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Author Topic: Just federal financial aid??  (Read 1101 times)

polyhymnia23

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Just federal financial aid??
« on: July 29, 2005, 08:49:52 AM »
Okay, I'm a soon to be 1L and need some advice from all of you. I don't have the credit for private loans due to serious medical bills. Have any of you been able to get through school with just federal loans? If so, will I be able to work >20 hours a week and still survive?

How soon did you apply for aid? I have been admitted but won't be starting until May 2006.

Thanks.

tingirl

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Re: Just federal financial aid??
« Reply #1 on: July 29, 2005, 09:20:40 AM »
I was lucky enough to only have to take out subsidized loans, but that has a lot to do with where I'm going to school, which has got to be one of the cheapest schools in the country, and some money they gave me. What's your tuition like? My school sent me my loan offer in May I think, and I start this August.
Good luck through all of this. I think you should write to the financial aid office at your school, I'm sure they have seen plenty of people with similar situations.

Bonkers, Jr.

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Re: Just federal financial aid??
« Reply #2 on: July 29, 2005, 10:17:07 AM »
I am in a similar boat. (Not medical bills, but youthful stupidity.) Basically it's about seeing what schools offer you money, trying to save a lot of money before school, maybe going to a cheaper school (thank God for the UC system!), and in my case, hoping you can juggle jobs during school and maybe get a summer law firm job and sock away some money.

I'm also thinking about, if the right combination of school and scholarship does not come along, and I get into an expensive school I really want to go to, deferring for a year to save more money. And also, wondering if I might be able to take a year off between 1L and 2L if I have enough to get through first year but not second. Would hate to do that but if worse comes to worst... it's tough...

Janna116

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Re: Just federal financial aid??
« Reply #3 on: July 29, 2005, 11:56:04 AM »
Most schools frown on working at all during your 1L year unless you are part time or have extenuating circumstances.  Can you get by on federal loans? Sure, if your total school tuition and living expenses falls around 18,500.  You may be surprised about whether or not you qualify for private loans.  You should really talk to Northstar or Access Group (two large private student loan lenders and see what their opinion is.) These private lenders give you money based on your expected future income.  I just got more than 40 grand for this coming 2L year and I don't have any income.  No way would a normal person qualify for 40 grand with no job.  Also, talk to the financial aid office or admissions office at the school where you were accepted.  They may be able to offer some advice or point you in the right direction.  You can't be the only person who wanted to go to law school and who had bad credit.  The admissions and financial aid offices are often overlooked but they are rich resources of information.  After all, the school can't operate unless it gets your money, lol.

Jen
It is never too late to be what you might have been. - George Eliot

Brooklaw

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Re: Just federal financial aid??
« Reply #4 on: July 29, 2005, 12:39:45 PM »
I know how you feel Poly. My school is quite expensive (50K/yr). My credit is so bad that my loan applications were denied even with a cosigner. So i'm going at it with only federal loans and the scholarship that the school gave me. The gap between the schools COA and the money i have is over 10K. Luckily, my sister will be able to help me. It actually turned out to be better in the long run because, instead of building up interest on private loans, she's just paying my rent (500/mnth). So we'll actually be saving money on interest. It is possible to do . Did you ask the school for Perkins Loans too. My school did not want to give me them at first because of the scholarship i recieved, but after i told them i could not get any private loans, they relented and gave me an extra 4K on top of the 18,500 in Stafford. That helped a little. So check that out and good luck.

Bonkers, Jr.

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Re: Just federal financial aid??
« Reply #5 on: July 30, 2005, 10:45:33 AM »
after i told them i could not get any private loans, they relented and gave me an extra 4K on top of the 18,500 in Stafford.

Cool that you mentioned that, because that is another thing I am thinking about doing, aggressively trying to work with the schools and let them know my situation, see if they can help me out if it's going to make the difference between attending and not being able to attend.

Brooklaw

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Re: Just federal financial aid??
« Reply #6 on: July 30, 2005, 11:53:36 AM »
Yes, do that because when i originally asked my school, they said they were saving the Perkins loans for people who had not received any scholarship money (which at my school is substantial i think). I understood that because i felt very lucky to be receiving a 20K scholarship. I did not want to be greedy. The fin aid officer told me that i had to do the rest of the COA with private loans. But when i called and told her that i needed the perkins,she gave it to me immediately, without any questions. And that was only like three weeks ago, so it's really never too late too ask. That is government money (well  not really), and we know the government always has money. ;)

polyhymnia23

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Re: Just federal financial aid??
« Reply #7 on: August 02, 2005, 05:03:34 PM »
Wow guys, this was really helpful and I appreciate it. I am not starting school until May 2006 in order to pay the bills off that I am close to paying, so having this info early will help, A LOT. Looking at my credit report, 90% of my debt is medical bills only, so maybe that will help, who knows. I am going to attend Cooley and they offer scholarships. I don't qualify for one as an entering student, but I am going to attend part-time, hopefully do very well and qualify next year. I guess we'll see. Again, thank you for your information. I appreciate it!

Melissa