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Messages - dcforlife

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Incoming 1Ls / Re: How do loans work exactly?
« on: April 13, 2007, 08:13:23 AM »
Slightly unrelated question--do you have to file the FAFSA every year? I have a really high EFC this year, which I'm assuming would go down next year. Do schools consider you for need-based grants at that point as well?
Yep, everything has to be redone each year (FAFSA, PROFILE if applicable (go GW! >:( ), NeedAccess if applicable, loan applications, etc. And I believe you're considered anew each year for grants and other financial aid.

Incoming 1Ls / Re: How do loans work exactly?
« on: April 13, 2007, 07:59:28 AM »
6.8% is way too high for student loans. When is this Democratic congress of ours gonna lower rates back to the 4.0% days?
And that's not even what the bulk of most people's loans will be. More than half of most budgets will be at 8.5%... I have lower credit cards!  >:(

The Dems did a pretty bad job on their original pledge, which was cutting both the 6.8% and 8.5% rates in half for everyone immediately. Instead, they only cut the 6.8% rate, and only for undergraduates, and it happens on a sliding scale over the next 4 years.

And even more embarassing, it -- as far as I know -- died in the Senate's subcommittee after it got passed in the House, so it hasn't even been passed by Congress, let alone signed by King George.

I don't even know why I bother to vote any more.

Incoming 1Ls / Re: How do loans work exactly?
« on: April 13, 2007, 07:42:49 AM »
Remember that the interest gets capitalized too, so it's not just 6.8% of $12,000 you'll pay each year. You can work it out yourself in Excel pretty easily.

Beginning of year 1: borrow $12,000 (total owed: $12,000)
Beginning of year 2: borrow $12,000, add 6.8% interest on balance $816 (total owed: $24,816)
Beginning of year 3: borrow $12,000, add 6.8% interest on balance $1,687.48 (total owed: $38,503.48)
After graduating: borrow nothing, add 6.8% interest on balance $2,618.24 (total owed: $41,121.72)

Just repeat that same set of steps for any other kind of unsubsidized loan, like the PLUS, substituting the amount you would take and the interest rate they'll charge.

Studying for the LSAT / Re: Full-time work and studying
« on: April 12, 2007, 12:27:15 PM »
I worked full time and was also taking undergraduate classes. It's all about time management.

My schedule (I just flicked back in Outlook... PS thank god that period of my life is over):

Sunday: Testmasters 10am-2pm, study 4pm-6pm, study 8pm-10pm
Monday: Work 8am-4pm, study 4pm-6pm, study 8pm-10pm
Tuesday: Work 8am-4pm, study 4pm-6pm, study 8pm-10pm
Wednesday: Work 8am-4pm, study 4pm-6pm, Testmasters 6pm-10pm
Thursday: Work 8am-4pm, study 4pm-6pm, study 8pm-10pm
Friday: Work 8am-3pm, study 3pm-5pm
Saturday: study 2pm-4pm, study 6pm-8pm

About a month before the LSAT, I also added a practice LSAT at 8AM on Saturdays (since I was taking in September, I wanted all my Saturdays to be early to prep for test day's early morning).

Choosing the Right Law School / Re: SCREWED by WCL Fin Aid
« on: April 12, 2007, 10:13:58 AM »
I think better financial aid would improve their yield so it probably would help.  DC is an expensive place to live
I think competition from GMU will only increase as a factor, too, and Mason's much cheaper. I think I would've had a mental breakdown if I had to choose between in-state GMU and WCL, which is what it was looking like for a very long time. Money from American certainly would've made a difference in that scenario.

Choosing the Right Law School / Re: GW 1L taking questions
« on: April 12, 2007, 10:05:42 AM »
Thanks for all the info!

Choosing the Right Law School / Re: SCREWED by WCL Fin Aid
« on: April 12, 2007, 10:01:22 AM »
To clarify, my issue is not so much that I did not receive financial aid from WCL, but more so with the basis on which it was denied to me.

I am financially independent from my parents so I don't see why their income should be factored in to my ability to pay for law school.
If it helps reduce the indignation, I didn't get a letter saying it was because of my parents I wouldn't get any money -- I just didn't get any money ;)

Did you fill out the paperwork by deadline? I know lots of people get caught in the trap and will be in this situation as a result. But otherwise, that's dumb of them.

Great post. Love the last bullet too -- I have a friend that's a 1L there and she said it's like middle school. Go figure!

Financial Aid / Re: GRAD PLUS Questions and Answers 2007
« on: April 11, 2007, 06:33:36 AM »
No, not from Rhode Island. Just so happened that when I needed a private loan during undergrad they gave me a great rate and I got my loan from them, though I'm from MD (well..from DC now).
Ah, OK. Little Citizen's Bank is making a name for themselves! I just checked and they're all over the place in New England/tri-state. Cool!

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