Am I understanding how to apply for/secure loans for LS?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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AllDangle
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Joined: Thu Jan 05, 2012 2:30 pm

Am I understanding how to apply for/secure loans for LS?

Postby AllDangle » Wed Sep 19, 2012 11:08 am

I just received the acceptance packet for the school I will be attending next fall. They have some papers which laid out the financial aid process and I just want to see if I am understanding it correctly. They said that in December of this year forms will be made available to apply for need and merit based scholarships. It also said that I need to fill out the FAFSA once it opens in January '13 and when it is received by the school they will notify me of the financial aid funding available to me. This Official Aid Notice is "based on the final Student Expense Budget approved by the Law School. Students use this form to select a lender, loan types, and loan amounts that they are accepting, declining, or modifying." Am I understanding it correctly that the school will tell me how much of the various types of loans (Perkins, Staffords, GradPlus) I can take out to pay the remainder of tuition and living expenses, after taking into account any scholarships I am awarded? Also, if I can use savings to pay for say, my first year living expenses, I will be able to alter the amounts they specified so they only cover the remainder of tuition? It seems like the school does a lot of the work and I just need to choose/modify the loans they say I am eligible for. Is there anything I need to do before the FAFSA comes available (credit check, save pay stubs since W2 won't be ready in January, etc)?

Thanks for the help.

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WhiteyCakes
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Joined: Mon Mar 05, 2012 2:38 pm

Re: Am I understanding how to apply for/secure loans for LS?

Postby WhiteyCakes » Wed Sep 19, 2012 11:10 am

AllDangle wrote:I just received the acceptance packet for the school I will be attending next fall. They have some papers which laid out the financial aid process and I just want to see if I am understanding it correctly. They said that in December of this year forms will be made available to apply for need and merit based scholarships. It also said that I need to fill out the FAFSA once it opens in January '13 and when it is received by the school they will notify me of the financial aid funding available to me. This Official Aid Notice is "based on the final Student Expense Budget approved by the Law School. Students use this form to select a lender, loan types, and loan amounts that they are accepting, declining, or modifying." Am I understanding it correctly that the school will tell me how much of the various types of loans (Perkins, Staffords, GradPlus) I can take out to pay the remainder of tuition and living expenses, after taking into account any scholarships I am awarded? Also, if I can use savings to pay for say, my first year living expenses, I will be able to alter the amounts they specified so they only cover the remainder of tuition? It seems like the school does a lot of the work and I just need to choose/modify the loans they say I am eligible for. Is there anything I need to do before the FAFSA comes available (credit check, save pay stubs since W2 won't be ready in January, etc)?

Thanks for the help.


+1....Good questions that we'll all have to deal wtih soon

The Duck
Posts: 481
Joined: Tue Mar 13, 2012 10:14 am

Re: Am I understanding how to apply for/secure loans for LS?

Postby The Duck » Wed Sep 19, 2012 11:20 am

AllDangle wrote:Am I understanding it correctly that the school will tell me how much of the various types of loans (Perkins, Staffords, GradPlus) I can take out to pay the remainder of tuition and living expenses, after taking into account any scholarships I am awarded? Also, if I can use savings to pay for say, my first year living expenses, I will be able to alter the amounts they specified so they only cover the remainder of tuition?


Yes

AllDangle wrote:Is there anything I need to do before the FAFSA comes available (credit check, save pay stubs since W2 won't be ready in January, etc)?


No

Now take a breath and relax...it's not that big of a deal. Even if you messed something up, the school will let you take out loans to pay it. I promise.




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