Loans

Stafford Student Loan Program

The University participates in the Federal Family Educational Loan Program (FFELP) for Stafford Student Loans. Stafford Loans are available in interest-subsidized and unsubsidized forms. To borrow subsidized Stafford Loan funds, students must demonstrate financial need under a standard needs analysis. Students may borrow up to $8,500 in subsidized Stafford Student Loans; the federal government pays the interest on the loan while the borrower is in school and for a six-month grace period following graduation or withdrawal. Unsubsidized Stafford Loan assistance is not need-based. Students borrowing unsubsidized Stafford loans may defer payment of principal and interest while enrolled and for a six-month grace period following graduation, in which case accrued interest is added to the principal.

Students may borrow an annual maximum of $20,500 in combined subsidized and unsubsidized Stafford Loans. The interest rate is fixed at an annual rate of 6.8 percent. The maximum aggregate for the subsidized Stafford Loans is $65,000; the maximum aggregate for the combined subsidized and unsubsidized Stafford Loans is $138,500. Students who are not U.S. citizens or permanent residents are not eligible to borrow under the Stafford Loan program.

On average, graduating students have accumulated law school debt of $76,150, with payments of approximately $875 per month under the standard 10-year repayment term. Loan consolidation and repayment options are available in a variety of formats to meet individual needs.

Federal Graduate PLUS Loans

The Federal Graduate PLUS Program is a low-interest loan made to law students enrolled in school at least half-time. Law students must be U.S. citizens or registered permanent residents to apply for the PLUS. Eligibility for the PLUS is not based on demonstrated financial need. Students with adverse credit history or who have filed bankruptcy in the past may be denied the PLUS.

Eligible law students may borrow up to the cost of attendance less any financial assistance. The interest rate is a fixed 8.50 percent with an origination fee of 3.00 percent and a guarantor fee of 1.00 percent. Repayment begins 60 days after the full disbursement of the loan, but most lenders offer automatic deferment options.

Law students must complete the Free Application for Federal Student Aid (FAFSA), www.fafsa.ed.gov, the Law School Institutional Application for Financial Aid, and have exhausted their Stafford loan annual eligibility in order to qualify for a Graduate PLUS loan.

Alternative Loan Programs

Many private lending institutions offer credit-based loan programs to students. Students should carefully consider the interest rates, loan fees, and terms of the program before making a selection. Most institutions have an online application followed by a credit check. Once the school is notified, the school will certify the loan amount. The student most likely will then be required to complete either an online or paper promissory note. For more information on how to select a lender click here.