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Author Topic: T6 Financial Aid  (Read 3585 times)

jnb983

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Re: T6 Financial Aid
« Reply #10 on: March 03, 2008, 07:16:45 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.

I find this hard to believe as well.  If they were just going to cover difference between the EFC + $20500 and the total costs, then why would they want Need Access or CSS Profile? 

My theory: They use the Need Access to adjust your EFC to reflect feasible parental contributions.  They may then cover the difference between that higher number + $20500 and the total cost with an institutional grant, but I don't think they have to or even pretend to do so.  They will expect you to take out loans that amount to more that your FAFSA EFC, because if they didn't, I doubt anyone would really be worried about funding law school.  We would all just choose to work very little for a year before applying to school, and count on taking out the $20500.  This would basically make all schools cost the same (excluding merit scholarships).  That just seems impossible.  I think.

I definitely hope I'm wrong.  Then I would just stop worrying about the money.

(And for most T25s, you pretty much have to be 30 to not have your parents' income considered, not 25.  This is definitely true for the T6)
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Special Agent Dana Scully

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Re: T6 Financial Aid
« Reply #11 on: March 05, 2008, 03:52:58 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.

it's not true...at least here at CLS
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CandyMonster

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Re: T6 Financial Aid
« Reply #12 on: March 06, 2008, 11:29:48 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.

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.

I can't speak on all of the T6, but at Yale and Harvard each student is expected to take out a certain amount of loans (called a base loan amount) before grants kick in. I believe that the minimum amount for incoming students is $33,600 this year. Any unmet need after the base loans and the expected contribution from your family have been subtracted from the COA is met by grant aid.
2007-2008 cycle
Accepted (in order): Duke, Harvard, UMich, Yale, Cornell, UVa, UPenn
Pending: Stanford, NYU, Columbia