Charting a Three Year Plan – Scenario 1

If you opt to spend the summer between your 1L and 2L years in a lower paying or SPIF eligible position and the summer between your 2L and 3L years at a law firm, presuming there are no other significant changes, you can expect your student contribution from summer income to remain relatively the same your 2L year and to increase proportionately to your summer earnings your 3L year.

Please remember, these scenarios are for general planning purposes only and presume a static cost of attendance and need analysis formula, when in actuality there are adjustments made each year. They also presume there are no changes to your family’s financial situation and that you work a minimum of 8 weeks over the summer. For a more tailored calculation we recommend using the Student Contribution from Summer Income Calculator on the SFS Self-Service Portal.

To use this web page best, start in the 1L Year section and select the profile which mostly closely aligns with your situation. Then follow that column through your 3L year in order to get a general idea of how your financial aid will fluctuate.

  • 1L Year – Baseline

    As an incoming student your student contribution from assets will be calculated and you will report your anticipated summer earnings. For the 1L year a minimum student contribution from income of $2,500 is used, even if you opt to not work during the summer preceding your enrollment.

    A B C D
    Cost of Attendance $107,000 $107,000 $107,000 $107,000
    SC – Income $2,500 $2,500 $2,500 $2,500
    SC – Assets $3,000 $3,000 $3,000 $3,000
    Family Resources $0 $21,500 $36,500 $46,500
    Grant Threshold $50,000 $50,000 $50,000 $50,000
    Need/HLS Grant Eligibility $51,500 $30,000 $15,000 $5,000
    Total Student Contribution $5,500 $5,500 $5,500 $5,500
    Available Borrowing $55,500 $77,000 $92,000 $102,000
    Max LIPP Eligible Borrowing $52,500 $74,000 $89,000 $99,000

     

  • 2L Year: Student Contribution from Income Decreases

    During the summer between your 1L and 2L years, the minimum Student Contribution from income is removed resulting in a corresponding change in eligibility for need-based aid if you earn less than $9,500.

    A B C D
    Cost of Attendance $107,000 $107,000 $107,000 $107,000
    SC – Income $0 $0 $0 $0
    SC – Assets $3,000 $3,000 $3,000 $3,000
    Family Resources $0 $21,500 $36,500 $46,500
    Grant Threshold $50,000 $50,000 $50,000 $50,000
    Need/HLS Grant Eligibility $54,000 $32,500 $17,500 $7,500
    Total Student Contribution $3,000 $3,000 $3,000 $3,000
    Available Borrowing $53,000 $74,500 $89,500 $99,500
    Max LIPP Eligible Borrowing $50,000 $71,500 $86,500 $96,500
  • 3L Year: Student Contribution from Income Increases

    The summer between your 2L and 3L years you have the ability to earn between $2,800 and $4,000 per week for 8-10 weeks at larger law firms. The chart below presumes a summer income of $40,000 in NYC.

    A B C D
    Cost of Attendance $107,000 $107,000 $107,000 $107,000
    SC – Income $20,500 $20,500 $20,500 $20,500
    SC – Assets $3,000 $3,000 $3,000 $3,000
    Assessed Family Resources $0 $21,500 $36,500 $46,500
    Grant Threshold $50,000 $50,000 $50,000 $50,000
    Need/HLS Grant Eligibility $33,500 $12,000 $0 $0
    Total Student Contribution $23,500 $23,500 $23,500 $23,500
    Available Borrowing $73,500 $95,000 $107,000 $107,000
    Max LIPP Eligible Borrowing $50,000 $71,500 $83,500 $83,500
  • Summary

    This table shows the cumulative cost of attendance, borrowing, grant, and student contribution for Scenario 1, along with the resulting adjusted cost and the percentage of that cost a student in each of these general categories would contribute via borrowing and their student contribution.

    A B C D
    Cost of Attendance $321,000 $321,000 $321,000 $321,000
    LIPP Eligible Borrowing $152,500 $217,000 $259,000 $279,000
    Grant $139,000 $74,500 $32,500 $12,500
    Student Contribution* $29,500 $29,500 $29,500 $29,500
    Adjusted Cost** $182,000 $246,500 $288,500 $308,500
    Adjusted Cost as a % of total 57% 77% 90% 96%

    * The student contribution presumes you borrow to replace the imputed $2,500 from 1L year because it is LIPP eligible
    ** Adjusted Cost is the total Cost of Attendance less total Grant received

Let’s try another scenario: