Need-Based Aid for 2L/3L at CLS

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
joedf
Posts: 108
Joined: Wed Nov 07, 2012 2:57 pm

Need-Based Aid for 2L/3L at CLS

Postby joedf » Sat Mar 16, 2013 1:06 pm

I am locked into attending CLS in the fall, and have not received a financial aid award yet. That said, I'm lucky enough to have parents who have offered a flat $30,000 toward my law school education.

In the event that I do get some financial aid, when should I have them pay that $30,000 toward tuition? Ideally, it'd be during the 1L year, so that sum accumulates less interest (which, at the full COA, grows at a little over $6,000 per year for each school year). However, I'm wondering if Columbia would see that and say, "Oh, he does have some money. We won't continue to offer need-based aid for his 2L/3L year."

Does it work like that?

Are financial aid offers guaranteed for all three years at CLS, upon receiving them?

What do I need to be aware of when directing this $30,000 toward my loans?

Thanks!

User avatar
howlery
Posts: 393
Joined: Fri Aug 26, 2011 8:17 pm

Re: Need-Based Aid for 2L/3L at CLS

Postby howlery » Sat Mar 16, 2013 3:17 pm

CLS doesn't make you reapply for aid every year. Your initial aid award covers three years of attendance. I believe only HYS, who give out exclusively need-based aid, reevaluate your finances every year and adjust your grants accordingly. I wouldn't expect much free money from CLS unless its merit based, especially if your parents have $30k (if not more) lying around.

User avatar
Bronck
Posts: 2025
Joined: Fri Jan 27, 2012 1:28 pm

Re: Need-Based Aid for 2L/3L at CLS

Postby Bronck » Sat Mar 16, 2013 3:27 pm

howlery wrote:CLS doesn't make you reapply for aid every year. Your initial aid award covers three years of attendance. I believe only HYS, who give out exclusively need-based aid, reevaluate your finances every year and adjust your grants accordingly. I wouldn't expect much free money from CLS unless its merit based, especially if your parents have $30k (if not more) lying around.


This. Have them pay the $30,000 1L year.

joedf
Posts: 108
Joined: Wed Nov 07, 2012 2:57 pm

Re: Need-Based Aid for 2L/3L at CLS

Postby joedf » Sat Mar 16, 2013 7:14 pm

howlery wrote:CLS doesn't make you reapply for aid every year. Your initial aid award covers three years of attendance. I believe only HYS, who give out exclusively need-based aid, reevaluate your finances every year and adjust your grants accordingly. I wouldn't expect much free money from CLS unless its merit based, especially if your parents have $30k (if not more) lying around.


It's not like that, my parents aren't rich. They've retired but have had funds set aside and growing interest for a long time to help fund my education. I ended up with a substantial scholarship to an in-state undergrad, so that leftover money's now going to law school.

Thanks for that info, though, really. That's great to know. To either of you, when the award is given at CLS, is it all at once or is a certain amount made available each year?

User avatar
howlery
Posts: 393
Joined: Fri Aug 26, 2011 8:17 pm

Re: Need-Based Aid for 2L/3L at CLS

Postby howlery » Sat Mar 16, 2013 7:23 pm

joedf wrote:
howlery wrote:CLS doesn't make you reapply for aid every year. Your initial aid award covers three years of attendance. I believe only HYS, who give out exclusively need-based aid, reevaluate your finances every year and adjust your grants accordingly. I wouldn't expect much free money from CLS unless its merit based, especially if your parents have $30k (if not more) lying around.


It's not like that, my parents aren't rich. They've retired but have had funds set aside and growing interest for a long time to help fund my education. I ended up with a substantial scholarship to an in-state undergrad, so that leftover money's now going to law school.

Thanks for that info, though, really. That's great to know. To either of you, when the award is given at CLS, is it all at once or is a certain amount made available each year?


You can go on CLS's financial aid site for the full details (disbursement dates, etc.). The award letter will break down how much you are allotted per year, but the total amount is set when they first offer it to you. I'm not sure if you would have received notice of a named scholarship (the full tuition Hamilton or half tuition Butler) by now, but you still may get a relatively small amount of grant aid. Try looking at lawschoolnumbers.com and see how much money applicants with your numbers have been given in the past.

joedf
Posts: 108
Joined: Wed Nov 07, 2012 2:57 pm

Re: Need-Based Aid for 2L/3L at CLS

Postby joedf » Sat Mar 16, 2013 7:48 pm

No named scholarship, unfortunately, but I'll just hold out some hope for the end of this month/early April when aid awards come back! I appreciate the insight, howlery - thank you!

User avatar
Bronck
Posts: 2025
Joined: Fri Jan 27, 2012 1:28 pm

Re: Need-Based Aid for 2L/3L at CLS

Postby Bronck » Sat Mar 16, 2013 8:31 pm

I received a fairly generous financial aid package from CLS last year and it was broken up 40% 1L, 40% 2L, and 20% 3L. I'm fairly certain they front-load scholarships for two reasons: (a) presumably a 2L SA will allow you to fund part of 3L year; (b) by providing more funds the first two years, you'll accrue less interest on the loans.

User avatar
tonton
Posts: 161
Joined: Wed Aug 10, 2011 7:10 am

Re: Need-Based Aid for 2L/3L at CLS

Postby tonton » Tue Mar 19, 2013 9:39 am

thanks for all the info Bronck, howlery etc




Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 2 guests