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Financial aid presentation 05 05-11
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Financial aid presentation 05 05-11

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  • 1. Paying for Law School A Financial Aid Presentation, UC Hastings College of the Law 1
  • 2. Legal education requires a significant financial commitment, but the rewards of this challenging career make this commitment worthwhile. 2
  • 3. Applying for Financial Aid• Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov• UC Hastings Financial Aid Supplement – http://www.uchastings.edu/financial-aid/forms/11-12- forms.html 3
  • 4. Most students finance their graduate education by accessing a combination of resources. • savings • loans • grants & scholarships • loans • work • loans 4
  • 5. Savings - Personal Resources Very Best Financing Option Provide as much as possible from your own resources. Search for Outside Scholarshipshttp://www.uchastings.edu/financial-aid/scholarships/ http://fastweb.com 5
  • 6. Grants & Scholarships• Hastings Need-Based Grants $1,000 - $13,500 year Average = $11,200• Entering 1L – Merit/Need-Based Scholarships Range $1,000 - $10,000 Grant & Scholarship Can Be Combined• Continuing Student Scholarships http://www.uchastings.edu/financial-aid/scholarships/index.html 6
  • 7. Merit Scholarships• Entering 2L - Academic Excellence – 1st Year Section Scholars (@ $6,000) – 3 @ $3,000 to top 1L & 2L students at end of each AY. * – 2 @ $3,000 to top 1L & 2L LEOP students at end of each AY.* *Subject to available funding 7
  • 8. WORK 1L - Not permitted to work 2L - 3L - Federal Work-Study (on & off campus) - Hastings Student Employment 8
  • 9. LOANS Federal Loans • Subsidized Stafford (need-based) $8,500 year • Unsubsidized Stafford $12,000 year • Graduate PLUS – To cost of attendance 9
  • 10. Credit-Based Loans Private & Fed Graduate PLUS• require good credit (or the absence of poor credit)• may borrow up to cost of attendance• interest accrues during enrollment• capitalization occurs at repayment Bar Study Loan 10
  • 11. Estimated 2011-12 Cost of Attendance andTypical Financial Aid Packages 11
  • 12. Cost of AttendancePlease visit this web page for current fee schedule http://www.uchastings.edu/financial- aid/cost/11-12-estimates.html 12
  • 13. Typical Full Need Aid Package Please visit this web page for an estimate of aid given to the student with high financial need. • http://www.uchastings.edu/financial- aid/package/2011-12-all-students.html 13
  • 14. Typical Package for Student who has No Financial Need• Unsub. Stafford • $20,500• Graduate PLUS • $40,083• Total CA Resident • $60,583• Add. Graduate PLUS loan • $ 8,500• Total Non- Res. • $69,083 14
  • 15. PICAPTraditional Public Interest Career Assistance Program – Salary < $70,000 – Government Agency, private non-profit public interest employment – Reimbursement of 70% to 100% loan payments (Stafford, Perkins, Hastings Loans) http://www.uchastings.edu/financial-aid/picap.html
  • 16. PICAPIBR/PSLF Public Interest Career Assistance• Federal Direct Loan Consolidation• Income Based Repayment plan – Government Agency, private non-profit public interest employment – Reimbursement of 90% to 100% loan payments (Federal Loans and Hastings Loans) http://www.uchastings.edu/financial-aid/picap.html
  • 17. 10 Good Habits for Achieving Your Dreams1. Don’t live a lifestyle you can’t afford. Live below your means while in school.2. Borrow as little as possible.3. Determine a monthly budget and stick to it.4. Save a little each month, even if only $5, and plan for your financial future. 17
  • 18. 10 Good Habits for Achieving to Achieving Your Dreams5. Keep accurate, well-organized records of your financial activities.6. Establish and maintain a strong credit history.7. Be a well informed borrower. Although Federal loans may be the most cost effective loans available, most accrue interest during periods of enrollment which can result in a much larger loan at repayment. 18
  • 19. 10 Good Habits to Achieving Your Dreams8. Limit your use of credit cards - save them for emergencies. Be a wise consumer. Do the math. Points are not free.9. Get out of debt before you attend law school.10. Be realistic about how much money you will earn once you graduate -- don’t count on immediate financial windfalls. 19
  • 20. Legal education requires a significant financial commitment, but the rewards of this challenging career make this commitment worthwhile. 20