Question about need-based financial aid

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shoparoundthecorner
Posts: 103
Joined: Sat Aug 14, 2010 8:54 pm

Question about need-based financial aid

Postby shoparoundthecorner » Mon Aug 15, 2016 1:12 pm

I'm applying to law school this fall and trying to figure out whether to apply for need-based aid.

I will be blanketing the T-14, and it looks like my numbers should qualify me for significant merit aid money at some schools. I know need-based aid is virtually nonexistent outside of HYS, but are there any downsides of applying for it? My parents likely make too much to qualify, but I'll be 26 when I enter law school--would that reduce my estimated financial contribution enough to qualify?

I'm hoping to apply to schools before October, but the deadline for applying for need-based aid is in February. Would indicating on an application that I intend to apply for need-based aid possibly delay my application or my merit scholarship money? I.e. would a school that might be planning to award me merit money wait until they receive information about my financial situation?

Thank you!

SamuelDanforth
Posts: 110
Joined: Mon Jan 25, 2016 5:05 pm

Re: Question about need-based financial aid

Postby SamuelDanforth » Mon Aug 15, 2016 1:56 pm

At 27 Yale begins decreasing expected parental contribution (I believe 27 and 28 are 50% decrease, and then at 29 it's 100% reduced). If I remember correctly Stanford is the same. So no, at least at Y/S at 26 your parent's income will still be factored in. I can't speak to Harvard or the remainder of the T-14.

shoparoundthecorner
Posts: 103
Joined: Sat Aug 14, 2010 8:54 pm

Re: Question about need-based financial aid

Postby shoparoundthecorner » Mon Aug 15, 2016 2:10 pm

SamuelDanforth wrote:At 27 Yale begins decreasing expected parental contribution (I believe 27 and 28 are 50% decrease, and then at 29 it's 100% reduced). If I remember correctly Stanford is the same. So no, at least at Y/S at 26 your parent's income will still be factored in. I can't speak to Harvard or the remainder of the T-14.


My birthday is in the fall, so I'm pretty sure that Yale considers me to be 27, while H/S consider me to be 26 for the purposes of aid. Since the rest of the T-14 seem to be more opaque about how they calculate need-based aid, I'm not sure how I'd fare.

I guess I'm just wondering if applying for need-based aid in any way affects merit aid (either in amount of aid or the timeline for hearing back about aid).

SamuelDanforth
Posts: 110
Joined: Mon Jan 25, 2016 5:05 pm

Re: Question about need-based financial aid

Postby SamuelDanforth » Mon Aug 15, 2016 2:36 pm

shoparoundthecorner wrote:
SamuelDanforth wrote:At 27 Yale begins decreasing expected parental contribution (I believe 27 and 28 are 50% decrease, and then at 29 it's 100% reduced). If I remember correctly Stanford is the same. So no, at least at Y/S at 26 your parent's income will still be factored in. I can't speak to Harvard or the remainder of the T-14.


My birthday is in the fall, so I'm pretty sure that Yale considers me to be 27, while H/S consider me to be 26 for the purposes of aid. Since the rest of the T-14 seem to be more opaque about how they calculate need-based aid, I'm not sure how I'd fare.

I guess I'm just wondering if applying for need-based aid in any way affects merit aid (either in amount of aid or the timeline for hearing back about aid).


I honestly can't remember precisely, but I believe Yale calculates it either from when you actually apply for aid, or at best, the first day of classes. I'm fairly certain that having a birthday in the Fall will not be useful in that regard. But who knows!

shoparoundthecorner
Posts: 103
Joined: Sat Aug 14, 2010 8:54 pm

Re: Question about need-based financial aid

Postby shoparoundthecorner » Mon Aug 15, 2016 2:49 pm

SamuelDanforth wrote:
shoparoundthecorner wrote:
SamuelDanforth wrote:At 27 Yale begins decreasing expected parental contribution (I believe 27 and 28 are 50% decrease, and then at 29 it's 100% reduced). If I remember correctly Stanford is the same. So no, at least at Y/S at 26 your parent's income will still be factored in. I can't speak to Harvard or the remainder of the T-14.


My birthday is in the fall, so I'm pretty sure that Yale considers me to be 27, while H/S consider me to be 26 for the purposes of aid. Since the rest of the T-14 seem to be more opaque about how they calculate need-based aid, I'm not sure how I'd fare.

I guess I'm just wondering if applying for need-based aid in any way affects merit aid (either in amount of aid or the timeline for hearing back about aid).


I honestly can't remember precisely, but I believe Yale calculates it either from when you actually apply for aid, or at best, the first day of classes. I'm fairly certain that having a birthday in the Fall will not be useful in that regard. But who knows!


Agh, now I'm concerned I've been reading this incorrectly! Yale's website says this: "If the student is 27 or 28 on December 31st of the academic year for which the student is applying for financial aid, the expected parental contribution will be decreased by 50%. Parents’ information must be submitted to Need Access and to the Law School."

I'm pretty sure that means if I turn 27 before Dec. 31st in my first year, the expected parental contribution will be decreased--am I wrong?

Regardless, I'm more worried about whether to apply for need-based aid in the non-HYS schools, where I expect merit aid be much more generous than need-based.

SamuelDanforth
Posts: 110
Joined: Mon Jan 25, 2016 5:05 pm

Re: Question about need-based financial aid

Postby SamuelDanforth » Mon Aug 15, 2016 3:03 pm

shoparoundthecorner wrote:
SamuelDanforth wrote:
shoparoundthecorner wrote:
SamuelDanforth wrote:At 27 Yale begins decreasing expected parental contribution (I believe 27 and 28 are 50% decrease, and then at 29 it's 100% reduced). If I remember correctly Stanford is the same. So no, at least at Y/S at 26 your parent's income will still be factored in. I can't speak to Harvard or the remainder of the T-14.


My birthday is in the fall, so I'm pretty sure that Yale considers me to be 27, while H/S consider me to be 26 for the purposes of aid. Since the rest of the T-14 seem to be more opaque about how they calculate need-based aid, I'm not sure how I'd fare.

I guess I'm just wondering if applying for need-based aid in any way affects merit aid (either in amount of aid or the timeline for hearing back about aid).


I honestly can't remember precisely, but I believe Yale calculates it either from when you actually apply for aid, or at best, the first day of classes. I'm fairly certain that having a birthday in the Fall will not be useful in that regard. But who knows!


Agh, now I'm concerned I've been reading this incorrectly! Yale's website says this: "If the student is 27 or 28 on December 31st of the academic year for which the student is applying for financial aid, the expected parental contribution will be decreased by 50%. Parents’ information must be submitted to Need Access and to the Law School."

I'm pretty sure that means if I turn 27 before Dec. 31st in my first year, the expected parental contribution will be decreased--am I wrong?

Regardless, I'm more worried about whether to apply for need-based aid in the non-HYS schools, where I expect merit aid be much more generous than need-based.


No, that sounds like the right interpretation! My birthday falls after that date, so it doesn't affect me, and therefore I probably misremembered. Anyway, I don't have good advice about your real question. Certainly an application for need-aid does not appear to have any effect on the timing or consideration for merit scholarships at either Columbia or NYU, although I have heard that Columbia fudges things somewhat (e.g. will decrease your need-aid if you receive merit aid). But I don't think it affects timing -- merit scholarships at those schools are handled independently.

shoparoundthecorner
Posts: 103
Joined: Sat Aug 14, 2010 8:54 pm

Re: Question about need-based financial aid

Postby shoparoundthecorner » Mon Aug 15, 2016 4:47 pm

SamuelDanforth wrote:
shoparoundthecorner wrote:
SamuelDanforth wrote:
shoparoundthecorner wrote:
SamuelDanforth wrote:At 27 Yale begins decreasing expected parental contribution (I believe 27 and 28 are 50% decrease, and then at 29 it's 100% reduced). If I remember correctly Stanford is the same. So no, at least at Y/S at 26 your parent's income will still be factored in. I can't speak to Harvard or the remainder of the T-14.


My birthday is in the fall, so I'm pretty sure that Yale considers me to be 27, while H/S consider me to be 26 for the purposes of aid. Since the rest of the T-14 seem to be more opaque about how they calculate need-based aid, I'm not sure how I'd fare.

I guess I'm just wondering if applying for need-based aid in any way affects merit aid (either in amount of aid or the timeline for hearing back about aid).


I honestly can't remember precisely, but I believe Yale calculates it either from when you actually apply for aid, or at best, the first day of classes. I'm fairly certain that having a birthday in the Fall will not be useful in that regard. But who knows!


Agh, now I'm concerned I've been reading this incorrectly! Yale's website says this: "If the student is 27 or 28 on December 31st of the academic year for which the student is applying for financial aid, the expected parental contribution will be decreased by 50%. Parents’ information must be submitted to Need Access and to the Law School."

I'm pretty sure that means if I turn 27 before Dec. 31st in my first year, the expected parental contribution will be decreased--am I wrong?

Regardless, I'm more worried about whether to apply for need-based aid in the non-HYS schools, where I expect merit aid be much more generous than need-based.


No, that sounds like the right interpretation! My birthday falls after that date, so it doesn't affect me, and therefore I probably misremembered. Anyway, I don't have good advice about your real question. Certainly an application for need-aid does not appear to have any effect on the timing or consideration for merit scholarships at either Columbia or NYU, although I have heard that Columbia fudges things somewhat (e.g. will decrease your need-aid if you receive merit aid). But I don't think it affects timing -- merit scholarships at those schools are handled independently.


Great, thanks!




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