Law School Discussion

Deciding Where to Go => Financial Aid => Topic started by: Johnny Stuffs His Mouth on December 15, 2006, 09:18:24 AM

Title: I have no idea how to pay for law school.
Post by: Johnny Stuffs His Mouth on December 15, 2006, 09:18:24 AM
I went to W&M undergrad on a full scholarship and know absolutely nothing about Stafford, FAFSA, Pell, or anything similar. All I know is that I plan on taking out a loan and paying it back after law school. How does one go about doing this? Do I fill out a FAFSA (I have no idea what this is), do I contact a bank? If so, when? I'm out of college, so I can't just ask an advisor. Please help.
Title: Re: I have no idea how to pay for law school.
Post by: J D on December 15, 2006, 10:39:08 AM
The borrowing limit on the Stafford Loans is only $18,500 per year, though.  If you need to borrow more after this, there are a number of private places that lend money for law school; your school should have a list of them through the financial aid office.  I'm personally with Access Group, but it pays to shop around to make sure you get the best terms possible.
Title: Re: I have no idea how to pay for law school.
Post by: LawSchoolCutie on December 26, 2006, 12:55:49 AM
I am wondering if I can get loans for law school that will cover living expenses and rent payments. Do you think its possible?
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on December 26, 2006, 03:31:02 AM
I'm signing up on this thread.  Only difference is, I'm not a US citizen, and I have no idea how I'm going to procure loans without a co-signer.  Shoot me.
Title: Re: I have no idea how to pay for law school.
Post by: EEtoJD on December 26, 2006, 08:47:18 PM
I am wondering if I can get loans for law school that will cover living expenses and rent payments. Do you think its possible?

My undergrad loans always took this into account. I've basically lived off loans (and scholarships) for the past three years without a problem. Well, except for December, which is when I usually run out of money until the check for January arrives.
Title: Re: I have no idea how to pay for law school.
Post by: thestradgirl on December 26, 2006, 09:25:35 PM
I'm signing up on this thread.  Only difference is, I'm not a US citizen, and I have no idea how I'm going to procure loans without a co-signer.  Shoot me.

Title: Re: I have no idea how to pay for law school.
Post by: pikey on December 27, 2006, 12:56:42 PM
I'm signing up on this thread.  Only difference is, I'm not a US citizen, and I have no idea how I'm going to procure loans without a co-signer.  Shoot me.


Thirded.
Title: Re: I have no idea how to pay for law school.
Post by: sladkaya on December 27, 2006, 02:13:42 PM
Same here.  I did my bachelor's and master's in the US as well, and always chose the lesser-ranked school with full-tuition over higher-ranked school with partial/no scholarships.

Anyone figures out creative loan ideas, let me know.  Best I can offer is buy an undervalued real estate property (i.e., house), do cosmetic repairs, re-appraise and get a home equity loan for the higher appraised value (at 7-8%).  But that presume current income to be able to buy/finance the property and make repairs. And real estate skillz.
Title: Re: I have no idea how to pay for law school.
Post by: EEtoJD on December 27, 2006, 02:19:21 PM
Same here.  I did my bachelor's and master's in the US as well, and always chose the lesser-ranked school with full-tuition over higher-ranked school with partial/no scholarships.


Yeah, but law school decisions are a bit different. Going to Harvard with no money and Penn with lots of money is a tough decision, but I'd choose Harvard because my earning potential seems to be larger than from Penn by enough to make it worth it. This is only from anecdotal evidence, though, I have not researched any sort of numbers along these lines.
Title: Re: I have no idea how to pay for law school.
Post by: sladkaya on December 27, 2006, 02:23:16 PM
Same here.  I did my bachelor's and master's in the US as well, and always chose the lesser-ranked school with full-tuition over higher-ranked school with partial/no scholarships.


Yeah, but law school decisions are a bit different. Going to Harvard with no money and Penn with lots of money is a tough decision, but I'd choose Harvard because my earning potential seems to be larger than from Penn by enough to make it worth it. This is only from anecdotal evidence, though, I have not researched any sort of numbers along these lines.

I suppose I should have replaced "chose" with "had to attend" in that quote.  I did not even apply to Harvard et al because I CANNOT go.  There are no financial aid options out there for non-US citizens to take out 90K+ in loans with no significant assets to their name.  It's not even an choice.  Heck, I may not even be able to afford UT, and they gave me a scholarship :(
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on December 27, 2006, 02:27:09 PM
In order to qualify for federal Stafford loans, you have to fill out the FAFSA (Free Application For Federal Student Aid). Do your taxes as early as you can after January 1st, 2007, and have your parents do the same. Then, when you have all your tax info ready, fill out the fafsa. Go to http://www.fafsa.ed.gov/ to fill it out electronically. You can have your completed fafsa form sent to the schools that you are considering attending. They should then prepare an aid package for you.

Your parents do not need to fill out the FAFSA. All the OP needs to do is estimate his/her taxes and fill out the FAFSA ASAP. Some schools will require either the CSS/Profile or NeedAccess (and possibly their own FA/Scholarship forms) that require parental information. However, those typically just require estimates as well so you can use last year's info as an estimate for your parents if they don't want to file in January.
Title: Re: I have no idea how to pay for law school.
Post by: EEtoJD on December 27, 2006, 02:30:46 PM
Same here.  I did my bachelor's and master's in the US as well, and always chose the lesser-ranked school with full-tuition over higher-ranked school with partial/no scholarships.


Yeah, but law school decisions are a bit different. Going to Harvard with no money and Penn with lots of money is a tough decision, but I'd choose Harvard because my earning potential seems to be larger than from Penn by enough to make it worth it. This is only from anecdotal evidence, though, I have not researched any sort of numbers along these lines.

I suppose I should have replaced "chose" with "had to attend" in that quote.  I did not even apply to Harvard et al because I CANNOT go.  There are no financial aid options out there for non-US citizens to take out 90K+ in loans with no significant assets to their name.  It's not even an choice.  Heck, I may not even be able to afford UT, and they gave me a scholarship :(

Yeah, that's a major bummer. Maybe you can meet up with a loan shark? High interest loan with the risk of broken kneecaps? Sign me up!
Title: Re: I have no idea how to pay for law school.
Post by: sladkaya on December 27, 2006, 02:38:09 PM
Yeah, that's a major bummer. Maybe you can meet up with a loan shark? High interest loan with the risk of broken kneecaps? Sign me up!

Yeah, it is. I'm hoping at least one of my schools gives me a full scholarship and I won't have to worry about my kneecaps.  But we'll see.
Title: Re: I have no idea how to pay for law school.
Post by: BrerAnansi on December 27, 2006, 02:43:53 PM
LSD stole my long-winded entry but maybe that's for the best.  In short, I think you're a little confused about your choices.  You should be less worried about funding a potential Harvard JD than a potential UT degree.  The thing about "elite" private schools is that once you're accepted they will do whatever it takes financially to aid your matriculation.  As an international student, you won't qualify for federal loans but that need will instead be met by institutional loans.  It's one of the perks of having such a huge endowment.  UT, as a state school, is more likely to have far less financial dollars to go around and the few that it does will have strings attached. (being paid for by the taxpayers and such) 

http://www.law.harvard.edu/students/sfs/loans/

Same here.  I did my bachelor's and master's in the US as well, and always chose the lesser-ranked school with full-tuition over higher-ranked school with partial/no scholarships.


Yeah, but law school decisions are a bit different. Going to Harvard with no money and Penn with lots of money is a tough decision, but I'd choose Harvard because my earning potential seems to be larger than from Penn by enough to make it worth it. This is only from anecdotal evidence, though, I have not researched any sort of numbers along these lines.

I suppose I should have replaced "chose" with "had to attend" in that quote.  I did not even apply to Harvard et al because I CANNOT go.  There are no financial aid options out there for non-US citizens to take out 90K+ in loans with no significant assets to their name.  It's not even an choice.  Heck, I may not even be able to afford UT, and they gave me a scholarship :(
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on December 27, 2006, 02:52:55 PM
In order to qualify for federal Stafford loans, you have to fill out the FAFSA (Free Application For Federal Student Aid). Do your taxes as early as you can after January 1st, 2007, and have your parents do the same. Then, when you have all your tax info ready, fill out the fafsa. Go to http://www.fafsa.ed.gov/ to fill it out electronically. You can have your completed fafsa form sent to the schools that you are considering attending. They should then prepare an aid package for you.

Your parents do not need to fill out the FAFSA. All the OP needs to do is estimate his/her taxes and fill out the FAFSA ASAP. Some schools will require either the CSS/Profile or NeedAccess (and possibly their own FA/Scholarship forms) that require parental information. However, those typically just require estimates as well so you can use last year's info as an estimate for your parents if they don't want to file in January.

I was answering the OP's question based on what I know from filling out the FAFSA for undergrad. We do not need to report our parents' income on the FAFSA for law school? I didn't know that. Also, I was under the impression that the FAFSA couldn't be filled out until after January 1.

You're right that it cannot be filled until after January 1, but we're so close now that it slipped my mind that we aren't there yet. :) Many schools have a January 15 priority deadline, so it's best to get it in ASAP after January 1, even if you can't do your taxes yet. For graduate programs, all students are considered independent and no parental information is required.
Title: Re: I have no idea how to pay for law school.
Post by: sladkaya on December 28, 2006, 01:05:08 PM
LSD stole my long-winded entry but maybe that's for the best.  In short, I think you're a little confused about your choices.   You should be less worried about funding a potential Harvard JD than a potential UT degree.  The thing about "elite" private schools is that once you're accepted they will do whatever it takes financially to aid your matriculation.  As an international student, you won't qualify for federal loans but that need will instead be met by institutional loans.  It's one of the perks of having such a huge endowment.  UT, as a state school, is more likely to have far less financial dollars to go around and the few that it does will have strings attached. (being paid for by the taxpayers and such) 

http://www.law.harvard.edu/students/sfs/loans/


So it seems.  Thanks Brer, I had absolutely no idea about institutional loans. And now it's so late in the cycle, do you think it's any use applying to "elite" private schools?
Title: Re: I have no idea how to pay for law school.
Post by: EEtoJD on December 28, 2006, 02:05:39 PM
So it seems.  Thanks Brer, I had absolutely no idea about institutional loans. And now it's so late in the cycle, do you think it's any use applying to "elite" private schools?

Of course it's not too late! At least, I hope not, since I just submitted all mine on Christmas...  :-\
Title: Re: I have no idea how to pay for law school.
Post by: thestradgirl on December 28, 2006, 02:06:24 PM
So it seems.  Thanks Brer, I had absolutely no idea about institutional loans. And now it's so late in the cycle, do you think it's any use applying to "elite" private schools?

Of course it's not too late! At least, I hope not, since I just submitted all mine on Christmas...  :-\

Uh, I hope not either.
Title: Re: I have no idea how to pay for law school.
Post by: Zam on December 31, 2006, 06:43:48 AM
Uh, here's a question for anyone who knows a lot about FA.

I'm planning on doing my taxes as soon as humanly possible, which will probably mean in the next couple of weeks. My taxes are easy and I can then immediately do my FAFSA.

However, my parents own their own businesses and invariably need to apply for extensions. I have asked them not to do this but they tell me it is unavoidable. I feel pretty confident I can get estimates on their returns by February, but I have no idea when they will actually file. Is this going to be a problem? Will I get awarded aid and then not actually get it if they don't file by April 15th?
Title: Re: I have no idea how to pay for law school.
Post by: EEtoJD on December 31, 2006, 02:00:37 PM
Uh, here's a question for anyone who knows a lot about FA.

I'm planning on doing my taxes as soon as humanly possible, which will probably mean in the next couple of weeks. My taxes are easy and I can then immediately do my FAFSA.

However, my parents own their own businesses and invariably need to apply for extensions. I have asked them not to do this but they tell me it is unavoidable. I feel pretty confident I can get estimates on their returns by February, but I have no idea when they will actually file. Is this going to be a problem? Will I get awarded aid and then not actually get it if they don't file by April 15th?

When you fill out the FAFSA, if you're not a dependent anymore, this doesn't matter. If you are, then yeah, it might. FAFSA lets you estimate your taxes, but you do need a final accurate count before they disburse aid. If you're a dependent, I'd call up your aid office at school or email a contact given on the FAFSA website.
Title: Re: I have no idea how to pay for law school.
Post by: Zam on January 02, 2007, 07:28:42 AM
Thanks for the advice. I'm not a dependendent so it seems like the issue will only come up if my parents file extensions and I cannot give schools their tax info on time so that I can actually get the aid. I am planning on calling different school's offices this week to find out whether this will be a problem.
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on January 02, 2007, 07:34:06 AM
Thanks for the advice. I'm not a dependendent so it seems like the issue will only come up if my parents file extensions and I cannot give schools their tax info on time so that I can actually get the aid. I am planning on calling different school's offices this week to find out whether this will be a problem.

If you're independent, you don't have to give the schools your parents' info at all unless you get some sort of need-based grant based on NeedAccess or the CSS/Profile.
Title: Re: I have no idea how to pay for law school.
Post by: Zam on January 02, 2007, 07:38:38 AM
Thanks for the advice. I'm not a dependendent so it seems like the issue will only come up if my parents file extensions and I cannot give schools their tax info on time so that I can actually get the aid. I am planning on calling different school's offices this week to find out whether this will be a problem.

If you're independent, you don't have to give the schools your parents' info at all unless you get some sort of need-based grant based on NeedAccess or the CSS/Profile.

Really? So if I end up getting bubcus need-based aid I will be fine? (I don't make much $ but I don't know that I am especially "needy").

I am basically a financial aid idiot. I know almost nothing, though I have started at least trying to educate myself while waiting for my work to send me my tax stuff.
Title: Re: I have no idea how to pay for law school.
Post by: wamegojim on January 02, 2007, 07:46:14 AM
LSAC has a whole section on financial aid. http://lsac.org/LSAC.asp?url=lsac/financial-aid-introduction.asp (http://lsac.org/LSAC.asp?url=lsac/financial-aid-introduction.asp)

It has a whole step by step section to help you out.
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on January 02, 2007, 07:48:14 AM
Thanks for the advice. I'm not a dependendent so it seems like the issue will only come up if my parents file extensions and I cannot give schools their tax info on time so that I can actually get the aid. I am planning on calling different school's offices this week to find out whether this will be a problem.

If you're independent, you don't have to give the schools your parents' info at all unless you get some sort of need-based grant based on NeedAccess or the CSS/Profile.

Really? So if I end up getting bubcus need-based aid I will be fine? (I don't make much $ but I don't know that I am especially "needy").

I am basically a financial aid idiot. I know almost nothing, though I have started at least trying to educate myself while waiting for my work to send me my tax stuff.

You can just make an estimate of your information now and as long as it's relatively accurate you will not need to update it if you just end up with loans or merit-based aid.

For grants that require parental information, just send in an estimate ASAP and if there is a dramatic difference then you'll need to inform the school and they may adjust the grant accordingly. In this case, if your parents have decent salaries, even if yours is crap, you probably won't qualify for need-based aid at many (if any at all) schools.
Title: Re: I have no idea how to pay for law school.
Post by: Zam on January 02, 2007, 07:52:02 AM
You can just make an estimate of your information now and as long as it's relatively accurate you will not need to update it if you just end up with loans or merit-based aid.

For grants that require parental information, just send in an estimate ASAP and if there is a dramatic difference then you'll need to inform the school and they may adjust the grant accordingly. In this case, if your parents have decent salaries, even if yours is crap, you probably won't qualify for need-based aid at many (if any at all) schools.

Yeah, my parents make and lose a lot of money every year, they are self-employed so there is always money circulating around but not actually landing on anything. I am not expecting them to pay for law school in any way shape or form, but I am probably not going to get need-based aid because of how much they make.
Title: Re: I have no idea how to pay for law school.
Post by: Jolie Was Here on January 02, 2007, 08:54:42 AM
Unless I'm much mistaken (and it's possible - I'm embarrassingly stupid about financial aid despite my many many student loans...or maybe there's a correlation?  :-[) the schools don't process the FAFSA.  That's processed by the federal Dept. of Education and reports are sent to the individual schools that you designate.  Besides, the standards are uniform and I believe that nearly all grad students qualify for the $18,500 in Stafford loans.  The FAFSA primarily determines whether you're eligible for any of that as subsidized loans (up to $8,500 can be subsidized.)  

Once the schools receive your report, they use some of the information to do their own financial aid calculations.  This is where it varies from school to school.  Some won't require anything additional, some require Need Access or their own forms.  Some make you supply your parents' financial info regardless of your status (grrr.)  I loved Michigan, because they didn't require parental data if you could prove financial independence for at least five years.  

Anyway, hope that helps (sincerely, not snarkily.)
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on January 02, 2007, 08:59:47 AM
So, a couple of questions for ya'll:  Is everyone filling out their FAFSA and Need Access forms ASAP, even if they haven't filed their taxes yet or received W-2's from their employers? If you are submitting the FAFSA soon, are you sending it to just the schools to which you've been accepted, or are you sending it to ones which are still pending? Will the schools even process a FAFSA if you haven't been accepted yet?


Do it now. A lot of schools have a 1/15 priority deadline, so it's worth it to estimate now and update later as needed. Like Jolie pointed out, the DoE processes the FAFSA and will send it to the requested schools. However, the form allows only 6 schools at a time, so you have to wait until it's processed with the first six until you can add the next 6.

In addition to what Jolie said, the FAFSA is also used to determine whether you can get a Perkins loan (for up to $6000).
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 02, 2007, 09:21:20 AM
Tag.

I just started filling out the Need Access form.  Does anyone know if there's a cost involved with Need Access?  ie: Do I have to pay to submit it to schools?  One of the great ironies of life is that people who need financial aid have to pay money in order to even be considered for financial aid (stupid College Board, I hate you with a passion!).  Is this the same for Need Access? (and while I'm at it, for the FAFSA?).
Title: Re: I have no idea how to pay for law school.
Post by: Jolie Was Here on January 02, 2007, 09:23:08 AM
Tag.

I just started filling out the Need Access form.  Does anyone know if there's a cost involved with Need Access?  ie: Do I have to pay to submit it to schools?  One of the great ironies of life is that people who need financial aid have to pay money in order to even be considered for financial aid (stupid College Board, I hate you with a passion!).  Is this the same for Need Access? (and while I'm at it, for the FAFSA?).

There's no cost associated with the FAFSA.  I can't say for certain, but I seem to recall breaking out the credit card for Need Access.
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on January 02, 2007, 09:31:09 AM
Tag.

I just started filling out the Need Access form.  Does anyone know if there's a cost involved with Need Access?  ie: Do I have to pay to submit it to schools?  One of the great ironies of life is that people who need financial aid have to pay money in order to even be considered for financial aid (stupid College Board, I hate you with a passion!).  Is this the same for Need Access? (and while I'm at it, for the FAFSA?).

Need Access is by far the worst form, but you don't have to pay to use any of them.
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on January 02, 2007, 08:12:05 PM
Tag.

I just started filling out the Need Access form.  Does anyone know if there's a cost involved with Need Access?  ie: Do I have to pay to submit it to schools?  One of the great ironies of life is that people who need financial aid have to pay money in order to even be considered for financial aid (stupid College Board, I hate you with a passion!).  Is this the same for Need Access? (and while I'm at it, for the FAFSA?).

Need Access is by far the worst form, but you don't have to pay to use any of them.

Need Access costs fifteen bucks a report per school.

So, for Michigan, where they say you need to prove you were independent as of 2001, that's for the year 2001-2002 right?

Since Mich won't require my parents info on NeedAccess (Unlike Columbia, Cornell, Penn and Vanderbilt who want it forever even if my parents are in an elderly care facilty, wtf?), do I have to do a separate Need access report just for Michigan, not filling in the parental info? And then do it again for the rest of the schools with my parents info? I think this is right but this process is so screwy.

And seriously, how are you supposed to figure out how much money you'll make next summer? I hate need access so much and cannot be alone in this.

Sorry about the mistake- I was just so overwhelmed by how terrible the form was that I must have blocked out the payment part. It's an absolute nightmare.

I'd suggest filling out the individual part first, send it to Michigan, and then fill it out again for the others with your parental info.
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 02, 2007, 08:21:51 PM
Well at least now I know to remove schools I won't be attending from my NeedAccess list. 
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 02, 2007, 10:53:10 PM
This is all fascinating.  Unfortunately, I still have no idea how I'm going to pay for law school.
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 03, 2007, 07:23:44 AM
This is all fascinating.  Unfortunately, I still have no idea how I'm going to pay for law school.


No worries, you're in good company <sigh>.
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 03, 2007, 08:02:38 AM
This is all fascinating.  Unfortunately, I still have no idea how I'm going to pay for law school.

You're Canadian, right? What do they do for loans up there?  ???


Pray for rich relatives, or get hosed by "international student loans" companies.  And by "companies", I really mean "company".  And not a very good one, at that.

Sigh.

Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 03, 2007, 08:03:22 AM
Unless you mean to go to school in Canada.  To go to school here is relatively easy.  Same *&^%, really.  Government-backed student loans.  Tuition's also generally lower than in the States.
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 03, 2007, 10:01:01 AM
Ah, so no Canadian government-backed student loans for US schools? :(


Yes, but the amounts are so small, it's virtually useless.  Lifetime maximum of $70K, Canadian.  Yearly maximum (for 8 month programs) of just under $13K, Canadian. 

I can't really think of a school that an international student can attend for less than, say, $40K US per year. 

You see the problem, I'm sure.
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 03, 2007, 10:05:45 AM
Ah, yea :(


Tell me about it.   >:(
Title: Re: I have no idea how to pay for law school.
Post by: Johnny Stuffs His Mouth on January 03, 2007, 10:10:20 AM
OP here: ok, so I fill out the FAFSA now, and it automatically gets sent to the schools I list? I haven't even applied yet! So then when and if they accept me, they also tell me what kind of federal loans I'm getting?
Title: Re: I have no idea how to pay for law school.
Post by: Sweetpri on January 03, 2007, 10:54:42 AM
Baboon:

Click on this link - choose "law" and then "sponsored access loan."  It says if you have good credit you can get the loans regardless of citizenship.  Might be worth checking it out.

http://www.accessgroup.org/Student-Loans/find-a-loan/student-loan-finder.htm
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 03, 2007, 10:58:23 AM
Baboon:

Click on this link - choose "law" and then "sponsored access loan."  It says if you have good credit you can get the loans regardless of citizenship.  Might be worth checking it out.

http://www.accessgroup.org/Student-Loans/find-a-loan/student-loan-finder.htm

I don't see how this solves my problem.  It's the same sort of financial responsibility that requires me to have rich family members to bail me out.

Unfortunately, the entire loan must be on my shoulders.  My parents don't have the credit to back me up (even as co-signers), and the rest of my family is in South Africa (and not very rich, either).
Title: Re: I have no idea how to pay for law school.
Post by: Sweetpri on January 03, 2007, 11:07:28 AM
Well, I dont know anything about your situation but I'm Canadian and got permanent residency in the US so I'm eligible for the federal loans.  I don't know how long that takes or what you have to do, but maybe that's an option?

I don't understand why Citibank and Cank of America wouldn't loan money to an "international" Canadian student.  What about the banks in Canada?
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 03, 2007, 11:13:15 AM
Grants have nothing to do with this.  It's all loans.

And all banks that do offer money to Canadian students in the US (mostly Canadian banks, but a few American ones, as well) require, at the very least, Canadian citizen co-signers.  Most require a US permanent resident co-signer.  I have the luxury of neither of these contacts.


It will take too long to get permanent residency in the US.  Besides, if I could do that easily, I wouldn't even bother studying law in the US.  I'd prefer to work a crummy job and write.  That way I wouldn't be hundreds of thousands of dollars in debt.
Title: Re: I have no idea how to pay for law school.
Post by: Jhuen_the_bird on January 04, 2007, 10:01:25 AM
I'm confused about the whole not needing parent's information.  That seems silly ... I made 0 dollars last year and am obviously still a dependent?  I thought they would definitely want parent's info?

Also, what's with the jan. 15th priority deadline?  Is that something new w/ law schools??  We always waited until after taxes so we could fill the FAFSA forms out correctly in undergrad?

My first choice doesn't say anything about Jan 15th, and I'm probably going there, so can I just wait until early Feb?

I'm so confused.

Will I probably qualify for the same things as in undergrad??
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on January 04, 2007, 10:13:36 AM
I'm confused about the whole not needing parent's information.  That seems silly ... I made 0 dollars last year and am obviously still a dependent?  I thought they would definitely want parent's info?

Also, what's with the jan. 15th priority deadline?  Is that something new w/ law schools??  We always waited until after taxes so we could fill the FAFSA forms out correctly in undergrad?

My first choice doesn't say anything about Jan 15th, and I'm probably going there, so can I just wait until early Feb?

I'm so confused.

Will I probably qualify for the same things as in undergrad??

Some schools give out aid really early in the cycle or give out combo need/merit-based scholarships and want that info in ASAP so it will help them decide. If the school doesn't specifically request it then, you won't need to send it in immediately. Many schools don't give out need-based grants until much later in the cycle.

As long as you are a grad student, you are independent for FAFSA purposes and will have no EFC. The FAFSA is just for determining whether you'll qualify for the Stafford (almost everyone does unless they've maxed out their aggregate loan amount for grad school already, I believe) and the Perkins.

The CSS/Profile, individual forms, and NeedAccess typically require parental info and schools use those to help to determine whether you're eligible for grants or need-based scholarships.
Title: Re: I have no idea how to pay for law school.
Post by: Sweetpri on January 04, 2007, 10:17:21 AM
I just filled out the FAFSA and it classified me as independent, but then asked if I wanted to include my parent's information or not.  I don't think it's a bad thing that you are treated as independent even though you made $0 - your expected contribution will be a lot less!
Title: Re: I have no idea how to pay for law school.
Post by: Jhuen_the_bird on January 04, 2007, 10:57:22 AM
I'm confused about the whole not needing parent's information.  That seems silly ... I made 0 dollars last year and am obviously still a dependent?  I thought they would definitely want parent's info?

Also, what's with the jan. 15th priority deadline?  Is that something new w/ law schools??  We always waited until after taxes so we could fill the FAFSA forms out correctly in undergrad?

My first choice doesn't say anything about Jan 15th, and I'm probably going there, so can I just wait until early Feb?

I'm so confused.

Will I probably qualify for the same things as in undergrad??

Some schools give out aid really early in the cycle or give out combo need/merit-based scholarships and want that info in ASAP so it will help them decide. If the school doesn't specifically request it then, you won't need to send it in immediately. Many schools don't give out need-based grants until much later in the cycle.

As long as you are a grad student, you are independent for FAFSA purposes and will have no EFC. The FAFSA is just for determining whether you'll qualify for the Stafford (almost everyone does unless they've maxed out their aggregate loan amount for grad school already, I believe) and the Perkins.

The CSS/Profile, individual forms, and NeedAccess typically require parental info and schools use those to help to determine whether you're eligible for grants or need-based scholarships.

A couple of my schools had me fill out a pretty informal form about my income and my parents' income to be used for scholarship info ... hmmmm.

What about when I'm married (which I will be for my second year - do you put in your spouse's info, I guess?
Title: Re: I have no idea how to pay for law school.
Post by: kirkcameronsgf on January 04, 2007, 11:16:39 AM
Ok, for anyone that can help me, I have what is probably a stupid question..  On the FAFSA, you can only add 6 schools.  I am applying 11.  It said when you get it back (the SAR) or whatever, you can apply to more.  From what I can tell, in order to do so, I have to erase the original 6 schools on my list.  I am confused.  :-\
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on January 04, 2007, 11:17:33 AM
Ok, for anyone that can help me, I have what is probably a stupid question..  On the FAFSA, you can only add 6 schools.  I am applying 11.  It said when you get it back (the SAR) or whatever, you can apply to more.  From what I can tell, in order to do so, I have to erase the original 6 schools on my list.  I am confused.  :-\

Once you get it back, the info has already been sent to the first 6 schools.
Title: Re: I have no idea how to pay for law school.
Post by: kirkcameronsgf on January 04, 2007, 11:18:23 AM
Ok, for anyone that can help me, I have what is probably a stupid question..  On the FAFSA, you can only add 6 schools.  I am applying 11.  It said when you get it back (the SAR) or whatever, you can apply to more.  From what I can tell, in order to do so, I have to erase the original 6 schools on my list.  I am confused.  :-\

Once you get it back, the info has already been sent to the first 6 schools.

*whew*  Ok good.  I didn't want to erase them if they hadn't.  Thanks, qc.  You're the best.  :)
Title: Re: I have no idea how to pay for law school.
Post by: Johnny Stuffs His Mouth on January 04, 2007, 11:20:52 AM
I don't understand why we have to go through so much paperwork. I mean, isn't there a box somewhere I can check that says "I have no money and my parents aren't helping me"?
Title: Re: I have no idea how to pay for law school.
Post by: Jhuen_the_bird on January 04, 2007, 12:01:47 PM


My question is, once you get your actual numbers in from your W2, do you have to redo this whole process again? I mean, send it to the first six again, then wait to get it back, then send it to the next six.

I have no idea, but my thinking says that by the time you've filed your taxes and updated your SAR, you've narrowed your school list down a bit either from hearing rejections or withdrawing apps from safeties you don't need.

Yeah ... that's why I think I'm just gonna wait.  By the beginning of february I should pretty much know where I'm going - or should at least be able to narrow it down to 6 or less :-P
Title: Re: I have no idea how to pay for law school.
Post by: agent433 on January 04, 2007, 03:13:28 PM
what's "need access"?  ??? ive never even heard of it
Title: Re: I have no idea how to pay for law school.
Post by: Jhuen_the_bird on January 04, 2007, 03:18:21 PM
what's "need access"?  ??? ive never even heard of it

Same here ... I'm thinking that I should get enough loans/grants from FAFSA combined w/ scholarships from schools ... I mean, I haven't taken any loans out before anyway, so I can't be over the limit yet!
Title: Re: I have no idea how to pay for law school.
Post by: EEtoJD on January 05, 2007, 12:33:44 PM
FAFSA I don't believe is going to get you grants anywhere, just federal loans.  NeedAccess is what some schools make you do to apply for grants, and others use CSS/PROFILE. I don't think anyone uses just the FAFSA to apply to for institutional grants. I may be wrong about that though!

I got a grant through FAFSA (I think... I don't even know where my $ comes from anymore), but that's for grad school, not professional school. Don't know if it matters.
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 05, 2007, 12:36:26 PM
FAFSA I don't believe is going to get you grants anywhere, just federal loans.  NeedAccess is what some schools make you do to apply for grants, and others use CSS/PROFILE. I don't think anyone uses just the FAFSA to apply to for institutional grants. I may be wrong about that though!

I got a grant through FAFSA (I think... I don't even know where my $ comes from anymore), but that's for grad school, not professional school. Don't know if it matters.

I think the FAFSA is used to determine grant aid from schools, but you don't get grant money from the government.
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on January 05, 2007, 12:40:03 PM
FAFSA I don't believe is going to get you grants anywhere, just federal loans.  NeedAccess is what some schools make you do to apply for grants, and others use CSS/PROFILE. I don't think anyone uses just the FAFSA to apply to for institutional grants. I may be wrong about that though!

I got a grant through FAFSA (I think... I don't even know where my $ comes from anymore), but that's for grad school, not professional school. Don't know if it matters.

I think the FAFSA is used to determine grant aid from schools, but you don't get grant money from the government.

Actually I think for UG it is used for some grants like the Pell, but I don't believe there are any like that for law school. It's pretty much just the Stafford and Perkins.
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 05, 2007, 12:41:13 PM
FAFSA I don't believe is going to get you grants anywhere, just federal loans.  NeedAccess is what some schools make you do to apply for grants, and others use CSS/PROFILE. I don't think anyone uses just the FAFSA to apply to for institutional grants. I may be wrong about that though!

I got a grant through FAFSA (I think... I don't even know where my $ comes from anymore), but that's for grad school, not professional school. Don't know if it matters.

I think the FAFSA is used to determine grant aid from schools, but you don't get grant money from the government.

Actually I think for UG it is used for some grants like the Pell, but I don't believe there are any like that for law school. It's pretty much just the Stafford and Perkins.

I forgot about Pell grants.  Yeah, I think those are only for undergrad as well.  C'mon institutional scholarships!!!
Title: Re: I have no idea how to pay for law school.
Post by: Brett McKay on January 07, 2007, 08:57:10 PM
I did a post on accepting full tuition waivers from lower ranked schools over at The Frugal Law Student (http://frugallawstudent.blogspot.com) To sum it up,  if it's too good to be true than it probably is. There's always a catch. In many instances, 3rd and 4th tier schools that offer attractive financial aid packages require you to maintain a 3.0. The problem is that the curve at these schools is set at a 2.75. That means vast majority of students that have scholarships won't keep them. Check out the post for more details. http://frugallawstudent.blogspot.com/2006/12/be-careful-with-tuition-waivers.html

Also, Frugal Law Student is a great resource for ways to save money in law school so you don't have to take on so much debt.
Title: Re: I have no idea how to pay for law school.
Post by: zephyr on January 09, 2007, 07:13:48 PM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 09, 2007, 07:34:28 PM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.

I did not submit my parental info.  Though this will be counteracted by when I submit the Need Access form, which I believe makes inputting your parental info mandatory.
Title: Re: I have no idea how to pay for law school.
Post by: EEtoJD on January 09, 2007, 08:32:35 PM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.

I did not submit my parental info.  Though this will be counteracted by when I submit the Need Access form, which I believe makes inputting your parental info mandatory.

Ghey. I won't be able to do my Need Access until the end of Feb. then, because that's when my parents are having their taxes done. WTF anyway? With the exception of the occasional $100 from my mom, my parents give me nothing. Can't I just say that? This is dumb.
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 09, 2007, 08:36:15 PM

Ghey. I won't be able to do my Need Access until the end of Feb. then, because that's when my parents are having their taxes done. WTF anyway? With the exception of the occasional $100 from my mom, my parents give me nothing. Can't I just say that? This is dumb.

I think I'm just going to estimate my parent's tax stuff.  They're also not filing until February, but I don't want to wait that long.
Title: Re: I have no idea how to pay for law school.
Post by: Zam on January 10, 2007, 06:25:51 AM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.

there is a series of questions on the FAFSA that if you answer all "no"s to you have to send in parental info. (Were you born after __, were you ever in the army...)
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 10, 2007, 06:38:49 AM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.

there is a series of questions on the FAFSA that if you answer all "no"s to you have to send in parental info. (Were you born after __, were you ever in the army...)

TITCR

Whether or not you have to enter the parental info is determined by you answer to a few preliminary questions.  If you give certain answers, you have the option of not including your parental info. 
Title: Re: I have no idea how to pay for law school.
Post by: sladkaya on January 10, 2007, 08:21:42 AM
For those of us who aren't even eligible for FAFSA, this thread could use more creative ideas of how to pay for law school!

/please?
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 10, 2007, 08:24:16 AM
For those of us who aren't even eligible for FAFSA, this thread could use more creative ideas of how to pay for law school!

/please?


I tried to steer it in this direction.  In the end, it just turned out to be me whining.  hahahaa
Title: Re: I have no idea how to pay for law school.
Post by: sladkaya on January 10, 2007, 08:33:06 AM
For those of us who aren't even eligible for FAFSA, this thread could use more creative ideas of how to pay for law school!

/please?


I tried to steer it in this direction.  In the end, it just turned out to be me whining.  hahahaa


Hey, I whine about it in multiple threads  ;D  If one adcom reads about our plight and issues a full scholarship, it will be all worth it!
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 10, 2007, 09:02:13 AM
For those of us who aren't even eligible for FAFSA, this thread could use more creative ideas of how to pay for law school!

/please?


I tried to steer it in this direction.  In the end, it just turned out to be me whining.  hahahaa


Hey, I whine about it in multiple threads  ;D  If one adcom reads about our plight and issues a full scholarship, it will be all worth it!

 :D :D :D


No kidding!
Title: Re: I have no idea how to pay for law school.
Post by: EEtoJD on January 10, 2007, 09:28:07 AM
For those of us who aren't even eligible for FAFSA, this thread could use more creative ideas of how to pay for law school!

/please?

Egg donor.
Title: Re: I have no idea how to pay for law school.
Post by: Boss on January 10, 2007, 10:33:33 AM
Join the national guard/reserves.  Use your GI Bill & Tutition Assistance to pay.   However, if you're not a US citizen, you can't become an officer.  Even the Army dings you guys!

Ok, not the most desirable option, but at least I get points for coming up with an honest alternative!
Title: Re: I have no idea how to pay for law school.
Post by: Jhuen_the_bird on January 11, 2007, 09:51:21 AM
What about just getting regular loans from banks or something? (if you don't qualify for Fafsa)?

Oh, and by the way ... what IS need access?  Their website just makes it seem like Fafsa part II ... why would you need this in addition to fafsa?

I'm gonna pay for Law School with a combination of scholarships (crossing my fingers on that one), FAFSA loans, Out of my/my mom's/my fiance-will-be-spouse's pocket.  A bank loan could be acquired if absolutely necessary, but I'm going to hope for no.

I wish there were FAFSA grants for grad school - why does the gravy train have to end? :(
Title: Re: I have no idea how to pay for law school.
Post by: Boss on January 11, 2007, 09:55:48 AM
What about just getting regular loans from banks or something? (if you don't qualify for Fafsa)?

Oh, and by the way ... what IS need access?  Their website just makes it seem like Fafsa part II ... why would you need this in addition to fafsa?


Need Access is like Fafsa part II.  Some schools require it, some don't.  If you're applying to a school that requires it, fill it out as soon as you can.

The problem with plain jane loans is that generally you need to have collateral for them.  The highest loan I've ever scene without collateral was for $10K, and of course at a bad APR.  $10K is hardly anything for people looking to get $40K a year in student loans.  Plus, ordinary loans usually require repayment immediately.  Student/Education loans usually come with a grace period of at least no payments while in school, sometimes stretching all the way to no payments until you get a job.
Title: Re: I have no idea how to pay for law school.
Post by: EEtoJD on January 11, 2007, 11:09:28 AM
What about just getting regular loans from banks or something? (if you don't qualify for Fafsa)?

Oh, and by the way ... what IS need access?  Their website just makes it seem like Fafsa part II ... why would you need this in addition to fafsa?


Need Access is like Fafsa part II.  Some schools require it, some don't.  If you're applying to a school that requires it, fill it out as soon as you can.

The problem with plain jane loans is that generally you need to have collateral for them.  The highest loan I've ever scene without collateral was for $10K, and of course at a bad APR.  $10K is hardly anything for people looking to get $40K a year in student loans.  Plus, ordinary loans usually require repayment immediately.  Student/Education loans usually come with a grace period of at least no payments while in school, sometimes stretching all the way to no payments until you get a job.

I <3 education loans. I just wish funding for Pell grants wasn't cut. I'd probably qualify for a nice one (I already had one).
Title: Re: I have no idea how to pay for law school.
Post by: sladkaya on January 11, 2007, 11:48:44 AM
If you're staff at a University, oftentimes they'll give you tuition benefits that will cut some/all of the cost. These benefits are taxed as income, but it's much less than the alternative.

And same if your spouse is staff in some instances.  Even if it's not free tuition, it will definitely be in-state for state schools.  Great tip for the married folks - if you'll be moving anyway, see if your spouse can get a job at the school you'll attend. 
Title: Re: I have no idea how to pay for law school.
Post by: sladkaya on January 11, 2007, 11:53:13 AM
Need Access is like Fafsa part II.  Some schools require it, some don't.  If you're applying to a school that requires it, fill it out as soon as you can.

The problem with plain jane loans is that generally you need to have collateral for them.  The highest loan I've ever scene without collateral was for $10K, and of course at a bad APR.  $10K is hardly anything for people looking to get $40K a year in student loans.  Plus, ordinary loans usually require repayment immediately.  Student/Education loans usually come with a grace period of at least no payments while in school, sometimes stretching all the way to no payments until you get a job.

And that is the biggest problem with private loans! If you don't have an income (or will be on a very limited income during law school) how will you make the monthly payments?  Same with credit cards (yes, I've thought of that if the situation gets desperate).
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 11, 2007, 11:59:43 AM
Need Access is like Fafsa part II.  Some schools require it, some don't.  If you're applying to a school that requires it, fill it out as soon as you can.

The problem with plain jane loans is that generally you need to have collateral for them.  The highest loan I've ever scene without collateral was for $10K, and of course at a bad APR.  $10K is hardly anything for people looking to get $40K a year in student loans.  Plus, ordinary loans usually require repayment immediately.  Student/Education loans usually come with a grace period of at least no payments while in school, sometimes stretching all the way to no payments until you get a job.

And that is the biggest problem with private loans! If you don't have an income (or will be on a very limited income during law school) how will you make the monthly payments?  Same with credit cards (yes, I've thought of that if the situation gets desperate).

You don't start making loan repayments until after graduation (usually 9 months to a year after the graduation date).  With credit cards, it's a whole different story, and I would advise you to stay away from those as much as possible, for both law school related costs and non-law school related costs.  You don't want to be paying 19% interest on anything while in law school.
Title: Re: I have no idea how to pay for law school.
Post by: Boss on January 11, 2007, 12:16:59 PM
Need Access is like Fafsa part II.  Some schools require it, some don't.  If you're applying to a school that requires it, fill it out as soon as you can.

The problem with plain jane loans is that generally you need to have collateral for them.  The highest loan I've ever scene without collateral was for $10K, and of course at a bad APR.  $10K is hardly anything for people looking to get $40K a year in student loans.  Plus, ordinary loans usually require repayment immediately.  Student/Education loans usually come with a grace period of at least no payments while in school, sometimes stretching all the way to no payments until you get a job.

And that is the biggest problem with private loans! If you don't have an income (or will be on a very limited income during law school) how will you make the monthly payments?  Same with credit cards (yes, I've thought of that if the situation gets desperate).

You don't start making loan repayments until after graduation (usually 9 months to a year after the graduation date).  With credit cards, it's a whole different story, and I would advise you to stay away from those as much as possible, for both law school related costs and non-law school related costs.  You don't want to be paying 19% interest on anything while in law school.

We're all in agreement that student loans have deferred payments.

This thread is mostly geared towards non-US citizens and how they can't get students loans.  Jhuen asked why they don't just go get standard loans (like the kind you get for a car or debt consolidation).  My reasoning against that was because they require immediate repayment, usually don't lend a large sum of money, and have a higher APR.

Of course no one wants to pay for law school with a credit card, but if you read through this tread, you'll see that non-US citizens might just have to do that.
Title: Re: I have no idea how to pay for law school.
Post by: Denny Crane on January 11, 2007, 12:36:14 PM
We're all in agreement that student loans have deferred payments.

This thread is mostly geared towards non-US citizens and how they can't get students loans.  Jhuen asked why they don't just go get standard loans (like the kind you get for a car or debt consolidation).  My reasoning against that was because they require immediate repayment, usually don't lend a large sum of money, and have a higher APR.

Of course no one wants to pay for law school with a credit card, but if you read through this tread, you'll see that non-US citizens might just have to do that.

Are there no student lending services in foreign countries?  I would suspect that Canada would certainly have student lending services (though perhaps they're limited for in-country use?). 
Title: Re: I have no idea how to pay for law school.
Post by: Boss on January 11, 2007, 12:42:18 PM
I think that's the case.  Canada loans for Canadian students at Canadian schools.  Pretty much screwed if you attend in the US.
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 12, 2007, 08:19:23 PM
We're all in agreement that student loans have deferred payments.

This thread is mostly geared towards non-US citizens and how they can't get students loans.  Jhuen asked why they don't just go get standard loans (like the kind you get for a car or debt consolidation).  My reasoning against that was because they require immediate repayment, usually don't lend a large sum of money, and have a higher APR.

Of course no one wants to pay for law school with a credit card, but if you read through this tread, you'll see that non-US citizens might just have to do that.

Are there no student lending services in foreign countries?  I would suspect that Canada would certainly have student lending services (though perhaps they're limited for in-country use?). 


Extremely limited.  Read further up in this thread -- I discussed it.

Boss is almost right.  There are two sources of Canadian loans for studies in the US.  The first are government loans.  The school has to qualify, and you are only eligible for $70K (Canadian) over your lifetime, including any debts you may have incurred during your undergraduate studies.  You're also only eligible for about $13K (Canadian) a year.  The other source is called CanHELP.  They're notoriously difficult to deal with, but they do allow up to 20K US per year without a co-signer... that is, if your credit is to their satisfaction.  If it isn't, you need a co-signer to borrow money from them.

There is now a third option (can't quite remember its name, but I have it bookmarked).  Unfortunately, it's very new, and because it tries to deal directly with the schools rather than giving you the private bank runaround, it takes a while for new schools to be registered with the service, and that doesn't even ensure that all your needs will be met.  This option is probably not feasible for anyone who wants to go to anything less than a major "name" school.
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 14, 2007, 11:42:22 AM
J:

Can you apply for US residency immediately, attend school for one year as an international student, and then get residency for your second year?

Or do the same bull rules apply for US citizenship (must have a reason to be in the US that isn't educationally-related)?

Bingo.
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 15, 2007, 04:30:12 PM
J:

Can you apply for US residency immediately, attend school for one year as an international student, and then get residency for your second year?

Or do the same bull rules apply for US citizenship (must have a reason to be in the US that isn't educationally-related)?

Bingo.

I'll marry you, if you want/need.

You're doing the cooking and laundry, though.

Hmm, now that's a creative idea!  But, ethical issues aside, I'm not sure that a gay marriage will help at all in getting a green card.


Bingo.  I've actually thought about this.  hahaha
Title: Re: I have no idea how to pay for law school.
Post by: BrerAnansi on January 15, 2007, 05:12:54 PM
Read the fine print carefully on this site...I know someone who used this lender and just the thought of their interest rates sends my blood pressure up...


http://www.globalslc.com/orgMain.asp?orgid=206

Or you could limit yourself to schools in Massachusetts...

http://www.mefa.org/getALoan/graduateLoan.aspx

That's about all I've got...
J, sorry to hear CanHELP can't help...yeah and I know you haven't heard that one before...
Title: Re: I have no idea how to pay for law school.
Post by: FossilJ on January 15, 2007, 05:50:20 PM
CanHELP might be able to help, but I won't know until I apply for assistance, which is too late to put me at ease.  And even then, they're a pain.


Oh, and Global SLC was the "other company" I was talking about.  I know the interest rates are high, but frankly, I'm not too concerned with interest rates.  Beggars can't be choosers.
Title: Re: I have no idea how to pay for law school.
Post by: mantis on January 15, 2007, 06:35:44 PM
tag
Title: Re: I have no idea how to pay for law school.
Post by: namco19 on February 06, 2007, 12:43:43 AM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.

I submitted my FAFSA with my parent's estimates, it's in being processed. The EFC was around 10000. The thing is my parents don't help out with my financials - is it possible to take out my parent's info? Is that a good thing to do? I'm confused. Any help would be appreciated.
Title: Re: I have no idea how to pay for law school.
Post by: Zam on February 06, 2007, 05:25:56 AM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.

I submitted my FAFSA with my parent's estimates, it's in being processed. The EFC was around 10000. The thing is my parents don't help out with my financials - is it possible to take out my parent's info? Is that a good thing to do? I'm confused. Any help would be appreciated.

There are a series of questions on the FAFSA that ask you about yourself. (Your age, whether you've been in the military, etc.) The answers to those questions should have determined whether you needed to include parental information or not.

If you are in undergrad or you are under a certain age you need to give your parental info.
Title: Re: I have no idea how to pay for law school.
Post by: Jhuen_the_bird on February 06, 2007, 07:30:44 AM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.

I submitted my FAFSA with my parent's estimates, it's in being processed. The EFC was around 10000. The thing is my parents don't help out with my financials - is it possible to take out my parent's info? Is that a good thing to do? I'm confused. Any help would be appreciated.
What Zamora said.

Though, if you got to the prompt that said "You are not required to include parental information", and you included it ANYWAY, then you can file a corrected FAFSA (details on the FAFSA site).


Just because you include the parental information anyway doesn't mean that you filed incorrectly - you are not *required* to include it, but it doesn't say NOT to include it.  I'm going to include it just in case ... b/c there is no way any reasonable person is going to think I'm financially independent when I made 0 dollars last year and didn't even file for taxes.  But they MAY think that my mother is rich in this case ... but I'm going to fill out her info so that they see she/we are low income.

Worst case scenerio - they disregard her information.  Oh wells.
Title: Re: I have no idea how to pay for law school.
Post by: latenitesession on February 07, 2007, 09:31:40 AM
tag
Title: Re: I have no idea how to pay for law school.
Post by: zerofact0r on February 11, 2007, 06:53:29 AM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.

I submitted my FAFSA with my parent's estimates, it's in being processed. The EFC was around 10000. The thing is my parents don't help out with my financials - is it possible to take out my parent's info? Is that a good thing to do? I'm confused. Any help would be appreciated.
What Zamora said.

Though, if you got to the prompt that said "You are not required to include parental information", and you included it ANYWAY, then you can file a corrected FAFSA (details on the FAFSA site).


Just because you include the parental information anyway doesn't mean that you filed incorrectly - you are not *required* to include it, but it doesn't say NOT to include it.  I'm going to include it just in case ... b/c there is no way any reasonable person is going to think I'm financially independent when I made 0 dollars last year and didn't even file for taxes.  But they MAY think that my mother is rich in this case ... but I'm going to fill out her info so that they see she/we are low income.

Worst case scenerio - they disregard her information.  Oh wells.

Why on earth would you include additional asset information that they're not asking for?  If they dont need to know, then they dont need to know.  Don't volunteer this stuff.
Title: Re: I have no idea how to pay for law school.
Post by: Jhuen_the_bird on February 11, 2007, 03:12:33 PM
I'm looking for some definite consensus on this one:

on the FAFSA, include parental info or no? I think no, but I just want to hear from people who have already submitted it.

I submitted my FAFSA with my parent's estimates, it's in being processed. The EFC was around 10000. The thing is my parents don't help out with my financials - is it possible to take out my parent's info? Is that a good thing to do? I'm confused. Any help would be appreciated.
What Zamora said.

Though, if you got to the prompt that said "You are not required to include parental information", and you included it ANYWAY, then you can file a corrected FAFSA (details on the FAFSA site).


Just because you include the parental information anyway doesn't mean that you filed incorrectly - you are not *required* to include it, but it doesn't say NOT to include it.  I'm going to include it just in case ... b/c there is no way any reasonable person is going to think I'm financially independent when I made 0 dollars last year and didn't even file for taxes.  But they MAY think that my mother is rich in this case ... but I'm going to fill out her info so that they see she/we are low income.

Worst case scenerio - they disregard her information.  Oh wells.

Why on earth would you include additional asset information that they're not asking for?  If they dont need to know, then they dont need to know.  Don't volunteer this stuff.

But it isn't really an additional "asset" ... just showing that I don't have a rich parent in the wings, but rather one with low income.
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on February 11, 2007, 03:23:32 PM
Schools who really care about parental info will require it through NeedAccess or some other form. If you're given the option to leave it out, why not do it? It may allow you to qualify for Perkins loans that you wouldn't be able to get with your parents' info.
Title: Re: I have no idea how to pay for law school.
Post by: zerofact0r on February 11, 2007, 04:10:45 PM
Any income your parents have is still another asset for them to look at.  If they don't require it, then for all they know you dont even have parents. 
Title: Re: I have no idea how to pay for law school.
Post by: zephyr on February 11, 2007, 04:45:52 PM
Does anyone know of a good financial planning site for students? I'd like to try plugging in potential debt figures to get an idea of monthly payments, duration of loan, etc.
Title: Re: I have no idea how to pay for law school.
Post by: pikey on February 11, 2007, 04:52:53 PM
Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

I think you're only allowed to borrow the amount in your budget, but I'm certainly no expert.
Title: Re: I have no idea how to pay for law school.
Post by: Thistle on February 11, 2007, 04:55:45 PM
Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

I think you're only allowed to borrow the amount in your budget, but I'm certainly no expert.



you may borrow up to your "total cost of attendance" which is provided by financial aid.
Title: Re: I have no idea how to pay for law school.
Post by: BrerAnansi on February 11, 2007, 04:57:05 PM
Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

I think you're only allowed to borrow the amount in your budget, but I'm certainly no expert.

TITCR. You can appeal to your FA officer to increase your budget but you can't get more funding than is alloted by your school from the govt.  With regard to other sources...it may be possible, but most of the time scholarship money is forwarded to the school (as a part of the cerification process) and then disbursed to you.
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on February 11, 2007, 04:59:37 PM
Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

You can only borrow up to the amount of the student budget - scholarships/grants you get from the school, so if you get a full ride, you won't be able to get any more than enough to cover living expenses for the year.

In terms of EFC, that will not affect your ability to get the full $20,500 in Stafford loans although you may have to get it all unsubsidized. The only time the EFC is used for law school is for schools to decide whether you qualify for grants. Otherwise you're welcome to borrow up to the student budget even if you have savings.
Title: Re: I have no idea how to pay for law school.
Post by: pikey on February 11, 2007, 05:03:07 PM
Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

I think you're only allowed to borrow the amount in your budget, but I'm certainly no expert.



you may borrow up to your "total cost of attendance" which is provided by financial aid.

F*ck.  Back to the budget drawing board.

Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

I think you're only allowed to borrow the amount in your budget, but I'm certainly no expert.

TITCR. You can appeal to your FA officer to increase your budget but you can't get more funding than is alloted by your school from the govt.  With regard to other sources...it may be possible, but most of the time scholarship money is forwarded to the school (as a part of the cerification process) and then disbursed to you.

Ok, but you get your FAFSA $ in a lump sum, right?

Dare I ask what you need extra $ for?
Title: Re: I have no idea how to pay for law school.
Post by: Thistle on February 11, 2007, 05:04:04 PM
Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

I think you're only allowed to borrow the amount in your budget, but I'm certainly no expert.



you may borrow up to your "total cost of attendance" which is provided by financial aid.

F*ck.  Back to the budget drawing board.

Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

I think you're only allowed to borrow the amount in your budget, but I'm certainly no expert.

TITCR. You can appeal to your FA officer to increase your budget but you can't get more funding than is alloted by your school from the govt.  With regard to other sources...it may be possible, but most of the time scholarship money is forwarded to the school (as a part of the cerification process) and then disbursed to you.

Ok, but you get your FAFSA $ in a lump sum, right?


you get a "change check" after all you expenses are taken out.  if you have a credit score of at least 640 (so i've heard) you can qualify for private funding -- try law school loans or rich uncle (i think are two sites)


...and she needs the extra money to fly to our private trysting place in the caribbean  :D
Title: Re: I have no idea how to pay for law school.
Post by: pikey on February 11, 2007, 05:11:42 PM
Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

I think you're only allowed to borrow the amount in your budget, but I'm certainly no expert.



you may borrow up to your "total cost of attendance" which is provided by financial aid.

F*ck.  Back to the budget drawing board.

Here's one -

Can you always borrow the maximum in federal loans, regardless of what your LS budget is and whether you've got most of it covered?

I think you're only allowed to borrow the amount in your budget, but I'm certainly no expert.

TITCR. You can appeal to your FA officer to increase your budget but you can't get more funding than is alloted by your school from the govt.  With regard to other sources...it may be possible, but most of the time scholarship money is forwarded to the school (as a part of the cerification process) and then disbursed to you.

Ok, but you get your FAFSA $ in a lump sum, right?

Dare I ask what you need extra $ for?

I don't, but I always like to have more money than I actually need, so I don't have to worry about going out for drinks, season tickets for Michigan sports, etc.

Well, and I need a big apartment w/out carpet. 

I totally agree.  My sister just sent my mother her budget and included manicures and a massage!  I'm like, you're supposed to pad the required stuff to include enough money for stuff like that, not blatantly include it in your budget!
Title: Re: I have no idea how to pay for law school.
Post by: Thistle on February 11, 2007, 06:37:30 PM
Riddle me this: what is the criteria for deciding who gets subsidized staffors loands and who doesn't? Is there a numerical formula? Does every school use the same formula/rules, or do they vary by school?

I get the very real sense that this whole aid/loans thing is really just the first stop on a loooong line of soul crushing experiences that will not end until several years after being out of law school (perhaps longer than that) -- at least in the case of most applicants. If it isn't Need Access, its 1L finals, or OCI, or billing 2200 hours a year, and so on. Grr.



need access is the devil.  it *made* me put in parental financial information.  i'm 46.  i put in all zeroes, and then in the comments wrote, "I'm 46.  My parents, who are in their 80's, told me to tell you that it's none of your damn business."

1L finals the son of satan.

on a happier note, your student loans are forgiven when you die.
Title: Re: I have no idea how to pay for law school.
Post by: Thistle on February 11, 2007, 06:49:49 PM

on a happier note, your student loans are forgiven when you die.

Awesome! So basically now ---> death = teh suck. Death ---> onwards (?) = gravy train. Great. When evil suicide bombers die they have 50 virgins or whatever waiting for them. When law students die, they become free from the iron grip of Chase Manhattan Bank?

[DISCLAIMER FOR THE PC CROWD/STAFF RESEARCHING MY POSTINGS PRIOR TO A SENATE CONFIRMATION HEARING SOME DAY DOWN THE ROAD: EXTREME SARCASM MAY OR MAY NOT BE AN INTEGRAL COMPONENT OF THE ABOVE REMARKS. PLEASE TREAT ACCORDINGLY]



what if an evil suicide bomber went to law school?  would he have to choose between the virgins and financial freedom?
Title: Re: I have no idea how to pay for law school.
Post by: Thistle on February 11, 2007, 07:08:10 PM

on a happier note, your student loans are forgiven when you die.

Awesome! So basically now ---> death = teh suck. Death ---> onwards (?) = gravy train. Great. When evil suicide bombers die they have 50 virgins or whatever waiting for them. When law students die, they become free from the iron grip of Chase Manhattan Bank?

[DISCLAIMER FOR THE PC CROWD/STAFF RESEARCHING MY POSTINGS PRIOR TO A SENATE CONFIRMATION HEARING SOME DAY DOWN THE ROAD: EXTREME SARCASM MAY OR MAY NOT BE AN INTEGRAL COMPONENT OF THE ABOVE REMARKS. PLEASE TREAT ACCORDINGLY]



what if an evil suicide bomber went to law school?  would he have to choose between the virgins and financial freedom?

Well, obviously he'd take the virgins. Same even if the terrorist was a she. Spend some quality time, yada yada yada with about a dozen of them, pimp the rest out on the side, and use the income generated therein to pay the loans off. Perfection!

Same disclaimer applies as in above post. Sucks that I have to say that, but I feel compelled to do so in this day and age.

brilliant!

and i never disclaim.  learned that in contracts.   ;)
Title: Re: I have no idea how to pay for law school.
Post by: Jhuen_the_bird on February 11, 2007, 07:45:27 PM
Any income your parents have is still another asset for them to look at.  If they don't require it, then for all they know you dont even have parents. 

You're right ... but if I put "Didn't make any money last year, didn't file for taxes, have less than 1000 in the bank" ... they are probably going to assume I'm financially dependent on someone (parents ... I had to give parental information for scholarship stuff already anyway for the individual schools), and rather than have the "jumping to conclusion" that I have rich parents, rather than a single low-income mom and no support from a father ... yeah.  It probably doesn't matter either way though :-P
Title: Re: I have no idea how to pay for law school.
Post by: zerofact0r on February 12, 2007, 04:50:37 AM
You're not understanding how the system works.  They don't assume you're financially dependent.  They assume you're financially independent because FAFSA tells them you are because they can't ask for your parent's info since you're in a graduate program.  This can be your first lesson in legal negotiations.  Don't offer information that isn't required and that doesn't benefit you. 

They're not looking at your whole FAFSA, they're looking at your EFC.  If you put your parents info, your EFC is going to go up, which means you get less subsidized loans.

But whatever, that's more of us then.
Title: Re: I have no idea how to pay for law school.
Post by: queencruella on February 12, 2007, 05:02:51 AM
The federal government assumes two things- 1)Your parents will give you some support for undergrad and 2)Your parents will give you no support for graduate school. For that reason, it's fine to have no EFC now if you're still in undergrad because there's no assumption that your parents are going to continue to support you in law school. If you have no EFC, you'll have a chance to qualify for both the Stafford and the Perkins, so why not fill it out for yourself only to maximize your chances of getting loans with the most favorable rates?
Title: Re: I have no idea how to pay for law school.
Post by: zerofact0r on February 12, 2007, 05:16:10 AM
Especially since Perkins and Stafford loans are limited.
Title: Re: I have no idea how to pay for law school.
Post by: Jhuen_the_bird on February 12, 2007, 05:40:36 AM
The federal government assumes two things- 1)Your parents will give you some support for undergrad and 2)Your parents will give you no support for graduate school. For that reason, it's fine to have no EFC now if you're still in undergrad because there's no assumption that your parents are going to continue to support you in law school. If you have no EFC, you'll have a chance to qualify for both the Stafford and the Perkins, so why not fill it out for yourself only to maximize your chances of getting loans with the most favorable rates?

Well, I qualified for both of those loans in undergrad anyway (w/ parental information) ... just never used them.
Title: Re: I have no idea how to pay for law school.
Post by: zerofact0r on February 12, 2007, 02:34:43 PM
It's not whether you qualify for them or not, it's how much you get.

Like I said, whatever, you want to be the guy that volunteers information about your assets when no one asks, be my guest, it's only going to hurt you.