Law School Discussion

Has Anyone Been Offered a FinAid Package Yet?

upNdown

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Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #40 on: March 06, 2006, 10:39:24 AM »
i mean logically, if you received 9250 in the first semester, and dont spend it all right away, are you supposed to hide it under your mattress?  

No, in that situation, it sounds like you might be OK, but it certainly doesn't seem like a good idea to take the loan soley for investment purposes. 

cyberrev

Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #41 on: March 06, 2006, 10:45:37 AM »
really, i'm not disagreeing with you, i'm just being contrary.  i'm gonna need every penny to pay for school myself, but i began to think about how to maximize available money and minimize loans, and that post came about.

i would think, however, if someone were to attempt to prosecute, they would have to prove motive, which i believe would be difficult, given the 'i was banking it against unanticipated future needs' defense, especially if one repaid it promptly after graduation.

a short-term investment would be the way to go in any event, just in case you actually did have unanticipated expenses -- ie, medical bills, computer dies, car dies, etc...

tsteadman

Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #42 on: March 06, 2006, 01:16:05 PM »
A quick note...

The Budget Defecit Reduction Act of 2006 (which is supposed to take effect July 1st) will change the rate on Student Loans from a variable rate to a fixed rate.  I think the rate is going to somewhere around 6.8%. 

If you can save money off of the student budget they provide you should invest that money, in something short-term and fairly liquid (like a CD or government T-Bill). 

You enter the ethically grey area is if you recieve support from another source (like parents) and you take out more money than you need just to invest it or to buy something that isn't related to your education (a TV for example). 

cyberrev

Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #43 on: March 06, 2006, 01:46:14 PM »

The Budget Defecit Reduction Act of 2006 (which is supposed to take effect July 1st) will change the rate on Student Loans from a variable rate to a fixed rate.  I think the rate is going to somewhere around 6.8%. 


            can you still consolidate and lock in that lower rate?


You enter the ethically grey area is if you recieve support from another source (like parents) and you take out more money than you need just to invest it or to buy something that isn't related to your education (a TV for example). 

            how about if you want to watch court tv, and because of your eyesight you need a 72"
            hi-definition plasma flat screen with surround sound?

            although, as far as taking out more than you need, you may not know that you won't
            need it -- and by then it will be too late to get it.  so you might as well be a good
            steward and invest it to get the best rate of return, while still leaving it liquid
            enough for emergencies.
           

Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #44 on: March 06, 2006, 03:34:32 PM »
just offered money at northwestern.  i guess the money gates have opened and schools are sending offers out.

shae

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Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #45 on: March 06, 2006, 04:37:07 PM »
figures-

i wasted 12 hours on the need access to get NOTHING in the form of need aid.

blah.

almuhajaba

Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #46 on: March 06, 2006, 04:46:56 PM »
 :o

crap...

CRAP!!!!

nothing from any of your schools?!?!?!


crap...

Brasco

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Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #47 on: March 06, 2006, 05:09:56 PM »
I got my financial aid from USD.  Damn, I didn't realize law school was so expensive. 

Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #48 on: March 06, 2006, 05:12:02 PM »
 I emailed Hastings asking when to expect fin. aid packet. they said end of march.

Re: Has Anyone Been Offered a FinAid Package Yet?
« Reply #49 on: March 06, 2006, 06:29:21 PM »
figures-

i wasted 12 hours on the need access to get NOTHING in the form of need aid.

blah.

is it b/c of your parents' income?