Student Assets and Financial Aid for Med School / Law School

[Anonymous]

I would appreciate hearing from anyone who can point me in the right direction to understand how a) med schools; and b) law schools figure out financial aid for prospective students in their 20s who took time off after college and worked/lived independently. Specifically, I am interested in whether there is any difference in the expected student contribution if a student has liquid assets (bank accounts/investments) or the same amount of assets that in the form of equity in a condo or other property the student has purchased? Is age 25 or some other age a magic divider line in looking at only student's assets vs. parent assets and, if so, at what point in the year is that age determined (when applied to the school, when starting a semester, something else?). I'll do the confrmatory reserch, but it would be more efficient if someone here already knows and can point me in the right direction. Many thanks in advance for any helpful responses.

[Anonymous]

Following

[Anonymous]

Kid has to borrow or parents pay. Nothing like undergrad.

[Anonymous]

Law school financial aid is mostly merit based, I believe.

[Anonymous]

Would it matter if student is married and spouse has lower than $100k income?

[Anonymous]

There is no such thing as need-based aid for law school.

[Anonymous]

My DS attended medical school from age 23 - 27. (He is 30 now). Initially, my DH and I had to complete the FASFA in order for him to get loans for med school. No one I know received any financial aid. My DH and I provided living expense $$, but med school loans are available for living expenses.

[Anonymous]

Anonymous wrote:There is no such thing as need-based aid for law school.

Actually Harvard does have need aid. But they take some of it away if you do biglaw/paid summer internships. Or at least it was true when I was in law school.

[Anonymous]

Anonymous wrote:My DS attended medical school from age 23 - 27. (He is 30 now). Initially, my DH and I had to complete the FASFA in order for him to get loans for med school. No one I know received any financial aid. My DH and I provided living expense $$, but med school loans are available for living expenses.

There are a lot of loan options for folks in med school. I guess future doctors are a good bet to be high earners.

[Anonymous]

Anonymous wrote:There is no such thing as need-based aid for law school.

I get a pull grant and subsidized loans in addition to a lot of merit aid, not quite need based but the same result

[Anonymous]

Sorry, got a pell

[Anonymous]

Anonymous wrote:Would it matter if student is married and spouse has lower than $100k income?

no

[Anonymous]

We are paying 100% of our kid's medical school + living exp right now. It is eye popping expensive.

[Anonymous]

This is why I went to a state law school.

[Anonymous]

I worked on my own for 3 years before law school. The year immediately preceding law school I did a volunteer service corps program where I was paid a small stipend and lived in a group house arranged by the program. I think my earnings were probably $5000.

I received no aid for law school. LOANS is what you do. So tjink very hard about whether you like doing research and writing. Once you take out your first year in loans, you can't turn back. Your loans are already so big that quitting law school would put you in a very bad financial spot,...so you have to keep taking out loans to finish the degree.

If you are in for an ounce, you're in for a pound.