Law School Discussion

Financially independant school list

maricutie

Financially independant school list
« on: January 05, 2005, 02:26:04 PM »
I'm gonna start this thread so that everyone can post info for different schools regarding what's considered to be "financially independant."

I'll start: http://www.law.stanford.edu/admissions/jd/finaid.html

"In general, the financial award system operates as follows: Each year the school determines a standard budget to cover basic costs (tuition plus living expenses). Each student's need is calculated by subtracting reported resources from the standard budget. These resources include one-third of reported assets; an assumed $1,000 in summer net earnings plus 50 percent of summer gross earnings over $5,000; assumed earnings of spouse (if married); and an imputed parental contribution (based on the Need Access analysis) if the student is dependent. Each student is then expected to borrow or otherwise raise a portion of this need, with the remainder being an outright grant, subject to a limit of full tuition. Financial aid is evaluated annually; one cannot, therefore, be guaranteed the same level of aid over three years of attendance."

"In determining eligibility for tuition fellowships, if a student qualifies as financially independent from his or her parents for the past three years, the imputed parental contribution is 75 percent of the Need Access analysis amount; for four years, 50 percent; for five years, 25 percent; and for six years, there is no imputed parental contribution in calculating a student's financial resources."

maricutie

Re: Financially independant school list
« Reply #1 on: January 05, 2005, 02:29:49 PM »
USC (although not too informative):
http://lawweb.usc.edu/admissions/nextsteps/pages/finaid.html

UMich: http://www.law.umich.edu/prospectivestudents/admissions/financial.htm

"For students applying for Law School grants, parents' financial information is required only for an applicant who was declared as a dependent, or was eligible to be declared as a dependent, on the parents' federal income tax returns in any of the last five years. (Please refer to Parental Information for specific details.) The Need Access financial report enables us to make a comparative analysis of parents' financial strength, which we then use to create a parental resources factor. In order to have the office waive the calculation of a parental resources factor, you must submit the first page of your federal income tax return for each of the last five years prior to your year of application (for example, if you are entering law school in summer or fall 2004, you must submit returns for tax years 1998 through 2002)."

"The calculated parental resources factor will be adjusted based upon the number of years that you have been declared as a dependent or were eligible to be declared as a dependent in the last five years (see chart below). The percentage factor used in your first year will remain constant each of your three years of Law School."

Re: Financially independant school list
« Reply #2 on: January 11, 2005, 01:06:14 AM »
good idea 8)