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Hi Fin Aid forum!

I've been running the COL allocations for some schools, and I was wondering - if 1L summer employment is typically unpaid, how the heck are people supposed to live in the summer? Do people typically stretch their COA budget (which seems impossible with some of the schools I'm looking at) to cover rent/food for the summer? Do they move home with family? Get a paid part time job in addition to summer work?

I know it's looking far ahead, but I don't want to be screwed come May.

snapdragon wrote:Hi Fin Aid forum!

I've been running the COL allocations for some schools, and I was wondering - if 1L summer employment is typically unpaid, how the heck are people supposed to live in the summer? Do people typically stretch their COA budget (which seems impossible with some of the schools I'm looking at) to cover rent/food for the summer? Do they move home with family? Get a paid part time job in addition to summer work?

I know it's looking far ahead, but I don't want to be screwed come May.

All of those choices are valid options.

Take 20% of your finaid and put it on black.

beach_terror wrote:Take 20% of your finaid and put it on black.

Oh, I was going to go to a greyhound track instead. Thanks for the tip!

It seems to me that if you budget well the COA at most schools can cover the summer too. For example, BC budgets $1065 per month for rent, but from looking at Craigslist it seems that you can get apartments in the area for $700-$800 per month. Their total COA is $17390. My estimate is that I'll need $18000 for the whole year.

If you don't think that will work for you just wait tables on the weekend during the summer or find some other job like that to help with your expenses.

Most schools offer summer loans if you are doing something that gets you academic credit. Since you will almost certainly be doing something that will get you academic credit, loans will be accessible if you want them.

snapdragon wrote:

beach_terror wrote:Take 20% of your finaid and put it on black.

Oh, I was going to go to a greyhound track instead. Thanks for the tip!

Greyhound races are all rigged.

hawkeye22 wrote:Most schools offer summer loans if you are doing something that gets you academic credit. Since you will almost certainly be doing something that will get you academic credit, loans will be accessible if you want them.

Uh, no. You get no academic credit for internships. At least not at any school I've seen.

HWS08 wrote:It seems to me that if you budget well the COA at most schools can cover the summer too. For example, BC budgets $1065 per month for rent, but from looking at Craigslist it seems that you can get apartments in the area for $700-$800 per month. Their total COA is $17390. My estimate is that I'll need $18000 for the whole year.

If you don't think that will work for you just wait tables on the weekend during the summer or find some other job like that to help with your expenses.

That's a good point. Actually doing the math makes it seem like I could make it through 12 months, they will just be a bit tight.

I'd prefer not to take out additional summer loans if at all possible.

fatduck wrote:

snapdragon wrote:

beach_terror wrote:Take 20% of your finaid and put it on black.

Oh, I was going to go to a greyhound track instead. Thanks for the tip!

Greyhound races are all rigged.

I was hoping to get in on the rigging itself. Maybe a bit ambitious while I'm trying to get through 1L, but a girl's gotta dream.

The world's oldest profession.

Summer Public Interest Funding (SPIF) is available at many schools throughout the T14.

Moral_Midgetry wrote:The world's oldest profession.

thats how im going to pay for law school- id like to take a break from that in the summers

I have a question kind of pertaining to this...
I've saved up enough money for a security deposit and brokers fee (seems like you can't get out of that in Queens, even with craigslist), for this coming year (I'll be a 1L). I know I'll get my security deposit back, but then the broker's fee obviously disappears forever. What if at one point I want to move to a new apartment in the next three years, how do you come up with that extra brokers fee, while you're already scraping the bottom of the barrel and stretching your loan just to get by in the summer time?

Moral_Midgetry wrote:The world's oldest profession.

Hunting and gathering?

Moral_Midgetry wrote:The world's oldest profession.

Hunting Mastedon?

But seriously, I don't buy prostitution being considered the world's oldest profession. Surely "fisherman" preceded being a hooker, right?

rad law wrote:

Moral_Midgetry wrote:The world's oldest profession.

Hunting and gathering?

introversional wrote:
Hunting Mastedon?

It's "mastodon". Come on, learn how to spell your prehistoric herbivores.

Million ways to get a 2-3K out of financial aid, you can usually take out up to 2k each for moving/transit expenses during 1L &, and another 2k cap for a laptop. Most of these have a default number if you *cough*can't find your receipt*cough.* Things like this can let you borrow some extra $$$.

Cupidity wrote:Million ways to get a 2-3K out of financial aid, you can usually take out up to 2k each for moving/transit expenses during 1L &, and another 2k cap for a laptop. Most of these have a default number if you *cough*can't find your receipt*cough.* Things like this can let you borrow some extra $$$.

Thanks for the info...the dilemma is that I was going to take the gov loans offered (which is basically just what the school's idea of cost of living came down to). Are you saying you recommend a private loan company for the extra expenses not covered by government loans, and if so, do you know a way to go about doing this? Or do I just say to the private loan company that my government loan isn't covering these extra costs and ask them for x additional amount of dollars for the year

LB88 wrote:Thanks for the info...the dilemma is that I was going to take the gov loans offered (which is basically just what the school's idea of cost of living came down to). Are you saying you recommend a private loan company for the extra expenses not covered by government loans, and if so, do you know a way to go about doing this? Or do I just say to the private loan company that my government loan isn't covering these extra costs and ask them for x additional amount of dollars for the year

Government loans go through the school's finaid office. I've been told you can ask them to up your loan amount if you need the extra $. If you're curious as to how it works, call the finaid office at the school you are considering attending and ask them.

how come nobodys said the most obvious and best answer: ask ur parents for $ duh.

LB88 wrote:

Cupidity wrote:Million ways to get a 2-3K out of financial aid, you can usually take out up to 2k each for moving/transit expenses during 1L &, and another 2k cap for a laptop. Most of these have a default number if you *cough*can't find your receipt*cough.* Things like this can let you borrow some extra $$$.

Thanks for the info...the dilemma is that I was going to take the gov loans offered (which is basically just what the school's idea of cost of living came down to). Are you saying you recommend a private loan company for the extra expenses not covered by government loans, and if so, do you know a way to go about doing this? Or do I just say to the private loan company that my government loan isn't covering these extra costs and ask them for x additional amount of dollars for the year

No, they are federal loans. You increase your maximum in a number of ways by proving you exceed standard COA, it is very easy to do.

dood wrote:how come nobodys said the most obvious and best answer: ask ur parents for $ duh.

*sigh* what a wonderful world that would be to live in

In descending order of preference:

Get a firm job (BUKU BUCKS !!!!!)
Get funding for your summer work (lots of schools have fellowships for PI ppl)
Get a side job teaching LSATs
Get a side job working as a bartender
Get a side job doing manual labor
Sell marijuana
Sell ecstasy
Sell cocaine
Sell heroin
Stretch your loans by living like a hobo during the school year

HTH