Financial Aid/Scholarships

sybbie719
Tue, 10 Jan 2012 11:42:35 +0000

Unfortunately, that great Harvard need based that is given to Harvard undergrads is not given at the law school level. There are no “full boats” at Harvard because everyone gets loans as the first part of their financial aid package.


For federal aid purposes, all students in grad school are independent students so it is not unusual for a student going to school straight from undergrad (without having a job making an appreciable amount of money) to have a 0 EFC.


However, for law and medical school, many schools still look at the income and assets of the parents when distributing need based aid.

The “no loans” policies that exist at the undergrad level is pretty much non-existent at the professional school level. Minimally students can borrow 20.5k in stafford loans (effective fall 2012, all stafford grad loans will be unsubsidized). Based on the student’s credit worthiness, they can borrow the entire cost of attendance over the stafford loan limits as a Grad Plus loan.

At Harvard Law:



These need analysis principles are reviewed and updated annually to comply with current federal regulations and institutional policies and needs. For the purpose of determining need for our institutional funds, parent resources are considered for all students except those who reach age 29 by September 1st of the academic year. Consequently, we use both student and parent income and assets in the determination of need for all institutional grant and loan assistance.

[Determination of Financial Need](http://www.law.harvard.edu/current/sfs/policy/need.html)



Harvard also states:



Once need is determined, it is met by awarding some combination of loan and grant assistance.

Although many students receiving financial assistance graduate with large educational loan debts, we find that the substantial salaries available within the legal profession can adequately support these debts. For those who do not choose a career path that leads them to a lucrative private sector job, we have one of the nation’s most generous loan repayment programs in our Low Income Protection Plan (LIPP).





As a result, it is a scarce resource and many students will not qualify for grant funding. For the majority of students, then, financial assistance comes in the form of loans. Most students qualify for Federal Stafford Loans and there are many supplemental education loan sources available to meet educational expenses. Combined funding from these two sources can be obtained to cover the full cost of attendance. In other words, regardless of grant eligibility students can still obtain enough funding (in the form of loans, outside resources or part-time employment) to meet their full education expenses.

[Award Packages](http://www.law.harvard.edu/current/sfs/policy/packaging.html)





Packaging aid at Harvard





If a student’s demonstrated need is less than the base loan ($40,300 for 2011–12), the student is eligible for Federal Stafford Loans (or the equivalent in Harvard Loans for international students) and may obtain supplemental loans, outside aid or part-time employment for additional funding. This student is not eligible for HLS grant aid, Harvard Loans, or Perkins Loans.

If demonstrated need exceeds the base loan ($40,300 for 2011-12), the student is eligible for grant aid and a base loan package.



Sample Harvard law aid package:
if student needs less than $40,300 PER YEAR



TYPICAL LOAN RECIPIENT
Financial need is less than base loan ($40,300 for 2011–12)
50% of those on aid received only loans (Federal Direct, Private &/or Harvard Loans) in 2009-10:

Determination of Need:

Student Budget: $ 72,600

Less Student Contribution: $ 5,000 *
Less Parent Contribution: $ 35,000 *

Equals Financial Need $ 32,600

Financial Aid Offer:

Federal Direct Loan: $ 20,500 (stafford)

Additional aid may come from supplemental education loans, part-time employment and/or outside resources.
Total funding from all sources must not exceed the student budget of $72,600.



Sample package at Harvard law for student whose demonstrated need is over $40,300



Determination of Need:

Student Budget: $ 72,600
Less Student Contribution: $ 5,000 *
Less Parent Contribution: $ 9,000 *

Equals Financial Need $ 58,600

Financial Aid Offer:

Base Loan: $ 40,300
HLS Grant: $ 18,300

Base Loan of $40,300 typically consists of a combination of Federal Stafford Loans, Federal Perkins Loans, Harvard Loans, and supplemental loans, depending on availability. Note: Only grant recipients receive Perkins Loans and Harvard Loans, if available.



Additional aid may come from supplemental education loans, part-time employment and/or outside resources.

Total funding from all sources must not exceed the student budget of $72,600.




It looks like minimally everyone graduates with at least 120k in debt.

If your son is given full tuition as Boalt, again is it guaranteed for all 3 years? If yes, will your family pay the other costs (housing, books etc) or will he be borrowing?