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Loans
- Federal Stafford Loan Program
- Alternative Loans
Federal Stafford Loan Program
- Federal need- and non-need based program
- Fixed 6.8% interest rate
- Subsidized Federal Stafford Loans available to eligible students who are registered at least half-time. Eligibility is based on need and is determined by the information provided on the Free Application for Federal Student Aid (FAFSA).
- Unsubsidized Federal Stafford Loans available to all students registered at least half-time
- Repayment begins six months after a student's enrollment drops below half-time status or the student graduates
- FAFSA is required
- First time borrowers at the School of Law must complete an Entrance Counseling Interview and a Master Promissory Note.
There are two kinds of Stafford loans: Subsidized and Unsubsidized. The maximum amount of the total of the two loans is $20,500. When choosing a lender, it is important to consider the flexibility of repayment plans and repayment incentives that are offered by the lender. Keep in mind that more interest is paid at the beginning of the repayment period.
- Subsidized Stafford loans are need-based, meaning they're reserved for students who need financial help the most. Also, the government pays the interest on a subsidized Stafford loan as long as you're enrolled at least half time or are in the grace period. After that, the interest is your responsibility. The maximum Subsidized Stafford Loan is $8500 and is based on a student's financial need determined by the FAFSA (Free Application for Federal Student Aid).
- Unsubsidized Stafford loans are not need-based, meaning they're available to all eligible students regardless of how much financial help they need. Also, you're responsible for the interest on an unsubsidized Stafford loan as soon as the School of Law receives the money. You can choose to pay the interest while you're still in college, but you don't have to. The maximum Unsubsidized Stafford loan is $12,000 plus the difference between the maximum Subsidized Stafford Loan (*8500) minus the amount of Subsidized Stafford Loan actually awarded.
Alternative Loans
Students may choose between the Federal GRAD PLUS program and private educational loans. When choosing a loan program and a lender, it is important to consider the rate of interest, the flexibility of repayment plans, and the repayment incentives that are offered by the lender. A chart comparing the basics between the Federal GRAD PLUS program and Private loans is listed below.
Federal GRAD PLUS Loans
- Federal non-need based program
- Fixed 8.5% interest rate
- Credit check conducted to establish eligibility even when additional loans are requested. In order to qualify without an endorser, a student must have no adverse credit as defined in federal regulations: 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt (including Stafford Loans), during the five years preceding the date of the credit report.
- Payment may be deferred while in school, FAFSA is required
- Students may apply for a forbearance when loan goes into repayment
Private Loans
- Non-federal private loan options
- Variable interest rates; most have no cap
- Must apply directly through one of suggested lender sites listed below. Repayment options vary by lender.
- Total of all grants, Stafford Loans, GRAD Plus loans and Private loans CANNOT exceed a student's cost of attendance
- Be sure to print out the application after you have completed it online and submit it directly to the Student Finance Office. Private loans cannot be electronically processed or disbursed. Private loan checks are available in the School of Law Bursar's Office at the beginning of each semester