Please explain how to pay for law school

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
echooo23
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Please explain how to pay for law school

Postby echooo23 » Tue Mar 20, 2012 11:31 pm

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Last edited by echooo23 on Mon Jan 28, 2013 8:30 pm, edited 1 time in total.

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Mattalones
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Re: Please explain how to pay for law school

Postby Mattalones » Tue Mar 20, 2012 11:34 pm

Outside and specialty scholarships, yo! Start applying.

tennisking88
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Re: Please explain how to pay for law school

Postby tennisking88 » Tue Mar 20, 2012 11:35 pm

echooo23 wrote:I'm unclear about how to pay for law school and would appreciate some clarity on whether the method for funding school would be in this order:

1. Merit-based scholarships awarded by the school (no repayment)
2. Need-based grants awarded by the school (no repayment)
3. Federal financial aid:
a. Perkins Loan: maximum of $5,000 per year only, but does not require repayment
b. Stafford Loan/Unsubsidized Direct Loan: up to $20,500, repayment at slightly lower interest rate
c. Grad Plus Loan: unsubsidized loan at a slightly higher interest rate than that of the Stafford, requires repayment
4. Private loans

Is this correct? Is there any other funding source I'm missing?

What is the interest rate of a Stafford Loan? Of the Grad Plus Loan?

What private loan options are there?


Sounds right. Not sure about the Perkins Loan.

Stafford: 6.8%
GP: 7.9%

Look at schools' websites for pvt options.

t14fanboy
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Re: Please explain how to pay for law school

Postby t14fanboy » Tue Mar 20, 2012 11:36 pm


rad lulz
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Re: Please explain how to pay for law school

Postby rad lulz » Tue Mar 20, 2012 11:46 pm

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Last edited by rad lulz on Sun Apr 21, 2013 7:03 pm, edited 1 time in total.

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cinephile
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Re: Please explain how to pay for law school

Postby cinephile » Tue Mar 20, 2012 11:50 pm

There are no Perkins loans for grad school.

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Mattalones
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Re: Please explain how to pay for law school

Postby Mattalones » Tue Mar 20, 2012 11:54 pm

cinephile wrote:There are no Perkins loans for grad school.


Fail, I have them for a G.

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cinephile
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Re: Please explain how to pay for law school

Postby cinephile » Tue Mar 20, 2012 11:57 pm

Mattalones wrote:
cinephile wrote:There are no Perkins loans for grad school.


Fail, I have them for a G.


Just checked it out, there's a lifetime max. So it depends on if you've already reached that (60k).

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top30man
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Re: Please explain how to pay for law school

Postby top30man » Wed Mar 21, 2012 12:01 am

rad lulz wrote:Mom and dad. Don't any of you have money?

TCR.

echooo23
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Re: Please explain how to pay for law school

Postby echooo23 » Wed Mar 21, 2012 1:29 am

Thanks!

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Jaeger
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Re: Please explain how to pay for law school

Postby Jaeger » Fri Mar 23, 2012 1:23 am

cinephile wrote:
Mattalones wrote:
cinephile wrote:There are no Perkins loans for grad school.


Fail, I have them for a G.


Just checked it out, there's a lifetime max. So it depends on if you've already reached that (60k).



Also, you do have to pay them back.

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Mattalones
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Re: Please explain how to pay for law school

Postby Mattalones » Fri Mar 23, 2012 9:23 am

Jaeger wrote:Also, you do have to pay [Perkins Loans] back.


You also don't have to destroy your credit by listening to this. Yes, you have to pay them back. They have an interest rate and a payment plan.

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Jaeger
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Re: Please explain how to pay for law school

Postby Jaeger » Mon Mar 26, 2012 12:30 am

Mattalones wrote:
Jaeger wrote:Also, you do have to pay [Perkins Loans] back.


You also don't have to destroy your credit by listening to this. Yes, you have to pay them back. They have an interest rate and a payment plan.


You realize I said the same thing, right?

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puremorning
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Re: Please explain how to pay for law school

Postby puremorning » Mon Mar 26, 2012 11:59 am

Are Grad PLUS and Stafford the same thing? If not, what's the max on Grad PLUS you can take out? B/c I know Stafford is $20500

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rinkrat19
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Re: Please explain how to pay for law school

Postby rinkrat19 » Mon Mar 26, 2012 12:00 pm

puremorning wrote:Are Grad PLUS and Stafford the same thing? If not, what's the max on Grad PLUS you can take out? B/c I know Stafford is $20500
No, they're not.
You can take out enough Grad+ to cover up to the entire cost of attendance not covered by your other grants and loans. AFAIK, there is no limit.

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bk1
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Re: Please explain how to pay for law school

Postby bk1 » Mon Mar 26, 2012 12:01 pm

puremorning wrote:Are Grad PLUS and Stafford the same thing? If not, what's the max on Grad PLUS you can take out? B/c I know Stafford is $20500


They are not the same thing. Grad PLUS's only limit is that they can be taken out up to the full cost of attendance at a given school.

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jessieparker
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Re: Please explain how to pay for law school

Postby jessieparker » Tue Apr 03, 2012 12:42 am

Well, college students from around the country delivered 130,000 letters to Congress on Tues. The letters all ask Congress to act before student loan rates increase on July 1. President Obama has been urging Congress to not let the rates rise. Affordable eduction, he argues, is necessary if we wish to have an informed, capable work force in the future. The current lower rate is a result of 2007 Democrat-supported regulation that is due to expire. Republicans in Congress say the move is too costly. Democrats say it is only fair. Actually, student loan is somehow attractive for many reasons. That is why it is a great business for debt collectors and investors. Student loans cannot be discharged in bankruptcy. The debt can also be be paid for with wage garnishments and other forced payments that are simply not available for most other types of debt. Source of article: LINK REMOVED




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