At what level of parental wealth is there no grant aid? Forum

stt1 · Post by **stt1** » Tue Jan 20, 2015 11:02 pm

Currently debating whether to file financial aid applications, given a high degree of parental wealth. Obviously the usual advice would be to file and see what happens, but it is proving considerably difficult to confirm every amount and asset given certain complexities, so it would be better to give up and resolve to loans if there isn't any real hope.

So here is the question: If parents have income of about $100,000, and have assets of about $1.5 million, is there any real hope for grant aid at HYS? If so, what is a realistic amount to expect?

I have reviewed all the info on the school websites, but haven't been able to get a real estimate.

Also, does anyone know whether not filing for financial aid at Uchicago and NYU hurt your scholarship chances in any way? IE, if you are around the lsat gpa numbers that usually get a sizable scholarship from Uchicago, will (because of combined merit/need type directed funds or whatnot) you not get much if you don't also apply for need based?

Really appreciate all your help and advice!

Nebby · Post by **Nebby** » Wed Jan 21, 2015 12:41 pm

You won't get anything.

fats provolone · Post by **fats provolone** » Wed Jan 21, 2015 1:07 pm

stt1 · Post by **stt1** » Wed Jan 21, 2015 4:05 pm

fats provolone wrote:LOL

Does that mean it is so unlikely as to be funny to ask? I wouldn't expect there would be much chance of anything substantial, but Harvard Law's website says parents are typically expected to contribute 3-6 percent of assets, which would be 45k to 90k in this case, which might seem to leave some room depending on the amount expected from income, and if YS had more generous policies, it seemed to be worth asking.

For the record, I likely will be financing law school through substantial loans, so even a small amount of grant aid would be helpful.

Thank you both for the two responses so far!

Nebby · Post by **Nebby** » Wed Jan 21, 2015 6:30 pm

Your parents have 1.5 in assets and can't help any? That's a bummer.

bjsesq · Post by **bjsesq** » Wed Jan 21, 2015 6:33 pm

Nebby desperately attempting to figure out which rich people to shit all over

sesto elemento · Post by **sesto elemento** » Wed Jan 21, 2015 7:29 pm

CounselorNebby wrote:Your parents have 1.5 in assets and can't help any? That's a bummer.

This is how the rich earn their bootstraps.

Skool · Post by **Skool** » Wed Jan 21, 2015 7:35 pm

sesto elemento wrote:
CounselorNebby wrote:Your parents have 1.5 in assets and can't help any? That's a bummer.
This is how the rich earn their bootstraps.

+1

stt1 wrote:Also, does anyone know whether not filing for financial aid at Uchicago and NYU hurt your scholarship chances in any way? IE, if you are around the lsat gpa numbers that usually get a sizable scholarship from Uchicago, will (because of combined merit/need type directed funds or whatnot) you not get much if you don't also apply for need based?

Also, the gamesmanship here shows how the current admissions/aid system perpetuates income inequality. Let them eat PAYE.

stt1 · Post by **stt1** » Wed Jan 21, 2015 10:41 pm

Hmm, a bit surprised at the moral judgment in some of the responses.

Yes, parents could pay, but if I intend to go into a big law firm job after graduation, I will be making 60% more than their combined income just as a starting salary, and likely have greater retirement savings at an equivalent point in my life. They will retire soon, what is the sense in draining their retirement assets? So of course loans are the reasonable choice.

There is also no gamesmanship here, no attempt to try to take funds designed to help those from less fortunate backgrounds. I'm just confirming that I am indeed not a target for such programs even at the lowest levels of grants, and thus shouldn't bother applying for anything but loans, while at the same time confirming that I am not defaulting on a needed application component for being considered for those programs for which I am eligible.

More fundamentally, I wonder why anyone would get morally righteous about law school financial aid to the point where even asking about where the limits are is interpreted as offensive. In a sensible world, there would be no aid based on prior to law school financial resources, parental or otherwise, but rather we would have extremely generous loan forgiveness programs that kick in for both public interest and those graduates who find themselves unable to secure high paying legal employment. There is really no justifiable reason why 2 people who take 160,000 dollars a year jobs after graduation should be treated differently in their tuition responsibilities, regardless of what their parents make. The aid system based on family wealth makes sense for college, but is crazy given the way the legal market works.

And could someone please tell me why my posting essentially "Hey, I think I probably won't qualify for aid and am planning not to apply, could someone tell me if I'm wrong?" should provoke the inference that I am I am crushing the underclass under my boots while plotting how to embezzle their aid funds?

runinthefront · Post by **runinthefront** » Wed Jan 21, 2015 10:51 pm

i will answers all your questions for $400

PM me

kfh37 · Post by **kfh37** » Wed Jan 21, 2015 10:59 pm

if your parents' assets are in qualified retirement accounts, those assets may be excluded for need-based aid calculations. It's worth checking, anyway.

fats provolone · Post by **fats provolone** » Wed Jan 21, 2015 11:10 pm

you'll get nothing at H based on the 100k salary alone unless you're old

RZ5646 · Post by **RZ5646** » Wed Jan 21, 2015 11:14 pm

I'm just taken aback that someone actually used the phrase "parental wealth" to say that he has rich parents.

stt1 · Post by **stt1** » Wed Jan 21, 2015 11:17 pm

kfh37 wrote:if your parents' assets are in qualified retirement accounts, those assets may be excluded for need-based aid calculations. It's worth checking, anyway.

Thanks for the reply, I really appreciate the help! I think though the bulk of the asset estimate is their home value, as they live in a housing market that exploded over the past decades, which is why their assets are so far above what might be expected from their income. I take it the best guess is knocking down their assets to 1 million probably wouldn't change the expectation much, and this is still above the aid threshold?

(Btw, that brings up another point. A married couple making 100k a year and having a house worth a million and 500k of savings isn't really the capitalist overclass that justifies sarcastic language like "the rich earning their bootstraps." Perhaps in some geographic areas, but not in all, given the differences in real estate and cost of living.)

Fats Provolone: do you mean my parents are old? I myself only have income from a part time job, the 100k was their figure. EDIT-figured out you meant the 29 years old limit. Nope, much younger.

MistakenGenius · Post by **MistakenGenius** » Wed Jan 21, 2015 11:19 pm

Post removed.

fats provolone · Post by **fats provolone** » Wed Jan 21, 2015 11:27 pm

they're jokes brah

and my irl reaction really was LOL because i got nothing w/ far less parental resources (and also being 28 yrs old)

stt1 · Post by **stt1** » Wed Jan 21, 2015 11:31 pm

MistakenGenius wrote:Look, I feel very comfortable I came from a lower socioeconomic background than anyone on this forum, and entitled jerks make me angrier than anything else, but I think you guys are being assholes for no real reason. He asked a simple, innocent question, and you could have answered it, but you chose instead to be jerks and pass your self-righteous judgment on a guy you don't even know.

OP, to answer your question, it is very likely you will not receive any grant aid, even if you were to cut it down to a million. However, you might as well apply for it anyway, since you never know.

MistakenGenius - Thank you, I really appreciate the advice, and the positive assumptions about my character. I have actually benefited from some of your excellent contributions to this forum before, when I had not yet registered and was first applying to schools. So thank you for all the advice for my applications as well!

Fats Provolone - no problem, I actually didn't take offense from your LOL comment at all, at that point I was just trying to nail down exactly whether you merely found the post funny or also intended to give an estimate that you thought it unlikely. I especially appreciate your response now, backed up by personal experience.

MistakenGenius · Post by **MistakenGenius** » Wed Jan 21, 2015 11:42 pm

Post removed.

fats provolone · Post by **fats provolone** » Wed Jan 21, 2015 11:46 pm

fair enough those two are the worst

FKASunny · Post by **FKASunny** » Thu Jan 22, 2015 1:32 am

My parental wealth is around negative $100k, and about $70k/year my income + parent at the time of applying. Got less than $5k/year in need-based aid.

ETA: Not at HYS, but there is absolutely no way you qualify for any need-based aid that's at all substantial.

Nebby · Post by **Nebby** » Thu Jan 22, 2015 1:35 am

Mistaken, you mind telling me what I said that was so atrocious?

kcdc1 · Post by **kcdc1** » Thu Jan 22, 2015 7:51 am

RZ5646 wrote:I'm just taken aback that someone actually used the phrase "parental wealth" to say that he has rich parents.

I'm amused by the perception in this thread that $1.5M in savings == rich. Dude's parents just saved for retirement (and they probably still have more saving to do). Rich people see $1.5M as a down payment on a vacation home.

bjsesq · Post by **bjsesq** » Thu Jan 22, 2015 10:26 am

MistakenGenius wrote:Look, I feel very comfortable I came from a lower socioeconomic background than anyone on this forum, and entitled jerks make me angrier than anything else, but I think you guys are being assholes for no real reason. He asked a simple, innocent question, and you could have answered it, but you chose instead to be jerks and pass your self-righteous judgment on a guy you don't even know.

I handled this already

Nebby · Post by **Nebby** » Thu Jan 22, 2015 11:22 am

I think y'all read malice into my "that's a bummer" comment. I was being genuine.

withoutapaddle · Post by **withoutapaddle** » Thu Jan 22, 2015 11:34 am

I never understood how schools expect parents to help a young adult in graduate school haha. Maybe if it didn't cost 130K salary after taxes to attend a school for one year young adults would not need to max out government loans, ask mommy and daddy for money, and work a part-time job and still gradute with 100K+ of debt.

Also, our parents have nothing to do with us attending a 160K debt factory. Why are we required to provide their financial information?

Our education system is becoming a joke