school will not be an option for me.

Has anyone else experienced this? I haven't talked to too many people, but no one I know of so far has a mortgage so they can all pinch their pennies to make it work. Any info is appreciated ... thanks!

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bk1
Posts: 18425
Joined: Sun Mar 14, 2010 7:06 pm

Re: Getting Financial Aid for Living Expenses

Postby bk1 » Fri Mar 04, 2011 5:55 pm

The government has limits on Stafford loans (20.5k/year, iirc) but there is a cap on GradPLUS loans (which law students use to fill the gap between the Stafford loans and the 60-70k/year that it costs to go to some schools once cost of living is factored in). You are allowed to take out loans for up to the full cost of attendance (which includes tuition, fees, cost of living, etc), minus any scholarships you may be receiving. I also believe, but am not 100% sure about it, that you can confer with the school's financial aid office to alter your loan amounts.

skippy1
Posts: 96
Joined: Tue Aug 10, 2010 1:56 am

Re: Getting Financial Aid for Living Expenses

Postby skippy1 » Wed Mar 09, 2011 1:28 am

I am interested in this as well.
From what I know the loans are based on COA. Does anyone know if COA is a a set number that is the same for all students or does it vary for each student. For example, if a student has car payments and existing financial obligations that will continue even when the student is enrolled, this would not be included in the standard COA listed on the school website. What happens in a situation like this? Thanks!




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