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Financial Aid Award

April 12, 2010

As I’m sure many students did, I received my financial aid award last week. I was actually surprised at how much was being offered. I was thinking I needed enough to cover tuition; they offered enough to cover living expenses (to a point) as well. Between the Subsidized, Unsubsidized, and Grad/Prof PLUS loans, they offered nearly $37K, which is wayyyy more than I need.*

The lower interest Sub and Unsub loans leave me about $2,000 short. Of course. I don’t want to take out more loans than I need, as I am a strong believer that less debt is better than more debt, so the question is whether to accept the PLUS loan.

Hubby made an interesting point, though. All college and college-related expenses are tax deductible. Therefore, if I keep receipts on everything from food to transporation to books, etc., we should get a tax kickback come next April. We’re going to ask our tax preparer about whether it only counts if we use loan money for it, though. Of course, one has to weigh everything, including the interest I would be paying on that money when the loans become due. Still, it’s something to consider.

So now that I know the financing of law school is taken care of, there is no excuse whatsoever to not follow through, is there? If I back out I can’t blame it on lack of financing. Not that I’m going to back out. Of course not. That would be crazy.

*The Grad PLUS loan is dependent on a credit check. Fortunately, I have excellent credit. I am also happy to find out I can accept as much or little of this as I want.

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Here’s a related link on how the new “health care” bill affects student loans for law students. Personally, I am opposed to the government running even more things, but whatever. The bottom line, according to this link, is that nothing much is changing for most of us.

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  1. […] the rest here: Financial Aid Award « The 30-Something Law Student Share and […]



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