Now that you’ve begun to hear from law school admissions committees, it’s time to consider how financing your education will impact your decision of where to enroll.
Whether you’ve already been offered a scholarship or are still waiting for a decision, here’s what you need to know about negotiating merit-based financial aid.
Pick [a cost-efficient law school.]
The first step is to assess your admissions offers and any scholarship awards.
— Don’t ignore reputation: A client at Stratus Prep who received a full-ride scholarship from a fourth-tier law school and a partial award from a second-tier program recently asked me if rank should factor into this evaluation. Absolutely! It’s essential to think about postgraduate job opportunities.
While graduating debt-free from law school is enticing, keep in mind that a degree from a higher-ranked program may give you more career opportunities to repay loans. Ultimately, the goal is not simply to study the law, but to put your J.D. to work.
— Don’t compare apples and oranges: You can’t simply assess monetary award amounts. Consider how relative cost of tuition and living expenses will impact your finances. Calculate these costs and determine what percentage each award covers.
— Don’t forget to read the fine print: Many law schools have conditions to maintain scholarship awards, such as maintaining a certain rank in your first year, or 1L, class. Ask whether scholarship students are placed in the same section, as competition for grades curved by section may put your scholarship at risk.
Once you have evaluated your options, focus on your top choices. Another client received multiple scholarship offers. After discussing options together, we determined which schools to take out of the running because no increase in award amount would lure the client away from higher-ranked programs. Instead of trying to increase funding awards from every school, we targeted top choices to engage in negotiations.
To start the negotiation process, I recommend applicants reach out to admissions committees through a letter of continued interest. On this blog, we’ve discuss the anatomy of this letter for wait-listed applicants.
[Learn how to draft a law school budget early.]
You can modify this structure for scholarship negotiations by sharing some of your admissions results, along with general updates to your application.
Remember, you do not need to discuss every admission offer or award. Focus on the schools you are most seriously considering, particularly programs that are in competition with one another for enrollment. For example, schools in the same region or city or similarly ranked programs are more likely to offer or increase scholarship awards to entice you to enroll.
You will disclose other programs you are considering, but do emphasize why the school you are attempting to negotiate with appeals to you.
Admissions committees are more likely to engage in negotiations if they think you will ultimately enroll. You do not need to share the specific monetary amounts you may have received from other schools in this initial letter.
Right now the goal is to simply inquire if you qualify for any additional funding. But, do be prepared to disclose award offers from other schools if asked. Exaggerating or manufacturing admissions results or awards is not negotiating in good faith.
Some admissions committees will determine scholarship awards based on your application materials, while others may request additional materials. Take advantage of opportunities to further highlight your skills and accomplishments. If a school has already offered you an award, don’t be afraid to ask if you qualify for additional funding.
[Follow these steps before borrowing for law school.]
I also recommend forging relationships on campus, through a campus visit if possible. Finding advocates who want to see you enroll will help you secure available funding.
Finally, starting April 1, law schools can ask applicants to secure an admissions offer with a seat deposit. If you are still in the process of negotiating merit-based aid, multiple seat deposits are an option.
However, keep in mind that the Law School Admission Council will disclose where you’ve made deposits, so don’t over commit.
Have other questions about negotiating scholarships? You can reach me via email.
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Negotiate Merit-Based Law School Financial Aid originally appeared on usnews.com
