Undergrad here: How does need-based aid work in LS?

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albo23
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Undergrad here: How does need-based aid work in LS?

Postby albo23 » Sun Mar 17, 2013 12:31 am

I'm an undergrad kid right now and I think I'll be doing K-JD. How does need-based financial work in Law School? My parents income is ~$60,000 and I get about $3400 from the Pell Grant, how much could I look at from T-14 Law Schools or does it vary wildly between them?

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holmesboy
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Re: Undergrad here: How does need-based aid work in LS?

Postby holmesboy » Sun Mar 17, 2013 12:35 am

I think HYS give need-based aid. Other T14 schools pretty much decide how much money to give you based on your numbers.

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rinkrat19
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Re: Undergrad here: How does need-based aid work in LS?

Postby rinkrat19 » Sun Mar 17, 2013 12:38 am

Outside of the top 3, there is very little need-based aid in law school. It's not entirely non-existent, but it's very rare and should not be counted on.

There are also no Pell Grants and no subsidized federal loans for law school. You're looking at whatever scholarships your numbers earn you, unsubsidized Stafford loans (6.8% interest) up to the max of $20,500 or something, and unsubsidized Grad Plus loans (7.9%) for the rest.

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spleenworship
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Re: Undergrad here: How does need-based aid work in LS?

Postby spleenworship » Sun Mar 17, 2013 12:39 am

albo23 wrote:I'm an undergrad kid right now and I think I'll be doing K-JD. How does need-based financial work in Law School? My parents income is ~$60,000 and I get about $3400 from the Pell Grant, how much could I look at from T-14 Law Schools or does it vary wildly between them?


Unless you and your family are very poor there is no need based aid in law school. Maybe a few of the T14 are different... but basically my first sentence is correct for 90%+ of the law schools in the US.


My advice? Try to get high GPA and LSAT and get yourself a merit scholarship.

ETA: scooped twice.

albo23
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Re: Undergrad here: How does need-based aid work in LS?

Postby albo23 » Sun Mar 17, 2013 12:43 am

Thanks everyone!

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Bronck
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Re: Undergrad here: How does need-based aid work in LS?

Postby Bronck » Sun Mar 17, 2013 1:46 am

rinkrat19 wrote:Outside of the top 3, there is very little need-based aid in law school. It's not entirely non-existent, but it's very rare and should not be counted on.

There are also no Pell Grants and no subsidized federal loans for law school. You're looking at whatever scholarships your numbers earn you, unsubsidized Stafford loans (6.8% interest) up to the max of $20,500 or something, and unsubsidized Grad Plus loans (7.9%) for the rest.


FWIW, I received a [small] Perkins Loan. Those have a 5% interest rate and are subsidized. Of course, it accounts for such a minor portion of my loans that it doesn't make much of an impact on the debt calculus.

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A. Nony Mouse
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Re: Undergrad here: How does need-based aid work in LS?

Postby A. Nony Mouse » Sun Mar 17, 2013 2:00 am

Subsidized grad loans have gone away. I forget exactly when it happened - sometime in the last year or two?

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arkgawilson
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Re: Undergrad here: How does need-based aid work in LS?

Postby arkgawilson » Mon Mar 18, 2013 2:01 am

A. Nony Mouse wrote:Subsidized grad loans have gone away. I forget exactly when it happened - sometime in the last year or two?


Sounds about right- purpose is to fund more Pell Grants....a little short sited as graduate education has a significant economical impact.




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