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Messages - Lawbster

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91
You get taxed on what you make.  So if you make 135k you actually have 100k to spend after taxes for instance.  So if you had a 135k loan, you would need to make like 200k that has been taxed to have enough dollars to pay the 135k.  There is also things like interest that would grow on a loan and maybe the opportunity cost of not being able to invest that money. There are a bunch of ways to look at it.  A scholarship is worth more than its face value though. Does that make sense?

Not really, but probably because I'm missing something. If you get a full ride, would they GIVE YOU the $$$ or would they just not bill you for tuition? I'd think the latter...does it make a difference?
Nah, I don't think it would appear that they were giving you the money. They're just zeroing out tuition.

You can look at it either way, but I don't think the tax thing is a huge deal. Yes, it's true that you don't have to pay tax on the scholarship from GW (aside from income tax on the value of housing at the Aston, as someone pointed out), but it's not like you get to keep, pre-tax, what you would've paid to GW.

(For clarity, I'm making up the below numbers).

Let's say you make $60,000 a year salary and keep $45,000 after taxes. You want to go to a school that costs $30,000. If you have to pay tuition, you'll have $15,000 left over. If you get a full scholarship, you'll have $45,000 left over. They have in fact only saved you $30,000 -- you still have to pay tax on the money that would've gone to GW.

The only way I can think the "tax" question would be relevant is if you planned to squirrel away that post-tax $30,000 in various pre-tax or tax-deferred programs (in which case it would be worth $40,000 pre-tax), but it'd be tricky to shield all that money from taxes, even if you contributed the maximum to a 403b or 401k, had a health savings account, had pre-tax transit benefits, etc, etc. Anyway, I ramble. It just seems kind of weird to think about the amount of money a gift would be pre-tax.

I think the point is that if you had to pay the money yourself, you would probably have to take out loans. In order to pay back the loans with interest you'd end up paying a lot more than the value of the tuition cost if it had been gifted to you in the first place. Meaning a full ride saves you the cost of tuition plus the cost of interest on that tuition so it counts for more than the money stated in your offer letter.

92
Law School Admissions / Re: phone/email jitters
« on: January 31, 2007, 11:46:24 AM »
is it wrong that i think i should get all of my decisions because i've been complete everywhere since mid-november and life is supposed to be fair????

Your LSN says you did ED at Santa Clara.  Doesn't that mean the cycle is over for you anyway?
santa clara had this option for ED that wasn't binding, theres no way in hell im going there. i already work in silicon valley and they didnt offer much in the way of money.

93
You get taxed on what you make.  For example, you make 135k, you actually have 100k to spend after taxes.  So if you had a 135k loan, you would need to make like 200k, which would get taxed, to have enough dollars to pay the 135k.  There are also things like interest that would grow on a loan and maybe the opportunity cost of not being able to invest that money. There are a bunch of ways to look at it.  The bottom line is that a scholarship is worth more than its face value. Does that make sense? 
wow, holydevil, you're totally right, i never thought about it that way. now that just makes schools with money offers even harder to pass up, luckily im kind of a rankings whore so im pretty sure im going to go with the best school that lets me in

94
Law School Admissions / Re: phone/email jitters
« on: January 30, 2007, 02:47:34 PM »
is it wrong that i think i should get all of my decisions because i've been complete everywhere since mid-november and life is supposed to be fair????

95
Financial Aid / Re: Difficulty with Need Access
« on: January 29, 2007, 04:06:02 PM »
so does anyone on here know how Need access weighs student versus parental funds? im thinking the little savings i have would hurt me less if in the hands of my mom and listed under her name...

96
Law School Admissions / Re: THE MAIL CALL THREAD
« on: January 24, 2007, 02:14:56 PM »
yea, when i saw handwriting on the bottom of my davis and hastings acceptances i thought it really meant something... good thing this site put me in my place

97
yea, it seems like everyone on this thread has a great gpa too...

98
guess im glad i didn't call in... does anyone know if GW is more interested in GPA then LSAT?

99
haha, clawb.

so i had my lunch break at work and forgot to ask... is my LSN link showing up on my profile? i dont see it

100
ok, so i just finally made an LSN and all that even though i've been stalking for awhile. I'm dying to hear from GW but recieved the ol' "no record found" on the site

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