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Author Topic: Financial Aid Availability  (Read 1397 times)

MorganRae14

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Financial Aid Availability
« on: April 03, 2011, 05:51:09 PM »
Hi all,

I'm just looking for general information on what types of financial aid are typically available to law school students.  I'm looking at starting school in the Fall of 2012.  I'm 26, and I am hoping to have my car note paid off by then, a small nest egg built up - and the only expenses I would have while in law school are rent, utilities, and car insurance.  I've never qualified for aid that was based on "financial need" - which I think is complete crap considering I make around $35,000 a year.  My credit is in the toilet (unfortunately, that's one of the side effects of divorce), and I am wanting to know what types of aid might be available for me.  Private loans are definitely out, as I am not sure I will have built up my credit sufficiently by the time I get to law school. 

Also - is poor credit something that should be explained in the Addendum when you apply to law school?  I know sometimes the State Bar will be made nervous becauase a lack of capability with your own finances demonstrates a lack of capability with someone else's.  Any suggestions you have would be much appreciated.

Thanks!

Morgan

FalconJimmy

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Re: Financial Aid Availability
« Reply #1 on: April 03, 2011, 05:55:22 PM »
Hi all,

I'm just looking for general information on what types of financial aid are typically available to law school students.  I'm looking at starting school in the Fall of 2012.  I'm 26, and I am hoping to have my car note paid off by then, a small nest egg built up - and the only expenses I would have while in law school are rent, utilities, and car insurance.  I've never qualified for aid that was based on "financial need" - which I think is complete crap considering I make around $35,000 a year.  My credit is in the toilet (unfortunately, that's one of the side effects of divorce), and I am wanting to know what types of aid might be available for me.  Private loans are definitely out, as I am not sure I will have built up my credit sufficiently by the time I get to law school. 

Also - is poor credit something that should be explained in the Addendum when you apply to law school?  I know sometimes the State Bar will be made nervous becauase a lack of capability with your own finances demonstrates a lack of capability with someone else's.  Any suggestions you have would be much appreciated.

Thanks!

Morgan

I think you'll be surprised how many schools offer scholarships.  When I started this process, I was sure I'd be paying sticker price (due to low undergrad gpa), but I ended up snagging roughly a half-ride. 

As for credit and being admitted to the bar, you can google, but generally, unless your actions were grossly irresponsible or negligent, merely having a low credit rating isn't necessarily an issue.  Even declaring bankruptcy, depending on why, is not an issue.

MikePing

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Re: Financial Aid Availability
« Reply #2 on: April 04, 2011, 11:52:56 AM »
I don't know where you live, but often state schools offer a very reasonable price tag and provide good opportunities where your roots are established. 

Regardless of your credit, you will be able to get federal loans of $20,500 per year.  During year 2 and 3 of law school, you may qualify for some other federal programs because you will not earn much money while you are in law school.  Federal loans are awesome! If you borrow the full amount, you can always lock in a payment below $400 a month and, depending on what type of work you do, even lower.  Schools also offer student loans that wouldn't necessarily focus on your credit score.

But, the best financial aid you can qualify for would be a scholarship based on LSAT score.  Take a prep course and study your ass off, and you might get to go to law school for free! 

In my signature there is a link to a free guide that has a checklist for getting into law school, it may help. 

Good luck!