The Best Approach to Apply For Need-based or Merit-based Law Schools – Part 1
While law schools are among the favorite among students looking to forge a path for their future, they are also some of the most expensive and demanding ones. This causes applicants to dedicate enormous amounts of time to study for the LSAT and also to brainstorm a lot of essay topics. On their side, parents concern about the money they will have to spend and personal loans they might have to acquire in order to be able to finance the law school their children get accepted to. This is even scarier for parents when they get to know that tuition alone in these schools can run quite higher than $50,000 per year. And that, without eve considering studying materials, living expenses and such.
So, in order to help parents with the expenses they will have to face and the possible personal loans they might have to acquire, here is what they should know about law schools that are need-based and merit-based and that might also offer some form of financial aid.
In this post, we will take a look at what parents need to know about law schools that offers need-based financial aid.
Let’s get started:
Some of the main requirements for applicants looking for a law school that offers need-based financial aid are the student parents’ financial information, which is mandatory in almost every school. This information is also one of the main factors when determining the amount of financial aid that a student will be given throughout their studies, which in the end will decide the amount of the personal loan that parents will need to apply for.
For example, Harvard Law School will definitely consider parents’ financial information for any applicant under the age of 25. For older applicants, any resources that their parents might have will be reduced by 25 percent due to their age. Additionally, any applicant of 29 years or older will not be required to submit any financial information from their parents whatsoever. Suffice to say, this information will need to include any personal loan that the family should have acquired in recent years.
Most law schools out there tend to have rules like these with one or another variation. For example, some schools might consider appropriate to ask for financial information only when the student is unmarried and under certain age. On their part, other law schools in certain states might be completely open to receive all kinds of financial information regardless of the applicant’s age, marital status, personal loans acquired or economic independence.
If, as a parent, you are worried about how your income, assets or personal loans acquired might affect any financial aid package that your child might benefit from, don’t fail to consider that need-based grants are usually available far less often in law schools than they are in college or in other educational institutions, which might force you to apply for a personal loan all the same. Just because of that, all the information about your assets or income might not have a profound impact on the financial aid your child could benefit from.
You should also consider that the vast majority of law schools will provide financial, need-based aid in the form of personal loans instead of grants, and will then recalculate the financial needs of the student once they graduate are working. As such, if your child graduates and works at public interest jobs -which usually pay a lot less less than traditional corporate ones-, then they could benefit from federal and school personal loan repayment programs regardless of their financial status and personal loans acquired when entering law school. Naturally, if your child graduates and starts working at a higher-paying job then they will be expected to repay their personal loans by themselves and as fast as possible.
That’s it for today. Stick around next week for the second -and final- part in these series, where we take a closer look at how law schools offering merit-based financial aid work.