Need Based Aid

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
Cellar-door
Posts: 370
Joined: Thu Nov 01, 2012 4:33 pm

Need Based Aid

Postby Cellar-door » Tue May 07, 2013 5:58 pm

So I had a question, I am deciding between 2 schools as well as riding some waitlists.
1 school has offered me minimal merit aid, but significant first year need based grants
the second has offered me only merit aid.
Does anyone know how likely receiving the same or similar need based aid in the 2nd and 3rd years is?
As it stands the need aid makes school 1 slightly more affordable year 1, but if not renewed school two becomes significantly more affordable over the full three year period.

TheNextAmendment
Posts: 309
Joined: Tue Mar 12, 2013 10:44 pm

Re: Need Based Aid

Postby TheNextAmendment » Thu May 09, 2013 1:13 pm

This is the question of questions of TLS. I've asked some 1Ls though and they say you pretty much get the same package 2L and 3L. I hope they're right. Can any 2Ls or 3Ls chime in? I'm begging.

AspiringAcademic
Posts: 130
Joined: Mon Jul 11, 2011 12:36 am

Re: Need Based Aid

Postby AspiringAcademic » Thu May 09, 2013 1:23 pm

This might vary/almost certainly varies from school to school. Two considerations:
1.) Do they calculate 2L and 3L need using the same formula as for 1L? If this isn't clear from their website, ask them.
2.) Are your financial numbers likely to change? For the schools I was considering, need based aid would crater my 3L year if I had a firm gig my 2L summer. Probably the best way to get an answer for your particular school is to think about things that might change your numbers (summer earnings being the most obvious answer if you're looking at biglaw-capable schools) and look up or call about their relevant policies.
Last edited by AspiringAcademic on Thu May 09, 2013 5:04 pm, edited 1 time in total.

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nsideirish
Posts: 416
Joined: Sun Dec 13, 2009 10:32 am

Re: Need Based Aid

Postby nsideirish » Thu May 09, 2013 3:48 pm

I was offered significant need aid to the school I'll be attending. I spoke with the financial aid officer and she said that the same package will be offered my 2L and 3L years unless there is a "significant change" to my overall finances.




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