How Likely Is Renewing Need Aid?

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RubyRod
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How Likely Is Renewing Need Aid?

Postby RubyRod » Fri Apr 03, 2015 3:16 pm

Wondering what the general experience is with need aid? Did your stay constant over three years, go up or go down? Any reason why?
Last edited by RubyRod on Fri Apr 17, 2015 2:08 pm, edited 1 time in total.

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yot11
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Re: How Likely Is Renewing Need Aid?

Postby yot11 » Sat Apr 04, 2015 8:52 pm

Can't speak to how constant need aid will be. I CAN tell you that your need aid will almost certainly be reduced by any salary you might make over the summer. A biglaw summer associate position will wipe 20-25k from your need aid for the following year.

RubyRod
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Re: How Likely Is Renewing Need Aid?

Postby RubyRod » Sun Apr 05, 2015 2:08 am

yot11 wrote:Can't speak to how constant need aid will be. I CAN tell you that your need aid will almost certainly be reduced by any salary you might make over the summer. A biglaw summer associate position will wipe 20-25k from your need aid for the following year.

Thanks for the info, super helpful. Compiling a bunch of info for a financial aid/admissions meeting. I was worried I'd never get a response itt.

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LawsRUs
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Re: How Likely Is Renewing Need Aid?

Postby LawsRUs » Sun Apr 05, 2015 2:31 am

Mec, this is not necessarily on point, but it might be of your interest: viewtopic.php?f=1&t=153768. I ran into it when I was doing my own research today.

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2014
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Re: How Likely Is Renewing Need Aid?

Postby 2014 » Tue Apr 07, 2015 7:58 pm

yot11 wrote:Can't speak to how constant need aid will be. I CAN tell you that your need aid will almost certainly be reduced by any salary you might make over the summer. A biglaw summer associate position will wipe 20-25k from your need aid for the following year.

It's between 2 and 3L though, his/her 3L need application would be based on their tax return from spring 1L/fall 2L so they should be fine.

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yot11
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Re: How Likely Is Renewing Need Aid?

Postby yot11 » Tue Apr 07, 2015 10:11 pm

2014 wrote:
yot11 wrote:Can't speak to how constant need aid will be. I CAN tell you that your need aid will almost certainly be reduced by any salary you might make over the summer. A biglaw summer associate position will wipe 20-25k from your need aid for the following year.

It's between 2 and 3L though, his/her 3L need application would be based on their tax return from spring 1L/fall 2L so they should be fine.


If you think law schools will forget about your 2L SA and let you off scot-free, you're wrong. From Harvard's website:

Although government regulations specify that student eligibility for federal funds be based on the previous tax year information, we base eligibility for institutional funds on a more accurate “projected year” analysis based on your income in the current year. To determine eligibility for sets of funds, we perform two different file reviews on each student: one that conforms with federal guidelines which we use to determine eligibility for federal loans, and another which allows us to use a broader analysis and incorporate our own institutional policies to determine eligibility for our institutional grant and loan assistance.

The Law School’s projected-year analysis uses the twelve-month period running from the summer immediately proceeding the academic year for which the student is seeking assistance through the end of the 9-month academic year. In this way we can base the calculation of your student contribution from income on only your summer income.


I highly doubt any other school would be different.

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2014
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Re: How Likely Is Renewing Need Aid?

Postby 2014 » Wed Apr 08, 2015 1:48 am

yot11 wrote:
Although government regulations specify that student eligibility for federal funds be based on the previous tax year information, we base eligibility for institutional funds on a more accurate “projected year” analysis based on your income in the current year. To determine eligibility for sets of funds, we perform two different file reviews on each student: one that conforms with federal guidelines which we use to determine eligibility for federal loans, and another which allows us to use a broader analysis and incorporate our own institutional policies to determine eligibility for our institutional grant and loan assistance.

The Law School’s projected-year analysis uses the twelve-month period running from the summer immediately proceeding the academic year for which the student is seeking assistance through the end of the 9-month academic year. In this way we can base the calculation of your student contribution from income on only your summer income.


I highly doubt any other school would be different.

I qualified for a Perkins Loan as a 3L despite doing fine for myself last summer. Respect to H for that hustle though.

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yot11
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Re: How Likely Is Renewing Need Aid?

Postby yot11 » Fri Apr 10, 2015 11:48 pm

2014 wrote:
yot11 wrote:
Although government regulations specify that student eligibility for federal funds be based on the previous tax year information, we base eligibility for institutional funds on a more accurate “projected year” analysis based on your income in the current year. To determine eligibility for sets of funds, we perform two different file reviews on each student: one that conforms with federal guidelines which we use to determine eligibility for federal loans, and another which allows us to use a broader analysis and incorporate our own institutional policies to determine eligibility for our institutional grant and loan assistance.

The Law School’s projected-year analysis uses the twelve-month period running from the summer immediately proceeding the academic year for which the student is seeking assistance through the end of the 9-month academic year. In this way we can base the calculation of your student contribution from income on only your summer income.


I highly doubt any other school would be different.

I qualified for a Perkins Loan as a 3L despite doing fine for myself last summer. Respect to H for that hustle though.


A loan is not a grant. Which is what the OP is asking about.




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