Law school loans affected by new administration?

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Npret
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Re: Law school loans affected by new administration?

Postby Npret » Mon Feb 20, 2017 1:38 pm

studentloanplanner wrote:
A. Nony Mouse wrote:University of Washington costs $31,962 per year (in-state) and full-time: $44,124 per year (out-of-state), and last I saw, was fairly stingy with scholarships. How is that not dependent on Grad Plus?

I agree with Npret - even if in-state students are getting a discount from out-of-state rates, it's still pretty damn expensive.


bc stafford subsidized and unsubsidized should cover most of that comfortably for in state students. Grad Plus is mainly for folks borrowing well over $100k

How do people stay under $100k when you look at the COA of virtually all law schools?
I am genuinely curious. For example, I just saw the nondiscounted cost of Cardozo is over $300,000 and that was shocking.
Do you think private lenders are going to get back into the student loan business if grad plus ends? I don't see law schools closing.

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A. Nony Mouse
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Re: Law school loans affected by new administration?

Postby A. Nony Mouse » Mon Feb 20, 2017 1:51 pm

I thought they got rid of subsidized loans for grad students. Also, why is Grad PLUS more questionable?

Npret
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Re: Law school loans affected by new administration?

Postby Npret » Mon Feb 20, 2017 1:56 pm

studentloanplanner wrote:
A. Nony Mouse wrote:University of Washington costs $31,962 per year (in-state) and full-time: $44,124 per year (out-of-state), and last I saw, was fairly stingy with scholarships. How is that not dependent on Grad Plus?

I agree with Npret - even if in-state students are getting a discount from out-of-state rates, it's still pretty damn expensive.


bc stafford subsidized and unsubsidized should cover most of that comfortably for in state students. Grad Plus is mainly for folks borrowing well over $100k

Maybe you can explain the difference between these loans and when they are used? CUNY is the only law school I can think of that costs less than $100,000.

Edit to add: I haven't seen any discussion about this so I guess it's all speculative anyway. I would be happy if the government gets out of the student loan business.

cavalier1138
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Re: Law school loans affected by new administration?

Postby cavalier1138 » Mon Feb 20, 2017 2:02 pm

studentloanplanner wrote:
A. Nony Mouse wrote:University of Washington costs $31,962 per year (in-state) and full-time: $44,124 per year (out-of-state), and last I saw, was fairly stingy with scholarships. How is that not dependent on Grad Plus?

I agree with Npret - even if in-state students are getting a discount from out-of-state rates, it's still pretty damn expensive.


bc stafford subsidized and unsubsidized should cover most of that comfortably for in state students. Grad Plus is mainly for folks borrowing well over $100k


Where are people getting these subsidized Stafford loans? I was led to believe that law students were only eligible for unsubsidized. If that's not the case, then, speaking from personal experience, you'd have to be damn near homeless to qualify.

Additionally, CoL takes the hypothetical loan amount in this scenario well over $100k for in-state students.

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studentloanplanner
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Re: Law school loans affected by new administration?

Postby studentloanplanner » Tue Feb 21, 2017 1:33 am

cavalier1138 wrote:
studentloanplanner wrote:
A. Nony Mouse wrote:University of Washington costs $31,962 per year (in-state) and full-time: $44,124 per year (out-of-state), and last I saw, was fairly stingy with scholarships. How is that not dependent on Grad Plus?

I agree with Npret - even if in-state students are getting a discount from out-of-state rates, it's still pretty damn expensive.


bc stafford subsidized and unsubsidized should cover most of that comfortably for in state students. Grad Plus is mainly for folks borrowing well over $100k


Where are people getting these subsidized Stafford loans? I was led to believe that law students were only eligible for unsubsidized. If that's not the case, then, speaking from personal experience, you'd have to be damn near homeless to qualify.

Additionally, CoL takes the hypothetical loan amount in this scenario well over $100k for in-state students.


Sorry I was thinking of some clients I worked with who had subsidized loans from pre-2012 when the undergrad limitation got applied. Also the limit annually for stafford unsub is $20,500, so for 3 years of law school you can get $61,500 and the remainder has to be taken by Grad Plus loans because they have no limit. Hence schools close to the $100k level will have about $40k of grad plus financing. Most proposals I've seen have put a cap on Grad Plus and not eliminated them entirely. That's why my guess is that for a school w/ tuition plus COL total less than $100-150k range they'll see limited impact if Grad Plus had a cap. The expensive private schools in the metro areas are going to get wrecked

Npret
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Joined: Mon Jan 23, 2017 11:42 am

Re: Law school loans affected by new administration?

Postby Npret » Tue Feb 21, 2017 1:45 am

studentloanplanner wrote:
cavalier1138 wrote:
studentloanplanner wrote:
A. Nony Mouse wrote:University of Washington costs $31,962 per year (in-state) and full-time: $44,124 per year (out-of-state), and last I saw, was fairly stingy with scholarships. How is that not dependent on Grad Plus?

I agree with Npret - even if in-state students are getting a discount from out-of-state rates, it's still pretty damn expensive.


bc stafford subsidized and unsubsidized should cover most of that comfortably for in state students. Grad Plus is mainly for folks borrowing well over $100k


Where are people getting these subsidized Stafford loans? I was led to believe that law students were only eligible for unsubsidized. If that's not the case, then, speaking from personal experience, you'd have to be damn near homeless to qualify.

Additionally, CoL takes the hypothetical loan amount in this scenario well over $100k for in-state students.


Sorry I was thinking of some clients I worked with who had subsidized loans from pre-2012 when the undergrad limitation got applied. Also the limit annually for stafford unsub is $20,500, so for 3 years of law school you can get $61,500 and the remainder has to be taken by Grad Plus loans because they have no limit. Hence schools close to the $100k level will have about $40k of grad plus financing. Most proposals I've seen have put a cap on Grad Plus and not eliminated them entirely. That's why my guess is that for a school w/ tuition plus COL total less than $100-150k range they'll see limited impact if Grad Plus had a cap. The expensive private schools in the metro areas are going to get wrecked


Ikeep trying to tell you that it isn't just expensive private schools- but I get your point.

Note: I looked through COA for law schools on LST and I didn't find a single state school with resident tuition less than $100,000 and very few with less than $150,000.

I think you might need to do more research on law schools and Costs of Attendance before you start throwing out statements like "schools ranked 10 -30 will be in trouble." Limiting grad plus will impact every law school.
Luckily there isn't any more information on this so I guess we will have to wait and see what happens.
I do think private lenders will come in andprobably underprice the government loans.




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