How Likely Is Renewing Need Aid?
Posted: Fri Apr 03, 2015 3:16 pm
Wondering what the general experience is with need aid? Did your stay constant over three years, go up or go down? Any reason why?
Law School Discussion Forums
https://www.top-law-schools.com/forums/
https://www.top-law-schools.com/forums/viewtopic.php?f=4&t=246047
Thanks for the info, super helpful. Compiling a bunch of info for a financial aid/admissions meeting. I was worried I'd never get a response itt.yot11 wrote:Can't speak to how constant need aid will be. I CAN tell you that your need aid will almost certainly be reduced by any salary you might make over the summer. A biglaw summer associate position will wipe 20-25k from your need aid for the following year.
It's between 2 and 3L though, his/her 3L need application would be based on their tax return from spring 1L/fall 2L so they should be fine.yot11 wrote:Can't speak to how constant need aid will be. I CAN tell you that your need aid will almost certainly be reduced by any salary you might make over the summer. A biglaw summer associate position will wipe 20-25k from your need aid for the following year.
If you think law schools will forget about your 2L SA and let you off scot-free, you're wrong. From Harvard's website:2014 wrote:It's between 2 and 3L though, his/her 3L need application would be based on their tax return from spring 1L/fall 2L so they should be fine.yot11 wrote:Can't speak to how constant need aid will be. I CAN tell you that your need aid will almost certainly be reduced by any salary you might make over the summer. A biglaw summer associate position will wipe 20-25k from your need aid for the following year.
I highly doubt any other school would be different.Although government regulations specify that student eligibility for federal funds be based on the previous tax year information, we base eligibility for institutional funds on a more accurate “projected year” analysis based on your income in the current year. To determine eligibility for sets of funds, we perform two different file reviews on each student: one that conforms with federal guidelines which we use to determine eligibility for federal loans, and another which allows us to use a broader analysis and incorporate our own institutional policies to determine eligibility for our institutional grant and loan assistance.
The Law School’s projected-year analysis uses the twelve-month period running from the summer immediately proceeding the academic year for which the student is seeking assistance through the end of the 9-month academic year. In this way we can base the calculation of your student contribution from income on only your summer income.
I qualified for a Perkins Loan as a 3L despite doing fine for myself last summer. Respect to H for that hustle though.yot11 wrote:I highly doubt any other school would be different.Although government regulations specify that student eligibility for federal funds be based on the previous tax year information, we base eligibility for institutional funds on a more accurate “projected year” analysis based on your income in the current year. To determine eligibility for sets of funds, we perform two different file reviews on each student: one that conforms with federal guidelines which we use to determine eligibility for federal loans, and another which allows us to use a broader analysis and incorporate our own institutional policies to determine eligibility for our institutional grant and loan assistance.
The Law School’s projected-year analysis uses the twelve-month period running from the summer immediately proceeding the academic year for which the student is seeking assistance through the end of the 9-month academic year. In this way we can base the calculation of your student contribution from income on only your summer income.
A loan is not a grant. Which is what the OP is asking about.2014 wrote:I qualified for a Perkins Loan as a 3L despite doing fine for myself last summer. Respect to H for that hustle though.yot11 wrote:I highly doubt any other school would be different.Although government regulations specify that student eligibility for federal funds be based on the previous tax year information, we base eligibility for institutional funds on a more accurate “projected year” analysis based on your income in the current year. To determine eligibility for sets of funds, we perform two different file reviews on each student: one that conforms with federal guidelines which we use to determine eligibility for federal loans, and another which allows us to use a broader analysis and incorporate our own institutional policies to determine eligibility for our institutional grant and loan assistance.
The Law School’s projected-year analysis uses the twelve-month period running from the summer immediately proceeding the academic year for which the student is seeking assistance through the end of the 9-month academic year. In this way we can base the calculation of your student contribution from income on only your summer income.