Working before law school and student contribution Forum

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throwaway12435

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Working before law school and student contribution

Post by throwaway12435 » Sun Mar 31, 2019 3:23 pm

If you work for a year before law school, do you basically void your eligibility for Financial Aid (at places like H/Y/S/Columbia/Penn/Chicago)? If you get a decent-paying job, will the LS just take whatever you have left over, so there's no point to even work?

I've been trying to do some Internet research about this, but haven't found any great information. If people can post good links, that'd be appreciated!

QContinuum

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Re: Working before law school and student contribution

Post by QContinuum » Sun Mar 31, 2019 3:35 pm

throwaway12435 wrote:If you work for a year before law school, do you basically void your eligibility for Financial Aid (at places like H/Y/S/Columbia/Penn/Chicago)? If you get a decent-paying job, will the LS just take whatever you have left over, so there's no point to even work?

I've been trying to do some Internet research about this, but haven't found any great information. If people can post good links, that'd be appreciated!
How will you support yourself if you don't work?

For many/most T13ers, the chief barrier to getting significant need-based aid is not their own income/assets but their parents' income/assets.

throwaway12435

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Re: Working before law school and student contribution

Post by throwaway12435 » Sun Mar 31, 2019 4:15 pm

I mean: why work for 2 years before law school instead of just going straight if you would get more FA had you not worked? Now, that's a big "if," and my purpose in posting is to ask whether this is the case.

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cavalier1138

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Re: Working before law school and student contribution

Post by cavalier1138 » Sun Mar 31, 2019 4:31 pm

throwaway12435 wrote:I mean: why work for 2 years before law school instead of just going straight if you would get more FA had you not worked? Now, that's a big "if," and my purpose in posting is to ask whether this is the case.
As mentioned, that's not going to have much of (if any) impact on your need-based aid calculation, which is mostly about your parents' assets. And even if it did have an effect, that's a godawful reason to go K-JD.

How much are you planning on earning, anyway?

throwaway12435

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Re: Working before law school and student contribution

Post by throwaway12435 » Sun Mar 31, 2019 4:45 pm

Around 150-175k for the next 2 years.

You seem to be saying that it goes mostly off of your parents assets (which would be good for me!), but I'd just be utterly shocked if the law school FA offices don't expect some of what I'd earn.

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cavalier1138

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Re: Working before law school and student contribution

Post by cavalier1138 » Sun Mar 31, 2019 6:01 pm

throwaway12435 wrote:Around 150-175k for the next 2 years.

You seem to be saying that it goes mostly off of your parents assets (which would be good for me!), but I'd just be utterly shocked if the law school FA offices don't expect some of what I'd earn.
Ok, that much money might alter the equation. But it wouldn't be a straight 1-to-1 tradeoff (i.e. not "Here's $75k less in aid to reflect your $75k savings").

It does beg the question, though: Why do you want to go to law school?

Wubbles

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Re: Working before law school and student contribution

Post by Wubbles » Sun Mar 31, 2019 6:42 pm

It won't affect your ability o get merit scholarships at CCN and down

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cavalier1138

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Re: Working before law school and student contribution

Post by cavalier1138 » Sun Mar 31, 2019 7:12 pm

Wubbles wrote:It won't affect your ability o get merit scholarships at CCN and down
That too. Most people don't qualify for any need-based aid outside of HYS anyway.

albanach

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Re: Working before law school and student contribution

Post by albanach » Sun Mar 31, 2019 7:24 pm

Most schools offer no need based aid for the simple reason that loans are available to cover the complete cost of attendance (assuming you're a citizen or pennant resident). The vast majority of scholarships are merit based.

The exception is at HYS where merit based schools are not awarded. If you're attending one of those schools, expect significant financial aid based on family income, and don't have any moral issues with potentially being seen to take money from less well off students, you could consult with a financial advisor. You may be able to move money into pension funds or a trust.

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jsnow212

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Re: Working before law school and student contribution

Post by jsnow212 » Sun Mar 31, 2019 7:32 pm

The barrier to qualify for any meaningful need-based aid even at HYS is extremely high. If you parents are poor as can be, you would get a max aid package which amounts a little less than half off of COA (which is around 350k for HYS). <20% of matriculates get this outcome.

You would numerically be better off making 150k/yr for two years than going to HYS K-JD (Assuming you could get in K-JD) and getting max aid (which is, in itself, is super unlikely).

FWIW, HLS asks for and considers all assets including retirement, trusts, cars, etc.

throwaway12435

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Re: Working before law school and student contribution

Post by throwaway12435 » Sun Mar 31, 2019 7:42 pm

cavalier1138 wrote:
throwaway12435 wrote:Around 150-175k for the next 2 years.

You seem to be saying that it goes mostly off of your parents assets (which would be good for me!), but I'd just be utterly shocked if the law school FA offices don't expect some of what I'd earn.
Ok, that much money might alter the equation. But it wouldn't be a straight 1-to-1 tradeoff (i.e. not "Here's $75k less in aid to reflect your $75k savings").

It does beg the question, though: Why do you want to go to law school?
So you would still be better off for having worked, right? There's no situation where you'd actually end up getting fewer grants because you worked. You'll just be able to take fewer loans, it seems.

throwaway12435

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Re: Working before law school and student contribution

Post by throwaway12435 » Sun Mar 31, 2019 7:48 pm

jsnow212 wrote:The barrier to qualify for any meaningful need-based aid even at HYS is extremely high. If you parents are poor as can be, you would get a max aid package which amounts a little less than half off of COA (which is around 350k for HYS). <20% of matriculates get this outcome.

You would numerically be better off making 150k/yr for two years than going to HYS K-JD (Assuming you could get in K-JD) and getting max aid (which is, in itself, is super unlikely).

FWIW, HLS asks for and considers all assets including retirement, trusts, cars, etc.
Okay, that's actually reassuring to hear. I'd just feel so hosed if I worked for 2 years and actually ended up with less money than if I went straight. But the consensus seems to be that if you want HLS, you're going to have to pay a lot for it whether you save money or not. It's simply a pricey degree to get.

Is there a specific reason HYS are like this with giving money? Do they have less than the undergraduate programs or is it because they feel like you can pay it off with the strength of the degree they're giving you?

Someone above suggested the stinginess is because loans are readily available, but is that not the case for undergrad as well?

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cavalier1138

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Re: Working before law school and student contribution

Post by cavalier1138 » Sun Mar 31, 2019 8:38 pm

throwaway12435 wrote:
cavalier1138 wrote:
throwaway12435 wrote:Around 150-175k for the next 2 years.

You seem to be saying that it goes mostly off of your parents assets (which would be good for me!), but I'd just be utterly shocked if the law school FA offices don't expect some of what I'd earn.
Ok, that much money might alter the equation. But it wouldn't be a straight 1-to-1 tradeoff (i.e. not "Here's $75k less in aid to reflect your $75k savings").

It does beg the question, though: Why do you want to go to law school?
So you would still be better off for having worked, right? There's no situation where you'd actually end up getting fewer grants because you worked. You'll just be able to take fewer loans, it seems.
Other way around. No one will ever stop you from taking out student loans (absent terrible credit). But you could end up getting less need-based aid at HYS if you had a high-paying job for a number of years.

But as was pointed out, you're absolutely better off working.

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throwaway12435

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Re: Working before law school and student contribution

Post by throwaway12435 » Sun Mar 31, 2019 9:02 pm

cavalier1138 wrote:
throwaway12435 wrote:
cavalier1138 wrote:
throwaway12435 wrote:Around 150-175k for the next 2 years.

You seem to be saying that it goes mostly off of your parents assets (which would be good for me!), but I'd just be utterly shocked if the law school FA offices don't expect some of what I'd earn.
Ok, that much money might alter the equation. But it wouldn't be a straight 1-to-1 tradeoff (i.e. not "Here's $75k less in aid to reflect your $75k savings").

It does beg the question, though: Why do you want to go to law school?
So you would still be better off for having worked, right? There's no situation where you'd actually end up getting fewer grants because you worked. You'll just be able to take fewer loans, it seems.
Other way around. No one will ever stop you from taking out student loans (absent terrible credit). But you could end up getting less need-based aid at HYS if you had a high-paying job for a number of years.

But as was pointed out, you're absolutely better off working.
Oh, what I meant was that if you save up money, you could use that money to actually pay Harvard instead of taking out loans.

icansortofmath

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Re: Working before law school and student contribution

Post by icansortofmath » Thu Apr 25, 2019 5:33 pm

I was making significant money all the way up to the day I enrolled and they still offered me basically full (not quite, but close enough) CoA once I told them I am independent and not planning to work. This is with substantial savings.

YMMV. Rules change every year and I suspect schools have different rules. Only thing you can do is ask... even then you probably won't know for sure.

miskellyjohnson

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Re: Working before law school and student contribution

Post by miskellyjohnson » Thu Apr 25, 2019 10:00 pm

S looks at past income. H +Y look only at assets saved. for H you can do something like prepay utilities/rent for a few years, so u dont have assets and get a big grant but your COL will be very low. if u are smart eniugh to get into HYS then u can figure out some creative financial planning i am sure.

this only really works if you are over 30, your parents are dead, or your parents are poor.

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