Law School Discussion

About My Fin Aid Letter

yiplong

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About My Fin Aid Letter
« on: May 08, 2006, 05:21:43 PM »
I have received Fin Aid letter from UIUC, the school I will most likely attending this fall.  There are oddities that I am puzzled about.   
First, I am supposed to have been awarded scholarship in the amount of $20k/year, but it didnít show up on my letter.  Whatís up with that?  Donít they list the scholarships on their fin aid letters?  They canít promise me a scholarship and not give it can they?
I have received Fed Direct Loans, both subsidized and unsubsidized, but there is still an unmet financial need of 8k a year.  For this year it is probably fine, because I have saving from work.  But in 2L/3L I would likely have to come up with that 8k to continue attending law school.  UIUC said they are still waiting for Dept. of Eduís guideline on Graduate PLUS Loan.  Whatís up with that?  In the letter from Iowa and Northwestern, they actually included Graduate PLUS in the award letter.  So how exactly do I apply for this loan?

cheesesteak

Re: About My Fin Aid Letter
« Reply #1 on: May 08, 2006, 06:43:19 PM »
I am kind of confused myself about how the PLUS loan works.  But as far as I can tell you are eligible for it if you filed a FAFSA and will be a grad student.  It only requires a very basic credit check to make sure that you haven't defaulted on student loans, etc.  The PLUS loans come through the school, like the Stafford and Perkins loans, so you have to wait for the school to do their paperwork.  It isn't even available until July 1 this year, so you have time. (And you already applied for it when you did the FAFSA)  You can borrow up to COA minus other financial aid.  I believe it has a fixed 8.25% interest rate.  Check around here for other threads about the PLUS loan and do a search for it or, better yet, call the school.

Re: About My Fin Aid Letter
« Reply #2 on: May 08, 2006, 07:27:11 PM »
Aren't those PLUS loans from the school's funds? What is the COA for UIUC, with a 20k a year scholarhsip, you would think that you would be covered especially after all Stafford loans.

yiplong

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Re: About My Fin Aid Letter
« Reply #3 on: May 08, 2006, 07:33:46 PM »
Aren't those PLUS loans from the school's funds? What is the COA for UIUC, with a 20k a year scholarhsip, you would think that you would be covered especially after all Stafford loans.

COA is like 45k for UIUC, their tuition and fee is 31k, other costs (living, books, etc) about 14k.  Personally, I think I can get by with tuition + 10k budget.  What do people think?  This budget used to work in undergrad.  I have 8.5k sub loan and 10k unsub loan. 

Re: About My Fin Aid Letter
« Reply #4 on: May 08, 2006, 08:00:30 PM »
tag

Re: About My Fin Aid Letter
« Reply #5 on: May 08, 2006, 08:23:18 PM »
All my fin aid award letters included any scholarship money.

I would contact Iowa if I were you to figure out what's going on.

Alamo

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Re: About My Fin Aid Letter
« Reply #6 on: May 08, 2006, 08:28:05 PM »
All my fin aid award letters included any scholarship money.

I would contact Iowa if I were you to figure out what's going on.

Same here, my scholarship was included on the form - you should probably call them up about that.

yiplong

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Re: About My Fin Aid Letter
« Reply #7 on: May 08, 2006, 08:29:00 PM »
All my fin aid award letters included any scholarship money.

I would contact Iowa if I were you to figure out what's going on.

Same here, my scholarship was included on the form - you should probably call them up about that.

Yeah, it should normally include the scholarship offer, like the award letter from other schools.  I will call them up tomorrow to see what's up with that.

yiplong

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Re: About My Fin Aid Letter
« Reply #8 on: May 09, 2006, 08:24:18 AM »
Just called their financial aid office, they said scholarship is awarded by the law school themselves, and all the financial aid office does is process that scholarship.  And that's why it is not included in the letter.
They also have no idea on how to apply for Graduate PLUS loan and told me to check back on July 1st, which is odd, because Graduate PLUS loan was included in my award letters from Iowa and Northwestern.

Re: About My Fin Aid Letter
« Reply #9 on: May 09, 2006, 08:30:31 AM »
They can't legally do anything with the Grad PLUS until July 1st because that's when the new legislation becomes law.  Also, the Dept. of Ed hasn't given schools guidelines on how they can process this.  Understand, this is a brand new thing and most schools process all of the federal aid electronically.  Until the feds know how their system is going to work for this, there isn't much the school can do.  I am actually against any school including on an award letter a specific type of private loan (like Grad PLUS, etc.) because students have the right to shop around.  I have a private loan for next year that is fixed at 6.5% so the Grad PLUS is not necessarily the best loan for everyone.