Question about financial aid for law school

[Anonymous]

Anonymous wrote:We're an older couple who have saved diligently and worked past many people's target retirement age in order to pay for our children's college.

Our youngest child is leaving for college in 2 years just as my husband turns 71.

Our oldest will graduate college and after a gap year wants to attend law school. We've told him that he'll have to pay for any grad school himself through loans. He'll have a pretty small income in his gap year, and will be applying as an independent but fairly broke 23 year old young man.

Is it true that our assets and income would be factored into the older one's application for need-based financial aid to law school?

That's what it looks like from my looking over the admissions pages of his law school wish list. Which seems pretty unfair. Even though we'll have a lifetime of savings stored up to get us through retirement, 4% of our net worth isn't going to afford us a lavish retirement. We can't dilute it to pay for another round of expensive education. And would rather not sell our home.

Thanks for advice!

Yes it's probably true, given that it was true for me (a while ago) even though I had been on my own fully with a job, apartment and in another city from my parents for two years after undergrad. I went to a state school and took out loans then worked in a large law firm even though I didn't want to. It was all worth it to get my law degree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're an older couple who have saved diligently and worked past many people's target retirement age in order to pay for our children's college.

Our youngest child is leaving for college in 2 years just as my husband turns 71.

Our oldest will graduate college and after a gap year wants to attend law school. We've told him that he'll have to pay for any grad school himself through loans. He'll have a pretty small income in his gap year, and will be applying as an independent but fairly broke 23 year old young man.

Is it true that our assets and income would be factored into the older one's application for need-based financial aid to law school?

That's what it looks like from my looking over the admissions pages of his law school wish list. Which seems pretty unfair. Even though we'll have a lifetime of savings stored up to get us through retirement, 4% of our net worth isn't going to afford us a lavish retirement. We can't dilute it to pay for another round of expensive education. And would rather not sell our home.

Thanks for advice!

Do NOT pay for law school with loans !!! This could haunt him for decades after finishing law school.

I disagree. If he can get into a T10 law school or maybe even T20, the degree will pay for itself.

[Anonymous]

He can pay for law school like most of us did: indentured servitude.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're an older couple who have saved diligently and worked past many people's target retirement age in order to pay for our children's college.

Our youngest child is leaving for college in 2 years just as my husband turns 71.

Our oldest will graduate college and after a gap year wants to attend law school. We've told him that he'll have to pay for any grad school himself through loans. He'll have a pretty small income in his gap year, and will be applying as an independent but fairly broke 23 year old young man.

Is it true that our assets and income would be factored into the older one's application for need-based financial aid to law school?

That's what it looks like from my looking over the admissions pages of his law school wish list. Which seems pretty unfair. Even though we'll have a lifetime of savings stored up to get us through retirement, 4% of our net worth isn't going to afford us a lavish retirement. We can't dilute it to pay for another round of expensive education. And would rather not sell our home.

Thanks for advice!

Do NOT pay for law school with loans !!! This could haunt him for decades after finishing law school.

I disagree. If he can get into a T10 law school or maybe even T20, the degree will pay for itself.

T14

[Anonymous]

Law is not as safe a career path as it used to be. A lot of lower level lawyer work has already moved offshore to The Phillipines and other places.

I would not want to start a legal career with a big pile of debt and there is very little need-based aid. Merit aid also is tough. Many colleges run their law programs as a profit center, to make up for recurring losses in most humanities departments.

He should think very very carefully about this. Run multiple scenarios on spreadsheets.

[Anonymous]

Anonymous wrote:Law is not as safe a career path as it used to be. A lot of lower level lawyer work has already moved offshore to The Phillipines and other places.

I would not want to start a legal career with a big pile of debt and there is very little need-based aid. Merit aid also is tough. Many colleges run their law programs as a profit center, to make up for recurring losses in most humanities departments.

He should think very very carefully about this. Run multiple scenarios on spreadsheets.

+100

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're an older couple who have saved diligently and worked past many people's target retirement age in order to pay for our children's college.

Our youngest child is leaving for college in 2 years just as my husband turns 71.

Our oldest will graduate college and after a gap year wants to attend law school. We've told him that he'll have to pay for any grad school himself through loans. He'll have a pretty small income in his gap year, and will be applying as an independent but fairly broke 23 year old young man.

Is it true that our assets and income would be factored into the older one's application for need-based financial aid to law school?

That's what it looks like from my looking over the admissions pages of his law school wish list. Which seems pretty unfair. Even though we'll have a lifetime of savings stored up to get us through retirement, 4% of our net worth isn't going to afford us a lavish retirement. We can't dilute it to pay for another round of expensive education. And would rather not sell our home.

Thanks for advice!

Do NOT pay for law school with loans !!! This could haunt him for decades after finishing law school.

I disagree. If he can get into a T10 law school or maybe even T20, the degree will pay for itself.

T14

Don’t be silly. There is nothing magic about #14 vs #18.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're an older couple who have saved diligently and worked past many people's target retirement age in order to pay for our children's college.

Our youngest child is leaving for college in 2 years just as my husband turns 71.

Our oldest will graduate college and after a gap year wants to attend law school. We've told him that he'll have to pay for any grad school himself through loans. He'll have a pretty small income in his gap year, and will be applying as an independent but fairly broke 23 year old young man.

Is it true that our assets and income would be factored into the older one's application for need-based financial aid to law school?

That's what it looks like from my looking over the admissions pages of his law school wish list. Which seems pretty unfair. Even though we'll have a lifetime of savings stored up to get us through retirement, 4% of our net worth isn't going to afford us a lavish retirement. We can't dilute it to pay for another round of expensive education. And would rather not sell our home.

Thanks for advice!

Do NOT pay for law school with loans !!! This could haunt him for decades after finishing law school.

I disagree. If he can get into a T10 law school or maybe even T20, the degree will pay for itself.

This is a bit of uninformed, wishful thinking. Any potential law school applicant should do a cost-benefit analysis prior to pursuing a law degree. Such analysis should include almost 3 years of lost income in addition to the total COA of 3 years of law school. Of course, it depends on the total amount of student loan debt taken on by any particular student. Total cost-of-attendance for 3 academic years of law school at a top 14 law school is over $320,000.

Anyone taking on a large amount in student loan debt should consider the fluctuations of the economy and of the legal job market.

[Anonymous]

In short, attending a Top 14 law school will cost one over $600,000 when lost income and total COA of law school is considered.

[Anonymous]

Another website dedicated to the practice of law has compiled a ranking of the top 50 (out of 196 ABA accredited law schools) law schools based on outcomes:

1) Duke law school
2) Cornell
3) U Virginia
4) U Chicago
5) U Michigan
6) Columbia
7) Vanderbilt
8) Northwestern
9) U Penn
10) Notre Dame

11) WashUStL
12) NYU
13) U Texas
14) Harvard
15) U Georgia
16) Yale
17) USC
18) Wash & Lee
19) U Illinois
20) UC-Berkeley

21) U Alabama
22) UCLA
23) Fordham
24) Georgetown
25) U Utah
26) Boston College
27) Stanford
28) U Iowa
29) UNC
30) Boston University

31) U Florida
32) Emory
33) Howard
34) U Minnesota
35) U Kansas
36) Wake Forest U.
37) U Kentucky
38) SMU
39) Indiana U.
40) Ohio State U.

41) Florida State U.
42) BYU
43) U Tennessee
44) N'eastern
45) William & Mary
46) UC-Davis
47) Villanova
48) Georgia State
49) UNLV
50) U Wisconsin

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're an older couple who have saved diligently and worked past many people's target retirement age in order to pay for our children's college.

Our youngest child is leaving for college in 2 years just as my husband turns 71.

Our oldest will graduate college and after a gap year wants to attend law school. We've told him that he'll have to pay for any grad school himself through loans. He'll have a pretty small income in his gap year, and will be applying as an independent but fairly broke 23 year old young man.

Is it true that our assets and income would be factored into the older one's application for need-based financial aid to law school?

That's what it looks like from my looking over the admissions pages of his law school wish list. Which seems pretty unfair. Even though we'll have a lifetime of savings stored up to get us through retirement, 4% of our net worth isn't going to afford us a lavish retirement. We can't dilute it to pay for another round of expensive education. And would rather not sell our home.

Thanks for advice!

Do NOT pay for law school with loans !!! This could haunt him for decades after finishing law school.

I disagree. If he can get into a T10 law school or maybe even T20, the degree will pay for itself.

T14

Don’t be silly. There is nothing magic about #14 vs #18.

This is not true. There is a huge difference once you get past 14.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're an older couple who have saved diligently and worked past many people's target retirement age in order to pay for our children's college.

Our youngest child is leaving for college in 2 years just as my husband turns 71.

Our oldest will graduate college and after a gap year wants to attend law school. We've told him that he'll have to pay for any grad school himself through loans. He'll have a pretty small income in his gap year, and will be applying as an independent but fairly broke 23 year old young man.

Is it true that our assets and income would be factored into the older one's application for need-based financial aid to law school?

That's what it looks like from my looking over the admissions pages of his law school wish list. Which seems pretty unfair. Even though we'll have a lifetime of savings stored up to get us through retirement, 4% of our net worth isn't going to afford us a lavish retirement. We can't dilute it to pay for another round of expensive education. And would rather not sell our home.

Thanks for advice!

Do NOT pay for law school with loans !!! This could haunt him for decades after finishing law school.

I disagree. If he can get into a T10 law school or maybe even T20, the degree will pay for itself.

T14

Don’t be silly. There is nothing magic about #14 vs #18.

This is not true. There is a huge difference once you get past 14.

There absolutely is not. Going to Wash St Louis with huge merit vs Georgetown full pay is a no brainer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're an older couple who have saved diligently and worked past many people's target retirement age in order to pay for our children's college.

Our youngest child is leaving for college in 2 years just as my husband turns 71.

Our oldest will graduate college and after a gap year wants to attend law school. We've told him that he'll have to pay for any grad school himself through loans. He'll have a pretty small income in his gap year, and will be applying as an independent but fairly broke 23 year old young man.

Is it true that our assets and income would be factored into the older one's application for need-based financial aid to law school?

That's what it looks like from my looking over the admissions pages of his law school wish list. Which seems pretty unfair. Even though we'll have a lifetime of savings stored up to get us through retirement, 4% of our net worth isn't going to afford us a lavish retirement. We can't dilute it to pay for another round of expensive education. And would rather not sell our home.

Thanks for advice!

Do NOT pay for law school with loans !!! This could haunt him for decades after finishing law school.

I disagree. If he can get into a T10 law school or maybe even T20, the degree will pay for itself.

T14

Don’t be silly. There is nothing magic about #14 vs #18.

This is not true. There is a huge difference once you get past 14.

There absolutely is not. Going to Wash St Louis with huge merit vs Georgetown full pay is a no brainer.

That you need to posit a huge price difference proves the point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:He should consider moving somewhere with an instate option he’d be happy with and using that gap year to establish residency or consider taking two gap years if that will establish residency (takes that long in some states).

You cannot claim him as a dependent in any way on your tax return (even for the other dependent credit) and he will need to file his own separate return.

I was able to establish residency in VA after one year and get in state tuition for law school.

If I recall correctly, tuition for U Virginia law (just like U Michigan) is nearly identical for residents & non-residents.

Check out residency requirements for full-time students in each state as they differ state-by-state.

Correct. UVA law is only a $3,000 difference, not worth the hassle of what PP is describing. COA for instate is $105,334. Cost of attendance OOS is $108,348 a year. https://www.law.virginia.edu/financialaid/annual-cost-attendance-budget

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're an older couple who have saved diligently and worked past many people's target retirement age in order to pay for our children's college.

Our youngest child is leaving for college in 2 years just as my husband turns 71.

Our oldest will graduate college and after a gap year wants to attend law school. We've told him that he'll have to pay for any grad school himself through loans. He'll have a pretty small income in his gap year, and will be applying as an independent but fairly broke 23 year old young man.

Is it true that our assets and income would be factored into the older one's application for need-based financial aid to law school?

That's what it looks like from my looking over the admissions pages of his law school wish list. Which seems pretty unfair. Even though we'll have a lifetime of savings stored up to get us through retirement, 4% of our net worth isn't going to afford us a lavish retirement. We can't dilute it to pay for another round of expensive education. And would rather not sell our home.

Thanks for advice!

Do NOT pay for law school with loans !!! This could haunt him for decades after finishing law school.

I disagree. If he can get into a T10 law school or maybe even T20, the degree will pay for itself.

T14

Don’t be silly. There is nothing magic about #14 vs #18.

This is not true. There is a huge difference once you get past 14.

There absolutely is not. Going to Wash St Louis with huge merit vs Georgetown full pay is a no brainer.

That you need to posit a huge price difference proves the point.

No, it doesn’t. If T14 were so magical, GT would be worth the debt.