C&F: Debts (Admissions and Bar Questions)

(Applications Advice, Letters of Recommendation . . . )
JohnV
Posts: 279
Joined: Sat Jan 02, 2010 8:29 am

C&F: Debts (Admissions and Bar Questions)

Postby JohnV » Wed Jan 23, 2013 5:27 am

edit
Last edited by JohnV on Wed Aug 07, 2013 12:21 pm, edited 1 time in total.

User avatar
North
Posts: 4041
Joined: Wed Mar 02, 2011 7:09 pm

Re: C&F: Debts (Admissions and Bar Questions)

Postby North » Wed Jan 23, 2013 11:22 am

I've read that a significant adverse credit history might cause problems even when applying for Grad PLUS loans. So, you might have to worry about this even before you get to the Bar.

Grad PLUS wrote:ELIGIBILITY

1. What are the eligibility requirements?

You must be enrolled at least half-time in a graduate or professional
program (for example, a program that leads to a Master’s Degree or to a law
or medical degree) at a school that participates in the William D. Ford
Federal Direct Loan (Direct Loan) Program, and must meet all of the other
general eligibility requirements for the Federal Student Aid programs. In
addition, you must not have an adverse credit history (a credit check will be
done).


2. What is considered to be an adverse credit history?

You are considered to have an adverse credit history if you are 90 or more
days delinquent on any debt
or if, within 5 years of the date of the credit
report, you have been the subject of a default determination, bankruptcy
discharge, foreclosure, repossession, tax lien, wage garnishment, or writeoff
of a Federal Student Aid debt (for example, a Direct Loan or Federal
Stafford Loan).

JohnV
Posts: 279
Joined: Sat Jan 02, 2010 8:29 am

Re: C&F: Debts (Admissions and Bar Questions)

Postby JohnV » Wed Jan 23, 2013 12:20 pm

I talked to a financial aid advisor about that and that seems to be the case but I think I was potentially able to get a co signer for it if necessary. Necessary being that I couldn't come up with the money by the time I apply. I'm curious whether it will come back to me even if I pay though or before I apply it loans but after applying.

User avatar
cinephile
Posts: 3469
Joined: Sun Jul 18, 2010 3:50 pm

Re: C&F: Debts (Admissions and Bar Questions)

Postby cinephile » Wed Jan 23, 2013 12:46 pm

JohnV wrote:I talked to a financial aid advisor about that and that seems to be the case but I think I was potentially able to get a co signer for it if necessary. Necessary being that I couldn't come up with the money by the time I apply. I'm curious whether it will come back to me even if I pay though or before I apply it loans but after applying.


NEVER EVER EVER EVER EVER get a co-signer for a law school loan.

JohnV
Posts: 279
Joined: Sat Jan 02, 2010 8:29 am

Re: C&F: Debts (Admissions and Bar Questions)

Postby JohnV » Wed Jan 23, 2013 12:53 pm

cinephile wrote:
JohnV wrote:I talked to a financial aid advisor about that and that seems to be the case but I think I was potentially able to get a co signer for it if necessary. Necessary being that I couldn't come up with the money by the time I apply. I'm curious whether it will come back to me even if I pay though or before I apply it loans but after applying.


NEVER EVER EVER EVER EVER get a co-signer for a law school loan.


Why not, besides the obvious reasons not to get a co signer for something so large?

User avatar
cinephile
Posts: 3469
Joined: Sun Jul 18, 2010 3:50 pm

Re: C&F: Debts (Admissions and Bar Questions)

Postby cinephile » Wed Jan 23, 2013 1:02 pm

JohnV wrote:
cinephile wrote:
JohnV wrote:I talked to a financial aid advisor about that and that seems to be the case but I think I was potentially able to get a co signer for it if necessary. Necessary being that I couldn't come up with the money by the time I apply. I'm curious whether it will come back to me even if I pay though or before I apply it loans but after applying.


NEVER EVER EVER EVER EVER get a co-signer for a law school loan.


Why not, besides the obvious reasons not to get a co signer for something so large?


Because odds are more likely than not that law school will not be worth the investment. It would be wrong to saddle someone else to a large debt that you will not be able to pay off. Besides, most law students will need income based repayment, and to do that you need to take out direct loans only. So if you're not eligible for GradPlus and don't have the $$$ to pay yourself, then don't go.

User avatar
North
Posts: 4041
Joined: Wed Mar 02, 2011 7:09 pm

Re: C&F: Debts (Admissions and Bar Questions)

Postby North » Wed Jan 23, 2013 1:16 pm

JohnV wrote:I think I was potentially able to get a co signer for it

It's not cool to legally bind a friend or family member to a quarter-million dollars in non-dischargeable debt that he or she can gain absolutely nothing from.

JohnV
Posts: 279
Joined: Sat Jan 02, 2010 8:29 am

Re: C&F: Debts (Admissions and Bar Questions)

Postby JohnV » Wed Jan 23, 2013 1:22 pm

edit
Last edited by JohnV on Wed Aug 07, 2013 12:20 pm, edited 1 time in total.

bp shinners
Posts: 3091
Joined: Wed Mar 16, 2011 7:05 pm

Re: C&F: Debts (Admissions and Bar Questions)

Postby bp shinners » Wed Jan 23, 2013 1:28 pm

JohnV wrote:Say I have a considerable amount of Adverse Account history on my credit report. Does anyone have any idea what I can expect when it comes to passing C&F for admissions and/or a state bar review?


TLS is a bad place to ask for legal advice. This is something about which you really, REALLY need to get in touch with your local Bar.

User avatar
cinephile
Posts: 3469
Joined: Sun Jul 18, 2010 3:50 pm

Re: C&F: Debts (Admissions and Bar Questions)

Postby cinephile » Wed Jan 23, 2013 1:35 pm

JohnV wrote:Well, I appreciate the concern and I have no intention of putting anyone in danger. There's a chance I get a large amount of scholarship money so it might not be the full amount. However, the amount I'm in debt for is considerably less than loans at say Ccnhys, so maybe it would be best I take care of it instead of going that route

But to be clear, so far no one thinks this will become a bar and/or admissions issue, aside from obtaining loans to pay for it? That's my main concern, I don't want to get into ls debt and find out I can't pass the bar cf because its Ben sitting around for do long.


But even if you get a full ride, you still need cost of living loans. That's still a lot.

User avatar
North
Posts: 4041
Joined: Wed Mar 02, 2011 7:09 pm

Re: C&F: Debts (Admissions and Bar Questions)

Postby North » Wed Jan 23, 2013 1:40 pm

bp shinners wrote:
JohnV wrote:Say I have a considerable amount of Adverse Account history on my credit report. Does anyone have any idea what I can expect when it comes to passing C&F for admissions and/or a state bar review?


TLS is a bad place to ask for legal advice. This is something about which you really, REALLY need to get in touch with your local Bar.

BP is absolutely correct and this should have been said from the beginning. Call the State Bar in the states you want to practice and ask.

JohnV
Posts: 279
Joined: Sat Jan 02, 2010 8:29 am

Postby JohnV » Wed Jan 23, 2013 1:55 pm

edit
Last edited by JohnV on Wed Aug 07, 2013 12:20 pm, edited 1 time in total.

User avatar
kalvano
Posts: 11720
Joined: Mon Sep 07, 2009 2:24 am

Re: C&F: Debts (Admissions and Bar Questions)

Postby kalvano » Wed Jan 23, 2013 3:15 pm

On the original question, yes, it will be a problem. Texas asks you if you have any debts that are 90 or more days past due, or in collection.




Return to “Law School Admissions Forum”

Who is online

Users browsing this forum: Yahoo [Bot], zeglo and 5 guests