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Author Topic: T6 Financial Aid  (Read 3782 times)

snuggle11

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T6 Financial Aid
« on: January 14, 2008, 12:10:34 AM »
1) Who typically receives need-based grants-in-aid (e.g. what are the ceilings and baselines for elligibility)?
2) Of those who qualify, what is the average need-based grant for T6ers (HYSCCN)?
3) Is there a significant difference in the grant allocations between HYS and CCN (e.g. Harvard vs. Columbia)?

bt

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Re: T6 Financial Aid
« Reply #1 on: January 14, 2008, 01:09:13 AM »
I'm gonna try to answer your questions:

1) Those schools are all private and likely make use of the CSS or Need Access Profile, meaning unless you are over 25 your parents' income will be used in determining your EFC.  When a school's FA is solely based on need, you can expect to take out $18,500 per year in govt. loans as part of your package.  After that, any extra need should then be covered by school grants.  So, for instance, if your EFC is 30k and the school costs ~65k, you'd receive approximately 10k in grants per year.  However, if you apply to any school outside of the T3, merit aid is available and everything depends on how bad they want you.  Some of what could have been govt. loan may be replaced by grants if they want to entice you to come, or you may get it all in grants, etc.

2) You can find this info on LSAC.org.  I think Yale gives the highest average need-based grant at around $17k.

3) Again, you've got a chance for merit aid at CCN so grant allocations will differ.  HYS will be formulaic in their FA offers while CCN might throw in more grants if they like you based on merit.

Bananas, Melonas, Yeah

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Re: T6 Financial Aid
« Reply #2 on: January 17, 2008, 06:00:52 PM »
I'm gonna try to answer your questions:

1) Those schools are all private and likely make use of the CSS or Need Access Profile, meaning unless you are over 25 your parents' income will be used in determining your EFC.  When a school's FA is solely based on need, you can expect to take out $18,500 per year in govt. loans as part of your package.  After that, any extra need should then be covered by school grants.  So, for instance, if your EFC is 30k and the school costs ~65k, you'd receive approximately 10k in grants per year.  However, if you apply to any school outside of the T3, merit aid is available and everything depends on how bad they want you.  Some of what could have been govt. loan may be replaced by grants if they want to entice you to come, or you may get it all in grants, etc.

2) You can find this info on LSAC.org.  I think Yale gives the highest average need-based grant at around $17k.

3) Again, you've got a chance for merit aid at CCN so grant allocations will differ.  HYS will be formulaic in their FA offers while CCN might throw in more grants if they like you based on merit.

As much as I wish this were the case, I don't think it's correct.  I think after the Stafford (which is 20,500, not 18,500), then there's GradPLUS, institutional loans--not grants--and stuff like that.  You can't just max out on Stafford and then expect the rest to come for free.

bt

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Re: T6 Financial Aid
« Reply #3 on: January 17, 2008, 06:13:14 PM »
That's true, and many people (including myself) will have to take out GradPLUS loans to fill their EFC portion, but your need portion (COA-EFC) is typically 100% met by top private schools, so if they're anything like undergrad private schools that meet 100% need they fill as much as they can of your "need package" with govt. loans and then give you grants.

Special Agent Dana Scully

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Re: T6 Financial Aid
« Reply #4 on: January 17, 2008, 06:36:54 PM »
speaking for CLS only...the avg grant is 25k over 3 years...you get your stafford loans, and the rest is private loans.  i think i was initially supposed to take out 26k in private loans.

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Bananas, Melonas, Yeah

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Re: T6 Financial Aid
« Reply #5 on: January 18, 2008, 04:32:13 AM »
That's true, and many people (including myself) will have to take out GradPLUS loans to fill their EFC portion, but your need portion (COA-EFC) is typically 100% met by top private schools, so if they're anything like undergrad private schools that meet 100% need they fill as much as they can of your "need package" with govt. loans and then give you grants.

Hmm...so you're only responsible for taking loans up to your EFC amount.  The rest they'll just give in grants?  I thought EFC meant you could in theory pay that much, and then the rest you'd have to cover in loans.

bt

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Re: T6 Financial Aid
« Reply #6 on: January 18, 2008, 02:19:23 PM »
speaking for CLS only...the avg grant is 25k over 3 years...you get your stafford loans, and the rest is private loans.  i think i was initially supposed to take out 26k in private loans.



How does the math work on that?  Do you mean 25k per year for the three years, or 25k stretched over 3 years.  Because if law school is ~60k a year and you get ~20k in stafford loans each year, then you've still got a 40k gap each year after those initial loans.  Then about 8k a year from your grant, and you still owe 32k per year, which comes out to a lot more than 26k in private loans in total, if that's what you mean.

As for the EFC thing, I only know how my school works, which is private and claims to meet 100% of need.  My EFC is high (30k) and perhaps my family could pay that (if we really tried) but we end up taking out loans for most of it.  The COA at my school is ~50k, so about 6k is maxed out in govt. loans and the rest is in grants each year.  Given that my school is known to be somewhat crappy with FA despite its status, I'd think (or like to think) that top law school FA is better.

Special Agent Dana Scully

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Re: T6 Financial Aid
« Reply #7 on: January 20, 2008, 05:39:35 PM »
speaking for CLS only...the avg grant is 25k over 3 years...you get your stafford loans, and the rest is private loans.  i think i was initially supposed to take out 26k in private loans.



How does the math work on that?  Do you mean 25k per year for the three years, or 25k stretched over 3 years.  Because if law school is ~60k a year and you get ~20k in stafford loans each year, then you've still got a 40k gap each year after those initial loans.  Then about 8k a year from your grant, and you still owe 32k per year, which comes out to a lot more than 26k in private loans in total, if that's what you mean.

As for the EFC thing, I only know how my school works, which is private and claims to meet 100% of need.  My EFC is high (30k) and perhaps my family could pay that (if we really tried) but we end up taking out loans for most of it.  The COA at my school is ~50k, so about 6k is maxed out in govt. loans and the rest is in grants each year.  Given that my school is known to be somewhat crappy with FA despite its status, I'd think (or like to think) that top law school FA is better.

in my post, i said 25k over 3 years, not 25k per year.  basically, it breaks down to 10/10/5 bc CLS does a 40%/40%/20% break down for the grants they give you.

additionally...i said that the avg grant was 25k over 3 years--i never said that was what i was given.  i got more + perkins loans, thus me needing 26k in private loans.
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bt

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Re: T6 Financial Aid
« Reply #8 on: January 21, 2008, 12:11:13 AM »
ahh i see. 

Outlaw22

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Re: T6 Financial Aid
« Reply #9 on: March 03, 2008, 04:46:57 PM »
I'm gonna try to answer your questions:

1) Those schools are all private and likely make use of the CSS or Need Access Profile, meaning unless you are over 25 your parents' income will be used in determining your EFC.  When a school's FA is solely based on need, you can expect to take out $18,500 per year in govt. loans as part of your package.  After that, any extra need should then be covered by school grants.  So, for instance, if your EFC is 30k and the school costs ~65k, you'd receive approximately 10k in grants per year.  However, if you apply to any school outside of the T3, merit aid is available and everything depends on how bad they want you.  Some of what could have been govt. loan may be replaced by grants if they want to entice you to come, or you may get it all in grants, etc.

2) You can find this info on LSAC.org.  I think Yale gives the highest average need-based grant at around $17k.

3) Again, you've got a chance for merit aid at CCN so grant allocations will differ.  HYS will be formulaic in their FA offers while CCN might throw in more grants if they like you based on merit.

Is this true? (the bolded above). My Fafsa EFC is 0 and my Need Access (parent's estimated contribution) won't be more than $8,000, if it's even that. I just can't imagine the rest (after Stafford loans/$8000 need access EFC) being paid for in grants... I'd love to be pleasantly surprised though.
Penn Law Class of 2011