Law school financial aid(waitlists)

[FlyWf]

How does financial aid work if you're waitlisted? Right now, I'm accepted at one school and the seat deposit deadline is May 1, so I'm going to tell them I'm going there. But I'm waitlisted at two other schools. If I accept the financial aid package of loans and [censored] at the first school, what happens if in June one of my waitlisted schools tells me I'm in and I decide I want to go there?

[Dave D]

You probably wont get anything off the waitlist. Generally nobody gets help for law school, unless you're super smart or something because it's pretty easy to get loans. Also, since most people have just graduated from college and would be using their own income numbers to show "need" it wouldn't be fair b/c obviously everyone would have 0 income.

[FlyWf]

No, I know I'm not getting any grants or [censored], I'm just worried about how it works if I already accept a loan package at one school. Can I just tell the lender I'm switching schools or do I need to reapply?

[Dave D]

Ok so unless a school is giving you some sort of special loan package, obviously that's specific to that school so it wouldn't be transferable. However, with everything else, it works like this: 18.5k comes from Stafford at 6.5% (some of that will be fed subsadized depending on your specific situation) and "the rest" of whatever your school determines to be the annual cost of attendance (ie all your expenses for food/insurance etc) comes from Federal Grant Plus loans, which is new this past year, and has an interest rate of 8.5% plus like 1k/semester "origination fee" BS. You might want to check into seeing if a private will give you better interest rates.

Those things are pretty standard across the country, so yeah it should be transferable for the most part. Just to give you an idea, I only got into my law school like july 25th or something, and was probably gonna go somewhere else. None of the loan stuff was a problem. I guess if you still aren't sure, I'd just call both schools.