"Older" adult with family

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
soon2blawyer
Posts: 11
Joined: Wed Aug 09, 2017 5:26 pm

"Older" adult with family

Postby soon2blawyer » Fri Sep 15, 2017 4:53 pm

I am having a Difficult time finding information on the web or even through school financial aid websites on this issue. Hopefully someone here can enlighten me because I am going crazy.

This is the story. I am in my early 30’s with a mortgage and a family to support. Everyone always talks about ranking. Well where I am at in Chicago, the only schools that offer part time are Loyola, John Marshall, Chicago-Kent and Depaul.

My interests are not particularly in BigLaw but I would like to be more employable and obviously having graduated from a law school such as Northwestern will help. Unfortunately, NW does NOT offer part-time. I would have to quit working. (My spouse is unable to work and daycare costs would be enormous) How does the cost of living loans work for older adults who have mortgages and families and are not young 20somethings with no dependents? I feel for people like me, there is no way to attend a T1 university if I want to stay in Chicago, which I do since uprooting everyone would be too burdensome and costly to go somewhere like DC where Georgetown DOES have a PART TIME program. Thank you all for your input

cavalier1138
Posts: 4651
Joined: Fri Mar 25, 2016 8:01 pm

Re: "Older" adult with family

Postby cavalier1138 » Fri Sep 15, 2017 4:55 pm

You should reach out to financial aid departments at schools you're interested in (like Northwestern). I believe that COL loans can be increased for situations like yours.

User avatar
Pozzo
Posts: 1884
Joined: Mon Sep 28, 2015 3:36 pm

Re: "Older" adult with family

Postby Pozzo » Tue Sep 19, 2017 11:46 am

I'll PM you.

makingthemove
Posts: 56
Joined: Tue Sep 08, 2015 5:57 pm

Re: "Older" adult with family

Postby makingthemove » Tue Sep 19, 2017 11:57 am

soon2blawyer wrote: .


I don't know if you would be able to do full time and survive without a salary, but I just wanted to give you a heads up if you're already not aware: Northwestern has a full ride early decision program, which may solve your problem. I would try to talk with their financial aid office about it, but if you're able to borrow on top of the full ride, this may work for you.

User avatar
A. Nony Mouse
Posts: 28717
Joined: Tue Sep 25, 2012 11:51 am

Re: "Older" adult with family

Postby A. Nony Mouse » Tue Sep 19, 2017 12:06 pm

Loans are usually capped at the cost of attendance, so even if you have a full ride, you can only borrow up to what the school says it costs to attend (so you can't stack loans on top of the full ride). You would need to talk to the school about adjusting the cost of attendance based on your additional responsibilities. I'm pretty sure if you have dependents you can get your COA increased to be able to borrow enough, although I'm not sure that they'd automatically increase to cover all your mortgage if it's significantly more than what they calculate for housing costs. As said above, you'd need to talk to the individual school.

psu2016
Posts: 161
Joined: Fri Dec 13, 2013 10:59 pm

Re: "Older" adult with family

Postby psu2016 » Tue Sep 19, 2017 12:32 pm

.
Last edited by psu2016 on Tue Sep 19, 2017 1:12 pm, edited 1 time in total.

makingthemove
Posts: 56
Joined: Tue Sep 08, 2015 5:57 pm

Re: "Older" adult with family

Postby makingthemove » Tue Sep 19, 2017 12:44 pm

yeah, as I said "I don't know if you could survive without a salary." maybe he can get deferment in his mortgage. maybe he can work part time. i think there are things he could try, some which might be risky and some which might make life very unpleasant for the time being. i was just saying that at least NW has that thing that could make his Chicago Prestige Dreams come true.
Last edited by makingthemove on Tue Oct 03, 2017 5:18 pm, edited 1 time in total.

soon2blawyer
Posts: 11
Joined: Wed Aug 09, 2017 5:26 pm

Re: "Older" adult with family

Postby soon2blawyer » Thu Sep 28, 2017 12:42 am

Thank you all who responded! It truly did inform me on an area I had found very little information on.
I can honestly say I have a more thorough understanding in what my options are.. I wish Id been able to do this sooner before I had "real " obligations but it is what it is and I need to be realistic.
So thanks for all the valuable advice!

fallingup77
Posts: 48
Joined: Tue Feb 12, 2013 2:05 pm

Re: "Older" adult with family

Postby fallingup77 » Thu Sep 28, 2017 9:19 am

Not sure if this is really helpful, but I think it's at least relevant, so I'll add my experience to the mix. I started law school at UIUC in my early 30s (just graduated in May) with two little kids and a wife who stayed home. It is true that you will only receive the COL loans and no more, regardless of whether you have dependents or not. At UIUC it was about 20k per year my third year. I had a full ride and ended up with about 70k in loans at the end. 1L year, we basically lived off of my loans, after which I was able to work as a law clerk/summer associate during the summer and 2L and 3L years, which helped supplement our income a lot.
I know you have a mortgage, but if you really want to go law school with kids and a wife at home and can sell the house, it's doable, especially in a low-cost town like Champaign. We rented a 3 bedroom house for $825/month.
Good luck to you. I don't regret going to law school and firmly believe I was able to perform pretty successfully (top 25%) because of my family, rather than in spite of all the distractions at home. It helps you keep perspective and stay outside of the law school bubble and stress that comes with it.

albanach
Posts: 1263
Joined: Tue Jul 08, 2008 10:05 pm

Re: "Older" adult with family

Postby albanach » Thu Sep 28, 2017 9:39 am

fallingup77 wrote:Not sure if this is really helpful, but I think it's at least relevant, so I'll add my experience to the mix. I started law school at UIUC in my early 30s (just graduated in May) with two little kids and a wife who stayed home. It is true that you will only receive the COL loans and no more, regardless of whether you have dependents or not.


That's strange - I had no problem at UVA getting COL adjustments to cover the full cost of childcare and actual medical expenses.

User avatar
A. Nony Mouse
Posts: 28717
Joined: Tue Sep 25, 2012 11:51 am

Re: "Older" adult with family

Postby A. Nony Mouse » Thu Sep 28, 2017 10:08 am

Yeah, I had classmates with kids who had their COL adjusted.

fallingup77
Posts: 48
Joined: Tue Feb 12, 2013 2:05 pm

Re: "Older" adult with family

Postby fallingup77 » Thu Sep 28, 2017 12:49 pm

albanach wrote:
fallingup77 wrote:Not sure if this is really helpful, but I think it's at least relevant, so I'll add my experience to the mix. I started law school at UIUC in my early 30s (just graduated in May) with two little kids and a wife who stayed home. It is true that you will only receive the COL loans and no more, regardless of whether you have dependents or not.


That's strange - I had no problem at UVA getting COL adjustments to cover the full cost of childcare and actual medical expenses.


Wow, that is strange. Before I started school, I figured I would be able to get an adjustment. I made a big stink about it with financial aid and they would not budge at all. Maybe this is school dependent? Or had something to do with having a spouse at home? Not sure. Maybe I got hosed.

User avatar
Pozzo
Posts: 1884
Joined: Mon Sep 28, 2015 3:36 pm

Re: "Older" adult with family

Postby Pozzo » Thu Sep 28, 2017 3:22 pm

fallingup77 wrote:
albanach wrote:
fallingup77 wrote:Not sure if this is really helpful, but I think it's at least relevant, so I'll add my experience to the mix. I started law school at UIUC in my early 30s (just graduated in May) with two little kids and a wife who stayed home. It is true that you will only receive the COL loans and no more, regardless of whether you have dependents or not.


That's strange - I had no problem at UVA getting COL adjustments to cover the full cost of childcare and actual medical expenses.


Wow, that is strange. Before I started school, I figured I would be able to get an adjustment. I made a big stink about it with financial aid and they would not budge at all. Maybe this is school dependent? Or had something to do with having a spouse at home? Not sure. Maybe I got hosed.

It's totally school-dependent.




Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 1 guest