Question about Financial Aid max (18.5K)

[rider06]

This maximum...is it ususally granted? I am independent and am showing very little income (part time summer work)...will I be granted the max amount based on that?

And I guess whatever is left needs to be privately funded (Sallie mae, etc)?

Thanks...I'm such a newb

[thenextstep]

In my understanding this 18.5k is the max you can take out yearly in Stafford loans for graduate/professional ed.  You are definitely able to take out that much in unsubsidized loans regardless of financial need (exceptions for drug convictions, so if you have one of those... sad).  If your income is low you might get some subsidized loans as part of that 18.5k.  Grant aid, law school loans, and private loans would cover the rest if you were to get grants.  If your expected family contribution (EFC) is low enough you might get a grant though many schools don't have lots of money for grants.  Usually you get stafford loans, then grants, then law school loans for need-based aid.  Private loans would need to cover the rest of your expenses (your EFC and maybe some cost of living not included in the school budget).  Does that make sense? 

[rider06]

In my understanding this 18.5k is the max you can take out yearly in Stafford loans for graduate/professional ed.  You are definitely able to take out that much in unsubsidized loans regardless of financial need (exceptions for drug convictions, so if you have one of those... sad).  If your income is low you might get some subsidized loans as part of that 18.5k.  Grant aid, law school loans, and private loans would cover the rest if you were to get grants.  If your expected family contribution (EFC) is low enough you might get a grant though many schools don't have lots of money for grants.  Usually you get stafford loans, then grants, then law school loans for need-based aid.  Private loans would need to cover the rest of your expenses (your EFC and maybe some cost of living not included in the school budget).  Does that make sense? 

gotcha

so i'm basically guaranteed the 18.5.  I have a clean record.

Then you can borrow the rest directly from the school?

And last resort would be private fudns correct?

thanks!!

[thenextstep]

The school will only offer you law school loans if they want to or can afford to.  It's not your choice, it's theirs. Though it's your choice to turn their offer down if you want.  Does that make sense?

[almuhajaba]

the $18.5 in loans is federal aid, you get that through filing the FAFSA.

I would also like to add that one applies for private aid by filling out the PROFILE or Need Access form (a giant pain in the a$$). From that point the law school will determine how much institutional money they can/will give you in need-based grants/school loans. They may ask for parental info, even though you're an independent. Depending on your age, even if you are an independent, they will still look at your parents' income. I think the cut-off age is 29, but I'm not sure.

good luck