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[quote=Anonymous][quote=Anonymous][quote=Anonymous]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.  [b]We've told him that he'll have to pay for any grad school himself through loans.[/b]  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! 
[/quote]

[b]Do NOT pay for law school with loans !!! This could haunt him for decades after finishing law school.[/b] [/quote]

Don't most people pay for law school with loans?  I did. I went to a lower ranked school because they gave me partial scholarship money and took out loans for the rest.

OP, with your son's scores (if those are real), he will get into a highly ranked law school and can go to work in Biglaw for a handful of years to repay any loans, if he's focused on getting them paid off right away.

Also, someone said the law school loans accrue interest right away, but I don't think that's correct.  Mine didn't.[/quote]

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