<p>Here is my situation, my parents arnt poor, but don't make that much money--mabey 80k year total, but my grandparents put away money for me in an UGMA account (about enough to pay for 4 years of private school). How will that effect my eligablity for financial aid? Am I totally out of the running?</p>
<p>I want to go to law school after undergrad and so whatever aid I can get to pay for undergrad would help?</p>
<p>I know that most of the privates (Thinking about applying to Penn, Georgetown, U San Diego, USC, and BU) only have need based financial aid, but assuming I don't get any need based, would I be able to get some scholarship money at an out of state public (Thinking Virginia, Michigan or UWashington)?? Or do public schools mostly give away to instates?</p>
<p>The catch: They have to work as modestly paid non-profit or government lawyers for seven years, or they're on the hook for paying it all back.</p>
<p>The scholarship program -- named after Bill Gates Sr. -- is set up to pay the tuition and living expenses of five law students each year for the next eight decades.*</p>
<p>If you apply to need based school, yes the amount of money your grandparents left you will be considered when calculating your FA package because 35% of all assets in your name (including the monies that your grandparents left you ) will be calculated toward your education which would be the student contribution of the EFC. A percentage of your parents income and assets would also be calculated to round out your EFC. You are probably right that you will not get much as far as need based aid (especially in your first 2 years)</p>
<p>For example:</p>
<p>if your grand parents left you $100,000</p>
<p>Yr 1 would be $35,000 (100,000<em>.35)
Yr 2 would be 22,750 (65,000</em>.35)
Yr 3 would be 14,787.5 ($42250*.35)
yr 4 would be 9, 611.85 ($27,462.5 *.35)</p>
<p>balance = 17,850</p>
<p>Unless you qualify for some major merit money at the out of state publics you will end up being a full paying student there also. I really hope that you do consider their gift the blessing that it it is because it means you can go to school and end up pretty much debt free. You are so far ahead of the game because you really have no financial parameters.</p>
<p>What a wonderful gift from your grandparents!! It is simply terrific that you can apply to most colleges without the worry about how you will pay the costs. Most students would be very grateful for such a gift. Use the money as your grandparents intended...for college. Any money you earn working in the summers or on vacations can be put aside for grad school later on.</p>
<p>there are a few law schools that give scholarships, but they are part of programs like the ones that EK described at U of washington, where you will have to give back so many years working in public service. I know that Harvard and NYU law schools also have those types of programs.</p>
<p>Don't waste your money. Just go to a state school, and when you graduate, you will have A LOT of money to spend. You could buy a house. Think hard and long.</p>
<p>it depends on school. generally speaking, for students in professional graduate schools (medical, law, vet. etc), you need to come up with money (ie., through loans, incomes,...)</p>
<p>but dont despair, you can repay those loans easily once you become a doctor or lawyer</p>
<p>Talk to an accountant. Seriously. You might be able to keep that money in your grandparent's name for a few more years and have them turn it over to you in a few years or something along that line.</p>