Top Law Schools

How long did it take for everyone to receive the official admission email with info on accessing the the Admitted Students Website? It's only been a couple of business days since I got in, but I want to get my financial aid app in as soon as possible...

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Question for anyone with financial aid award letter available- does it break out parental contributions normally? I'm worried my Need Access info wasn't applied, since it doesn't show either my contribution (and I made some money last year, so I expected them to ask me for something based on the handbook) or a parental contribution, even though I expected to get hit by that for sure.

condensation wrote:
How long did it take for everyone to receive the official admission email with info on accessing the the Admitted Students Website? It's only been a couple of business days since I got in, but I want to get my financial aid app in as soon as possible...


i don't remember an official email about acceptance that's via snail mail. the ID number you need to access the ASW comes with the package in the mail.

to apply for fin aid:
-submit Need Access
-submit FAFSA
-mail signed 1040s for you and your parents to SLS

hope that helps

Whoa, are you sure on the 1040s? The Admitted Student site just lists NeedAccess and FAFSA. Did I screw up...?

jmj2254 wrote:

condensation wrote:How long did it take for everyone to receive the official admission email with info on accessing the the Admitted Students Website? It's only been a couple of business days since I got in, but I want to get my financial aid app in as soon as possible...

i don't remember an official email about acceptance that's via snail mail. the ID number you need to access the ASW comes with the package in the mail.

to apply for fin aid:
-submit Need Access
-submit FAFSA
-mail signed 1040s for you and your parents to SLS

hope that helps

Definitely helps - thanks!

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jetsfan1 wrote:

mesnggirl wrote:
This also means (I think? I haven't verified this next portion yet) that if someone started in Big Law, hated it, but payed off a significant amount (say, 3 years of payments worth) of their loans, then those earnings have still had an impact (Stanford would be willing to help pay off the remaining loans at the 10 year rate, so you may get off of your loans paid off in a 6.5-7 years depending on how your additional payments affected interest). .

I don't think the bolded is true, although I'm fully admitting I'm no expert on this and could be wrong.

The way I understand it is this: Say you start off with 300k in debt and go into big law. If you then pay off 150k of that after 3 years in big law, then go PI and LRAP it, Stanford would then be paying off your loans on a 7 year schedule based off the 150 you still owe, not the 300k/10 year schedule (which would be advantageous to you because it would be paying off more chunks of your debt annually). What this means is it would still take you the 10 years for everything to all be paid off.

Conversely however, if you started in PI and then went into big law (a much rarer path, of course), you would start out LRAPing at the 300k/10 year rate, and then if you went into the private sector and started paying off what remained at a quicker rate you could be debt free in 7-8 years.

That's my interpretation at least, and again, I could be totally wrong about that. But the rest of that post is spot on. Also, I posted this thread a while back comparing Stanford's LRAP to COAP and LIPP. Might be helpful/germane to this conversation...

http://top-law-schools.com/forums/viewt ... 5&t=259070

Thanks for the link! It's helpful, but just as a word of warning upon using that thread for guidance, I know that LRAP's program terms have changed in a number relevant ways since that thread was posted. Looking through to 2016 terms, there are changes to eligible employment, bar loans, etc.

I was and still am hesitant about the bolded claim (I hope my reservations were clear) as the following is what the 2016 terms say about the repayment plan:

"Graduates may decide to consolidate their loans with a longer repayment term under the Federal Consolidation Loan Program, or may extend private loan repayment periods. However, LRAP payments to participants are based upon a 10-year repayment schedule. It is most often in the best interest of participants to have LRAP make its awards based on monthly payments that would be required on a 10-year repayment schedule rather than using the consolidated/extended figure. In any event, LRAP only provides assistance through the tenth year following Law School graduation, regardless of a participant's repayment term." (p.6-7)

It doesn't note whether the 10-year repayment schedule was related to the initial debt or the remaining debt existent upon entering the program. Given the comment about the tenth year following Law School graduation I'm inclined to believe that my initial assessment was correct, although I admit that my claim needs to be confirmed by someone at SLS.

4thand9 wrote:
7 posts into your TLS career and your dropping serious insight.

This is an aspect of Stanford's LRAP I didn't realize and, as you correctly indicate, can be a big difference maker for people who may split time between PI/Gov and Private. Thanks for the info

Haha thanks; I've come out of the lurking closet to try to be helpful.

edit: and apparently not be able to spell

jmj2254 wrote:

legalbeagle16 wrote:

condensation wrote:
How long did it take for everyone to receive the official admission email with info on accessing the the Admitted Students Website? It's only been a couple of business days since I got in, but I want to get my financial aid app in as soon as possible...


i don't remember an official email about acceptance that's via snail mail. the ID number you need to access the ASW comes with the package in the mail.


to apply for fin aid:
-submit Need Access
-submit FAFSA
-mail signed 1040s for you and your parents to SLS

hope that helps

Whoa, are you sure on the 1040s? The Admitted Student site just lists NeedAccess and FAFSA. Did I screw up...?

So after you fill out need access there's a page of additional instructions and Stanford required physical copies of your tax returns. I'd call them just to make sure.

I saw that too - but I think that's a conditional requirement. From what I read (from previous financial aid handbooks), it seems like you only need to turn in your/your parents tax returns if you decide to accept whatever aid they might offer you.

I could be wrong about that though. I hope I'm not, because I have signed tax returns saved on my computer per other schools requirements, and if my aid letter is delayed because of that...I'd be pretty pissed at myself.

mindatwork wrote:

jmj2254 wrote:

legalbeagle16 wrote:

condensation wrote:
How long did it take for everyone to receive the official admission email with info on accessing the the Admitted Students Website? It's only been a couple of business days since I got in, but I want to get my financial aid app in as soon as possible...


i don't remember an official email about acceptance that's via snail mail. the ID number you need to access the ASW comes with the package in the mail.


to apply for fin aid:
-submit Need Access
-submit FAFSA
-mail signed 1040s for you and your parents to SLS

hope that helps

Whoa, are you sure on the 1040s? The Admitted Student site just lists NeedAccess and FAFSA. Did I screw up...?

So after you fill out need access there's a page of additional instructions and Stanford required physical copies of your tax returns. I'd call them just to make sure.

I saw that too - but I think that's a conditional requirement. From what I read (from previous financial aid handbooks), it seems like you only need to turn in your/your parents tax returns if you decide to accept whatever aid they might offer you.

I could be wrong about that though. I hope I'm not, because I have signed tax returns saved on my computer per other schools requirements, and if my aid letter is delayed because of that...I'd be pretty pissed at myself.

Yeah this was my assumption too- the Need Access form gives you access to a conditional award, then the signed returns are required before you actual get aid disbursed.

Necho2 wrote:

mindatwork wrote:

jmj2254 wrote:

legalbeagle16 wrote:

condensation wrote:
How long did it take for everyone to receive the official admission email with info on accessing the the Admitted Students Website? It's only been a couple of business days since I got in, but I want to get my financial aid app in as soon as possible...


i don't remember an official email about acceptance that's via snail mail. the ID number you need to access the ASW comes with the package in the mail.


to apply for fin aid:
-submit Need Access
-submit FAFSA
-mail signed 1040s for you and your parents to SLS

hope that helps

Whoa, are you sure on the 1040s? The Admitted Student site just lists NeedAccess and FAFSA. Did I screw up...?

So after you fill out need access there's a page of additional instructions and Stanford required physical copies of your tax returns. I'd call them just to make sure.

I saw that too - but I think that's a conditional requirement. From what I read (from previous financial aid handbooks), it seems like you only need to turn in your/your parents tax returns if you decide to accept whatever aid they might offer you.

I could be wrong about that though. I hope I'm not, because I have signed tax returns saved on my computer per other schools requirements, and if my aid letter is delayed because of that...I'd be pretty pissed at myself.

Yeah this was my assumption too- the Need Access form gives you access to a conditional award, then the signed returns are required before you actual get aid disbursed.

Can confirm this is correct based on last year's process.

jmj2254 wrote:

Necho2 wrote:Question for anyone with financial aid award letter available- does it break out parental contributions normally? I'm worried my Need Access info wasn't applied, since it doesn't show either my contribution (and I made some money last year, so I expected them to ask me for something based on the handbook) or a parental contribution, even though I expected to get hit by that for sure.

Based on my award letter...I think the column that says student resources includes both parents and student info from need access/FAFSA. I also worked full time last year and expected less but i don't know how they factor in less than two years of work into "assets"

On this one, according to the financial aid handbook, SLS will divide your earnings by 3 in helping to determine your student assets.

Also, since I'm anxious, have folks who got in around the 3rd week of February gotten their aid letters yet? I'm hoping it's just a timing/sequencing thing that's keeping me from getting anything so far.

mesnggirl wrote: It doesn't note whether the 10-year repayment schedule was related to the initial debt or the remaining debt existent upon entering the program. Given the comment about the tenth year following Law School graduation I'm inclined to believe that my initial assessment was correct, although I admit that my claim needs to be confirmed by someone at SLS.

Just want to point out that the fact that SLS will service your loans at their actual 10-year repayment level is a huge advantage and why SLS LRAP should only be compared to LIPP and COAP, which are similarly aligned. Yay, SLS. The negative amortization (your balance actually grows over time) that other school's LRAP programs invite is just bonkers to me. I know of only one area in which negative am loans are/were commonplace--subprime mortgages...

And let me take this opportunity to thank folks for livening up the thread. I was beginning to worry about us.

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lc39 wrote:

Necho2 wrote:

mindatwork wrote:

jmj2254 wrote:

legalbeagle16 wrote:

condensation wrote:
How long did it take for everyone to receive the official admission email with info on accessing the the Admitted Students Website? It's only been a couple of business days since I got in, but I want to get my financial aid app in as soon as possible...


i don't remember an official email about acceptance that's via snail mail. the ID number you need to access the ASW comes with the package in the mail.


to apply for fin aid:
-submit Need Access
-submit FAFSA
-mail signed 1040s for you and your parents to SLS

hope that helps

Whoa, are you sure on the 1040s? The Admitted Student site just lists NeedAccess and FAFSA. Did I screw up...?

So after you fill out need access there's a page of additional instructions and Stanford required physical copies of your tax returns. I'd call them just to make sure.

I saw that too - but I think that's a conditional requirement. From what I read (from previous financial aid handbooks), it seems like you only need to turn in your/your parents tax returns if you decide to accept whatever aid they might offer you.

I could be wrong about that though. I hope I'm not, because I have signed tax returns saved on my computer per other schools requirements, and if my aid letter is delayed because of that...I'd be pretty pissed at myself.

Yeah this was my assumption too- the Need Access form gives you access to a conditional award, then the signed returns are required before you actual get aid disbursed.

Can confirm this is correct based on last year's process.

I called the Financial Aid Office. They said I do need to send in my tax returns, but it shouldn't hold up my financial aid decision. They also said most of the award letters should go out by the end of the week.

mesnggirl wrote:

jetsfan1 wrote:

mesnggirl wrote:
This also means (I think? I haven't verified this next portion yet) that if someone started in Big Law, hated it, but payed off a significant amount (say, 3 years of payments worth) of their loans, then those earnings have still had an impact (Stanford would be willing to help pay off the remaining loans at the 10 year rate, so you may get off of your loans paid off in a 6.5-7 years depending on how your additional payments affected interest). .

I don't think the bolded is true, although I'm fully admitting I'm no expert on this and could be wrong.

The way I understand it is this: Say you start off with 300k in debt and go into big law. If you then pay off 150k of that after 3 years in big law, then go PI and LRAP it, Stanford would then be paying off your loans on a 7 year schedule based off the 150 you still owe, not the 300k/10 year schedule (which would be advantageous to you because it would be paying off more chunks of your debt annually). What this means is it would still take you the 10 years for everything to all be paid off.

Conversely however, if you started in PI and then went into big law (a much rarer path, of course), you would start out LRAPing at the 300k/10 year rate, and then if you went into the private sector and started paying off what remained at a quicker rate you could be debt free in 7-8 years.

That's my interpretation at least, and again, I could be totally wrong about that. But the rest of that post is spot on. Also, I posted this thread a while back comparing Stanford's LRAP to COAP and LIPP. Might be helpful/germane to this conversation...

http://top-law-schools.com/forums/viewt ... 5&t=259070

Thanks for the link! It's helpful, but just as a word of warning upon using that thread for guidance, I know that LRAP's program terms have changed in a number relevant ways since that thread was posted. Looking through to 2016 terms, there are changes to eligible employment, bar loans, etc.

I was and still am hesitant about the bolded claim (I hope my reservations were clear) as the following is what the 2016 terms say about the repayment plan:

"Graduates may decide to consolidate their loans with a longer repayment term under the Federal Consolidation Loan Program, or may extend private loan repayment periods. However, LRAP payments to participants are based upon a 10-year repayment schedule. It is most often in the best interest of participants to have LRAP make its awards based on monthly payments that would be required on a 10-year repayment schedule rather than using the consolidated/extended figure. In any event, LRAP only provides assistance through the tenth year following Law School graduation, regardless of a participant's repayment term." (p.6-7)

It doesn't note whether the 10-year repayment schedule was related to the initial debt or the remaining debt existent upon entering the program. Given the comment about the tenth year following Law School graduation I'm inclined to believe that my initial assessment was correct, although I admit that my claim needs to be confirmed by someone at SLS.

Ahhh wow that's interesting to know that they've changed it for our incoming class. Didn't know that. I'm gonna go over it today then again in detail, thanks for the heads up!

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jmj2254 wrote:I talked to the Financial Aid office and the budget is based on living in Munger which is not an option for me.

Does anyone have any insight into possibly living in EV vs Munger?
How hard is it for law students to secure one of the 2 bedrooms? And whether or not a 12/9 month lease would be better for securing EV for 2l as well.

thanks!

There was some good comparison between the two in this thread: http://www.top-law-schools.com/forums/v ... &start=150

Not too bad that they budget it for Munger. Good to overestimate costs than underestimate them, especially since Fed loans max out at what the school budgets as CoA (I think, may be wrong).

There's a lot of active SLS students on TLS (several in the thread linked above) who are very receptive to answering specific questions.

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jmj2254 wrote: I called the Financial Aid Office. They said I do need to send in my tax returns, but it shouldn't hold up my financial aid decision. They also said most of the award letters should go out by the end of the week.

I get that I could have done this myself, but the fact that you actually called and asked pretty much all the questions I needed answered makes you the MVP in my book.

Did anyone else get an email from the Dean? the first paragraph was pretty personalized so I'm trying to gauge how regular this is

Did anyone else get an email from the Dean? the first paragraph was pretty personalized so I'm trying to gauge how regular this is

hindo wrote:Did anyone else get an email from the Dean? the first paragraph was pretty personalized so I'm trying to gauge how regular this is

Yup, we all get it. It's a nice touch.

fliptrip wrote:

hindo wrote:Did anyone else get an email from the Dean? the first paragraph was pretty personalized so I'm trying to gauge how regular this is

Yup, we all get it. It's a nice touch.

oh ok. thanks for letting me know.