Need-Based Financial Aid - What to Expect?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
joedf
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Joined: Wed Nov 07, 2012 2:57 pm

Need-Based Financial Aid - What to Expect?

Postby joedf » Sat Dec 01, 2012 3:37 pm

I filled out my FAFSA form not too long ago, and given this current year is my first year of full-time employment I come out with a "000" rating, which I'm pretty sure is the max qualification there.

What can people typically expect from FAFSA, in terms of financial contribution to law school?

Are there any useful links on how specific amounts of need-based aid panned out for various students?

Trying to plan out my next three years, thank you so much!

Edit: Also - are subsidized loans a myth? Is there any possibility of satisfying that, and if yes, what are the requirements? Does anyone have info on Perkins loans (what I did find indicated an $8,000 cap per year, but I don't know if there's specific qualifications needed to get them...)?

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cinephile
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Re: Need-Based Financial Aid - What to Expect?

Postby cinephile » Sat Dec 01, 2012 4:16 pm

Subsidized stafford loans doesn't exist anymore.

As far as need-based aid, it really depends on your institution. Furthermore, you may find that if a school gives you "need-based" aid this would lower the amount of "merit aid" you'd get. Or vice versa. So you end up in the same position anyway.

joedf
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Re: Need-Based Financial Aid - What to Expect?

Postby joedf » Sat Dec 01, 2012 4:20 pm

Got it, thank you.

Perkins loans appear to still exist as subsidized, for a small limit... I imagine it's much tougher to get, though. Any feedback there?

If it helps, the school I'm particularly curious about financing is Columbia.

B90
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Re: Need-Based Financial Aid - What to Expect?

Postby B90 » Wed Dec 05, 2012 5:54 am

Also, the fafsa isn't available until January 1. Assuming you will begin fall 2013, if you already submitted the fafsa, you may have applied for the wrong year.

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twinkletoes16
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Re: Need-Based Financial Aid - What to Expect?

Postby twinkletoes16 » Tue Jan 08, 2013 10:48 pm

cinephile wrote:Subsidized stafford loans doesn't exist anymore.

As far as need-based aid, it really depends on your institution. Furthermore, you may find that if a school gives you "need-based" aid this would lower the amount of "merit aid" you'd get. Or vice versa. So you end up in the same position anyway.



Would it be better for some people to not apply for need-based aid at all then? How would one take out loans for law school otherwise?


I'm an idiot re: financial stuff so explain it like I'm 5 please.

B90
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Re: Need-Based Financial Aid - What to Expect?

Postby B90 » Wed Jan 09, 2013 5:34 am

twinkletoes16 wrote:
cinephile wrote:Subsidized stafford loans doesn't exist anymore.

As far as need-based aid, it really depends on your institution. Furthermore, you may find that if a school gives you "need-based" aid this would lower the amount of "merit aid" you'd get. Or vice versa. So you end up in the same position anyway.



Would it be better for some people to not apply for need-based aid at all then? How would one take out loans for law school otherwise?


I'm an idiot re: financial stuff so explain it like I'm 5 please.


You should fill out whatever forms each school requires. You shouldn't wait until you are accepted, because by then money may be gone. You really should email each school's financial aid department. They will handle your financial aid, so they are the only ones who can honestly answer your questions. Any advice you get on tls or anywhere else may not be accurate.
You really do want to follow all the directions, and fill out everything you are asked. If you don't, it shows you either can't follow directions, don't care, or don't think rules apply to you. None of those are impressions you want to give a law school.

B90
Posts: 262
Joined: Wed Sep 26, 2012 3:08 pm

Re: Need-Based Financial Aid - What to Expect?

Postby B90 » Wed Jan 09, 2013 5:40 am

joedf wrote:Got it, thank you.

Perkins loans appear to still exist as subsidized, for a small limit... I imagine it's much tougher to get, though. Any feedback there?

If it helps, the school I'm particularly curious about financing is Columbia.


A federal law was passed, ending all subsidized loans for graduate students. Some websites may still list them, because they haven't updated the info.
If you want to know about financial aid at Columbia, email the financial aid dept. at Columbia. They have a staff of people they pay to answer your questions. Seriously, just go to the source. It's quicker and much more likely to be accurate.

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tstyler98
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Re: Need-Based Financial Aid - What to Expect?

Postby tstyler98 » Thu Jan 10, 2013 9:40 am

B90 wrote:
twinkletoes16 wrote:
cinephile wrote:Subsidized stafford loans doesn't exist anymore.

As far as need-based aid, it really depends on your institution. Furthermore, you may find that if a school gives you "need-based" aid this would lower the amount of "merit aid" you'd get. Or vice versa. So you end up in the same position anyway.



Would it be better for some people to not apply for need-based aid at all then? How would one take out loans for law school otherwise?


I'm an idiot re: financial stuff so explain it like I'm 5 please.


You should fill out whatever forms each school requires. You shouldn't wait until you are accepted, because by then money may be gone. You really should email each school's financial aid department. They will handle your financial aid, so they are the only ones who can honestly answer your questions. Any advice you get on tls or anywhere else may not be accurate.
You really do want to follow all the directions, and fill out everything you are asked. If you don't, it shows you either can't follow directions, don't care, or don't think rules apply to you. None of those are impressions you want to give a law school.


You can still take out unsubsidized stafford loans, which is the same as the subsidized ones except that the government doesn't pay the interest while you're in school. The max you can take out for law school each year in stafford loans is $20,500. Anything above that, you'll need to take out another type of loan, such as Grad PLUS or a private loan.




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