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Author Topic: Qualifying for loans/grants  (Read 630 times)

Ocean Blue

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Qualifying for loans/grants
« on: October 07, 2005, 06:08:30 PM »
I currently have a generous salary (low six figures), but have no money in savings (I'm only 3 years out of school, just got married, have a new baby, and live in Orange County, CA).

I will have very little money, if any, saved up by the time I attend law school, and am very concerned about how I'm going to pay for it.  Anyone know if my current salary is going to prevent me from getting loans for school?  General wisdom seems to be to go the best school I can get into, but affordability could play a major role in where I choose to apply.  I'm submitting all of my applications this month.

Any thoughts, I'd appreciate the help.
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michaelduke

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Re: Qualifying for loans/grants
« Reply #1 on: October 07, 2005, 06:16:15 PM »
I currently have a generous salary (low six figures), but have no money in savings (I'm only 3 years out of school, just got married, have a new baby, and live in Orange County, CA).

I will have very little money, if any, saved up by the time I attend law school, and am very concerned about how I'm going to pay for it.  Anyone know if my current salary is going to prevent me from getting loans for school?  General wisdom seems to be to go the best school I can get into, but affordability could play a major role in where I choose to apply.  I'm submitting all of my applications this month.

Any thoughts, I'd appreciate the help.

if you have a good credit history you will get all the loans you are going to need.  check your credit reports first. 

Ocean Blue

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Re: Qualifying for loans/grants
« Reply #2 on: October 07, 2005, 06:24:26 PM »
So it's not automatically assumed that I'll be able to pay for it myself?

That's good news - if I recall when I was applying for undergrad (been a long time ago now) I had to list all the income info for my parents, and the number of loans I was offered was dependent on their income.
http://www.lawschoolnumbers.com/display.php?user=ocnblu6

168/3.62
Accepted: Michigan, UT-Austin($$$), USC, NotreDame($$$) W&L($$$), Boston U, UCLA
Pending: UVA, LLS, Duke, Penn
Rejected: Boalt, Chicago
Waitlisted: Georgetown

r.

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Re: Qualifying for loans/grants
« Reply #3 on: October 07, 2005, 06:29:10 PM »
So it's not automatically assumed that I'll be able to pay for it myself?

That's good news - if I recall when I was applying for undergrad (been a long time ago now) I had to list all the income info for my parents, and the number of loans I was offered was dependent on their income.

I think what you're thinking of is the federally subsidized loans. I believe those may be income dependant, I'm not sure. There are tons of private student loans that are not income dependant.
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adviseme

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Re: Qualifying for loans/grants
« Reply #4 on: October 08, 2005, 01:45:18 PM »
if your income is above a certain level then the government will NOT subsidize your loan (meaning paying the interest for you while you are in law school).  But the maximum amount they can subsidize a year is around $9,000 a pretty pathetic figure IMO.  Regardless of your income, every student with a good enough credit score can borrow up to the full cost of her legal education. 

r.

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Re: Qualifying for loans/grants
« Reply #5 on: October 08, 2005, 07:44:52 PM »
if your income is above a certain level then the government will NOT subsidize your loan (meaning paying the interest for you while you are in law school).  But the maximum amount they can subsidize a year is around $9,000 a pretty pathetic figure IMO.  Regardless of your income, every student with a good enough credit score can borrow up to the full cost of her legal education. 

That includes living expenses, correct?
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KayakAnyone

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Re: Qualifying for loans/grants
« Reply #6 on: October 09, 2005, 03:07:57 AM »
if your income is above a certain level then the government will NOT subsidize your loan (meaning paying the interest for you while you are in law school).  But the maximum amount they can subsidize a year is around $9,000 a pretty pathetic figure IMO.  Regardless of your income, every student with a good enough credit score can borrow up to the full cost of her legal education. 

That includes living expenses, correct?

within reason.  the exact figure is usually calculated based on the law schools total cost of education.  Some loans will go a bit higher based on other factors.  i would think that many companies would expect your wife to work and offset some of the living expenses... but then perhaps others would not. 

adviseme

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Re: Qualifying for loans/grants
« Reply #7 on: October 09, 2005, 12:38:35 PM »
if your income is above a certain level then the government will NOT subsidize your loan (meaning paying the interest for you while you are in law school).  But the maximum amount they can subsidize a year is around $9,000 a pretty pathetic figure IMO.  Regardless of your income, every student with a good enough credit score can borrow up to the full cost of her legal education. 

That includes living expenses, correct?

Yes it does.  But the living expenses are subject to a ceiling determined by the school.  Basically you will have to live within a tight buget which might be hard for folks who have been working for a while.