finaid at Harvard Law

[2011orbust]

<p>I know that Harvard College is one of the "super aid" schools that cap family contributions at about 10% in a certain income bracket. Does anyone know if the same finaid policy applies at Harvard Law? The website does not say, only that parent income is used to determine family contribution (discounted for other kids in school and age of law student). Any info appreciated!</p>

[Waverly]

<p>No, it doesn’t. it’s much more loan weighted.</p>

[foolishpleasure]

<p>^^ What he said.</p>

[guitars101]

<p>what if a student at harvard law applies for financial aid and for grad loans on their own? do parents info still go onto their loan apps? help!!!</p>

[foolishpleasure]

<p>I believe that if an applicant is unmarried and under 25 (27?), the parents’ income is still considered.</p>

[2011orbust]

<p>I appreciate the responses, thanks so much.</p>

<p>At this point, though, I’m more interested in how they determine the family EFC than in how they meet the resulting need. Any clarity on that?</p>

<p>For general information: Family contribution is discounted 25% for 26-year-olds, 50% for 27-year-olds and so on until it is phased out entirely. (It’s halved if there is another student in the family)</p>

[sybbie719]

<p>Financial aid at the grad school/professional school level is totally different from financial aid at the undergrad level.</p>

<ol>
<li>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.</li>
</ol>

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

<p>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.</p>

<p>At Harvard Law:</p>

<p>

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.</p>

<p>[Determination</a> of Financial Need](<a href=“http://www.law.harvard.edu/current/sfs/policy/need.html]Determination”>http://www.law.harvard.edu/current/sfs/policy/need.html)</p>

<p>

</p>

<p>Harvard also states:</p>

<p>

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

<p>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).

</p>

<p>

</p>

<p>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.</p>

<p>[Award</a> Packages](<a href=“http://www.law.harvard.edu/current/sfs/policy/packaging.html]Award”>http://www.law.harvard.edu/current/sfs/policy/packaging.html)

</p>

<p>Packaging aid at Harvard</p>

<p>

</p>

<p>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.</p>

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

<p>[Award</a> Packages](<a href=“http://www.law.harvard.edu/current/sfs/policy/packaging.html]Award”>http://www.law.harvard.edu/current/sfs/policy/packaging.html)</p>

<p>

</p>

<p>This means that minimally, you will most likely get the 20.5k in stafford loans. It seems like Harvard is going to give you $40,300 in loans a year. If you have demonstrated need over this amount of money, they will give you some grant aid for the amount over the demonstrated need of $40,300 per year.</p>

[sybbie719]

<p>Sample Harvard law aid package:
[Award</a> Packages](<a href=“http://www.law.harvard.edu/current/sfs/policy/packaging.html]Award”>http://www.law.harvard.edu/current/sfs/policy/packaging.html)</p>

<p>if student needs less than $40,300 PER YEAR

</p>

<p>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:</p>

<p>Determination of Need:</p>

<p>Student Budget: $ 72,600</p>

<p>Less Student Contribution: $ 5,000 *
Less Parent Contribution: $ 35,000 *</p>

<p>Equals Financial Need $ 32,600</p>

<p>Financial Aid Offer:</p>

<p>Federal Direct Loan: $ 20,500 (stafford)</p>

<p>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.

</p>

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

<p>

</p>

<p>Determination of Need:</p>

<p>Student Budget: $ 72,600
Less Student Contribution: $ 5,000 *
Less Parent Contribution: $ 9,000 *</p>

<p>Equals Financial Need $ 58,600</p>

<p>Financial Aid Offer:</p>

<p>Base Loan: $ 40,300
HLS Grant: $ 18,300</p>

<p>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.</p>

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

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

</p>

[2011orbust]

<p>Super helpful, thanks so much!</p>

<p>And here is the answer to my original question on how family EFC is calculated: “In general, on the income side parents can expect to see a parent resource assessment from income that is roughly 22% to 47% of their available income.”</p>

<p>Darn. Not what I expected at all, given Harvard’s generosity to undergrads.</p>