USMCMatt wrote:apollo2015 wrote:I do wish that they boosted the Cost of Living (COL) formula a bit, and gave us a few thousand more in loans, so as to make surviving over the 1L summer more feasible. I know all law schools do it this way, but I really think that its absurd that they don't factor summer costs into the COL.
Also, EFC=0 ----> the same 10k Need based grant. I am surprised since at the ASD the Financial Aid person said that need grants go up to 15k. I guess we would need a negative EFC to get that.
The whole EFC thing is stupid anyway...
My EFC was 25k. That would be great if I wasn't a married, 32 y/o with a newborn and newly non-working spouse. Sure, we made a comfortable income between the two of us last year (still expensive as hell in SoCal), but that all goes away as soon as LS starts and I sure as hell don't have 25k in the bank set aside. The FAFSA is great for UG students who are fresh or just a few years out of high school and actually have parents that can contribute. Graduate/professional degress just dont apply, IMHO.
Couldn't agree more. I lived and worked in NYC the year before I started grad school. I made a whopping $24k one year. Don't remember my EFC, but I borrowed $100k for a 2 year MFA (I know, stupid). When I arrived on campus, all the big scholarships AND multiple teaching jobs (that I was told did not exist for first years) went to obviously wealthy students, because they appeared to be low income. A few of them were traveling that year!
There was someone in my scholarship at Ivy (full ride) who came to scholarship meetings with armfuls of bags from expensive boutiques and yet the financial aid people called her, worried because she hadn't applied for her Staffords in November. Because she had money from property sold in another state! You can bet someone in dire need would have filled out those forms ASAP.
I know it's hard to make these decisions, but sometimes the formulas and rules miss out the obvious -- like your income dropping to $0 in 1L.