Need-based fin aid question...

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Need-based fin aid question...

Postby lolokay1 » Sun Nov 25, 2012 12:06 am

Hi all,

If by the time you apply to Law School you are not employed, but had been employed for the 1.5 years prior at a decent salary (~60k/yr), and you are no longer the dependent of your parents but have no dependents of your own, will the need-based financial aid for the upcoming 3 years be calculated solely on what assets you have at the moment (which would be whatever money is saved)?

Sorry if this is very basic, but I'm not familiar with the fin aid system.

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Re: Need-based fin aid question...

Postby rinkrat19 » Sun Nov 25, 2012 12:14 am

Calculated on your current assets as opposed to what?

I don't know what effect a recent-but-not-current past job will have (if it's within that tax year I imagine they will see your total income for that year and not care which months it was earned in), but I do know that there is very little purely need-based aid out there, aside from Harvard/Yale/Stanford (to which I don't think you're applying, right?). Some schools say they consider both merit and need when granting scholarships, but the amounts of the awards seem to match pretty much what those people would expect with their numbers regardless of need.

Anyone, no matter how wealthy or poor, can take out full cost of attendance in loans, however.

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