Should I quit my job?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
vallie84
Posts: 2
Joined: Sun Feb 26, 2012 7:02 pm

Should I quit my job?

Postby vallie84 » Sun Feb 26, 2012 7:19 pm

Hey all - bit of a scenario I'm hoping you can help me with. I will be applying to law school for Fall 2013 - which I believe means they will be looking at my 2012 income to calculate my financial aid. Together, my husband and I make six figures (the bulk of that coming from my income)....but a lot of that money goes toward gas, tolls (I have a really long commute), car repair, dry cleaning, etc -- leaving not a lot left to save toward law school. On paper it looks like we are quite well off but we are not really...which makes me think my EFC will be totally unreasonable. Since my working expenses are so high, I am considering taking a voluntary layoff; this would allow me to collect unemployment, which would cover our living expenses since most of my money now goes to work-related stuff which would no longer be an issue....and it would also make my income for 2012 a lot lower since my husband's salary is not all that much right now (I am assuming this would help me in the financial aid area).

Does it make sense for me to do this or am I totally off in my reasoning? Would it really matter? It's been about a decade since I had to deal with financial aid as an undergrad so I may just be very confused and wrong about the way it all works...Help! :?

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Tom Joad
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Joined: Thu Dec 04, 2008 5:56 pm

Re: Should I quit my job?

Postby Tom Joad » Sun Feb 26, 2012 7:21 pm

Why game the system?

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rinkrat19
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Joined: Sat Sep 25, 2010 5:35 am

Re: Should I quit my job?

Postby rinkrat19 » Sun Feb 26, 2012 7:23 pm

There is very little actually NEED-based aid given out by law schools, except for Harvard and Yale. Some schools say they combine need and merit, but people pretty much just get what their numbers would usually get them, regardless of need. You'll qualify for loans for the entire cost of attendance whether you made six figures or four. There's really no benefit to quitting your job unless you are literally paying more for gas/tolls/dry cleaning than you make, which I seriously doubt. Anyone who was working the year before they attended school will have a ridiculous EFC the first year, but it doesn't have much effect on anything. (My EFC is about $16K and is a complete fantasy that doesn't even approach reality. I will be taking out loans for sticker price at a T14--a gamble that some would say is nuts.)

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ben4847
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Joined: Mon Nov 07, 2011 11:38 pm

Re: Should I quit my job?

Postby ben4847 » Sun Feb 26, 2012 7:29 pm

Ok, this makes no sense.

Firstly, as noted, very few schools give need based aid.

Second, they don't look at your pre-lawschool earnings, since that wouldn't make any sense. You obviously aren't working that job while in law school. They only look at your savings. So, the better question would be if you are going to one of those schools, should you attempt to shelter your assets in something they don't calculate (like maybe a trust that is not able to be used for educational expenses.)

vallie84
Posts: 2
Joined: Sun Feb 26, 2012 7:02 pm

Re: Should I quit my job?

Postby vallie84 » Sun Feb 26, 2012 7:34 pm

Thanks all! That clears that up....work I will. I wasn't sure at all what they looked at and was trying to figure out if I should make any drastic changes now but looks like I won't really have to. Sorry if that was a dumb question!




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