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How is this calculated? It appears to be way below the GPA listed by my school. Does the school's gpa matter at all, or is everything based on the LSDAS calculations?

A is 4, minus is .33 below that, plus is .33 above it.
B=3
C=2
D=1
F=0

If there is a grade for the class, it will show it. Often people retake failed classes for higher grades, and the university forgives the lower grade. But since it's still on your transcript, LSAC calculates it, effectively averaging the two. This is the primary reason most people have lower LSAC GPAs.

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It really can change. My GPA goes down by .14 once LSDAS calculates it (my UG counted A-'s as 4.0's; B+'s as 3.0's, etc.).