Married with three kids, giving up 60% of income. Doable? Forum

[groberts]

I'm making plans for law school in fall of 2012, which makes 2011 my "base year" in regard to financial aid. I'm self-employed and my income varies, but I basically pull in about 60 percent of our household income. Needless to say, when I go into school, things will be tight with three kids, and I'm trying to figure out the best balance between maximizing earnings this year and saving as much as possible vs. minimizing declared income on the FAFSA so we don't have to wipe every penny out of savings in order to survive.

I expect to get a decent scholarship for school based on projected LSAT (170ish target) and an excellent GPA (3.97), but it probably won't cover living expenses.

The stakes are so much higher with a family. When I put my husband through grad school, we were childless and mortgage-less and it was easy...the whole poor but happy thing.

Anyone BTDT and care to share tips, experiences, commiseration?

[kalvano]

Don't worry about declared income and savings for the FAFSA. It won't make any difference in your loan awards. You'll likely get the full amount no matter what.

[groberts]

Don't worry about declared income and savings for the FAFSA. It won't make any difference in your loan awards. You'll likely get the full amount no matter what.

Why...because school + 3 kids = poorhouse?

[homestyle28]

I'll be doing school with 1 kid and spouse...most schools (if not all) will adjust your cost of attendance upwards b/c you have kids to provide for, so you'll be able to borrow to cover a lot of your expenses. Of course this means more debt, but that's the reality of LS w/kids.
Side note, you'll want to make sure you have your health insurance straight, not all schools let spouses/kids on the student's policy. Hopefully, your SO's job will provide coverage.

[nygrrrl]

I'm doing school + 2 kids + 100% breadwinner. I do a PT evening program so that I can continue working (freelance). I strongly encourage you to consider PT programs as an option. PM me if you have questions!

[groberts]

Of course this means more debt, but that's the reality of LS w/kids.

The other reality of LS with kids is needing to minimize debt b/c you still have kids when you get out!

[groberts]

nygrrrl, I've already ruled out PT LS because I know how things work in my family. If I do that, I'll be in law school, working full time, AND doing the majority of house stuff. Can't handle it all. It's full-time or not at all, even though times will be tight.

[nygrrrl]

nygrrrl, I've already ruled out PT LS because I know how things work in my family. If I do that, I'll be in law school, working full time, AND doing the majority of house stuff. Can't handle it all. It's full-time or not at all, even though times will be tight.

Gotcha. One thing to think about - the house stuff? It's going to fall by the wayside, fast. Start considering sources of help - who you could call if you needed someone to pick up one of the kids someplace, whether you can keep a fund going to have your house cleaned if it gets crazy, stuff like that. It is impossible to explain how quickly LS becomes all-consuming.

[homestyle28]

Of course this means more debt, but that's the reality of LS w/kids.

The other reality of LS with kids is needing to minimize debt b/c you still have kids when you get out!

Mortgage the little bastards future, that's what I say!

It is a real consideration though, taking a job to pay off the debt will affect them (if you can get one)...

[groberts]

nygrrrl, I've already ruled out PT LS because I know how things work in my family. If I do that, I'll be in law school, working full time, AND doing the majority of house stuff. Can't handle it all. It's full-time or not at all, even though times will be tight.

Gotcha. One thing to think about - the house stuff? It's going to fall by the wayside, fast. Start considering sources of help - who you could call if you needed someone to pick up one of the kids someplace, whether you can keep a fund going to have your house cleaned if it gets crazy, stuff like that. It is impossible to explain how quickly LS becomes all-consuming.

YES. I have housecleaners now. I keep thinking, "I can't afford housecleaners when I'm in LS. .... I can't afford NOT to have housecleaners when I'm in LS!"

[nygrrrl]

"I can't afford NOT to have housecleaners when I'm in LS!"

THIS!!!