Financial Aid

FORMS

• Financial Aid Application Form, 2008-2009 Academic Year (PDF)
• Current Students: Financial Aid Application Form, 2007-2008 Academic Year (PDF)
• Free Application for Federal Student Aid (FAFSA)
• Verification Worksheet for Federal Student Aid Programs, 2008-2009 Academic Year (PDF)

• Financial Aid Award Instructions
• Scholarships
• Stafford Student Loan Program
• Federal Graduate PLUS Loans
• To Apply for Financial Aid
• Choosing a Lender
• Alternative Loan Programs
• Budgets
• International Students
• Outside Scholarships
• Regulations for Title IV Funds
• Virginia Loan Forgiveness Program
• Important Web Site Addresses
• Questions About Financial Aid

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. Stduents 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.

Beginning with the 2007-2008 academic year, a student 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 $86,000, with payments of approximately $900 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.

To Apply for Financial Aid

• You must either be a U.S. citizen or permanent resident to qualify for federal financial aid. Aid is awarded according to two principles: need and merit. Financial aid is distributed on an academic-year basis, and students must reapply for aid each year. All forms of financial aid will be credited one-half per semester to your University billing account. Funds that exceed your semester charges will be refunded directly to you by the Bursar’s Office.
  
  
• You must file a FAFSA form if you are requesting need-based financial aid from federal or institution sources. The FAFSA should be submitted directly to the federal processor online at www.fafsa.ed.gov.
  
  
  Suggested filing date:
  Entering Students: March 1
  Current Students: April 15
  
  
• On the FAFSA form, our college name should be listed only as: University of Virginia, Title IV Code: 003745
  
  
• If estimated figures are used when completing the FAFSA, you must use your Student Aid Report (SAR), sent to you by the Federal Student Aid Center, to provide the correct information. The SAR is to be used whenever changes need to be reported. A xerox copy of these changes should be sent to the Financial Aid Office before you return the revised SAR back to the processor.
  
  
• All students seeking financial aid must complete the Institutional Application for Financial Aid. Students must complete a similar form each year to continue to receive financial aid. Current students will be notified when the form is available from the Financial Aid Office and its appropriate submission date.
  
  
• Please note that, although provision of a social security number is optional in the admissions process, an applicant for finanical aid must provide a social security number for FAFSA matching purposes.
  
  
• The Federal Central Processor may select some financial aid applications for verification. If your application is selected for audit, you will be asked to provide signed copies of your (and your spouse’s, if appropriate) federal tax forms, W-2 forms, or other financial documents to compare with information on the financial aid application. Title IV funds will not be available until the verification process is complete and any discrepancies are resolved. Our office may also elect to verify students’ files not selected for federal verification.

Lenders Recently Selected by University of Virginia Law Students

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 on-line 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 on-line or paper promissory note. For more information on how to select a lender click here.

Budgets

Student budgets are set by the University's Financial Aid Committee and may also be governed by federal student aid regulations. Modifications are possible but are limited to meeting the educational costs of attending law school, including tuition and fees, books and supplies, and nondiscretionary maintenance expenses.

Upon written request, accompanied by supporting documentation, the Law School Financial Aid Office will grant an additional allotment of up to $2,500 for the purchase of a laptop computer and computer-related supplies. The Financial Aid Office may also include additional allowances for students with disabilities, child care expenses, or health care expenditures. Students participating in an international exchange program or an approved study abroad program may also request a budget increase to cover additional expenses. A written request and supporting documentation is required.

International Students

International students are fully eligible for merit-based scholarship assistance from the School of Law. International students should understand, however, that scholarship assistance from the University typically will cover only a portion of the total costs of education, so additional personal or family resources, financial assistance from the applicant’s employer or home country, or other sources of financing will be required. Students who are not U.S. citizens or permanent residents are not eligible to borrow under the Stafford Student Loan Program, but may utilize private educational loan resources. International students may choose to borrow through any lender by contacting the lender directly.  

Outside Scholarships

Students who receive outside scholarship assistance must inform the Financial Aid Office in writing. Outside scholarships will not reduce the amount of any scholarship assistance from the School of Law, but may reduce the amount of loans a student may borrow.

• For information about FAFSA online: http://studentaid.ed.gov/PORTALSWebApp/students/english/fafsa.jsp
• To access and complete the FAFSA form online: www.fafsa.ed.gov
• Interactive Loan Calculator: www.finaid.com/calculators
• National Student Loan Data System (NSLDS): www.nslds.ed.gov
  NSLDS is a clearinghouse with data on all Title IV aid (Stafford Student Loans, Perkins Loans, and College Work-Study) a student receives. A Personal Identification Number (PIN) or your Electronic Access Code (EAC) will be required to access this site. Applicants who complete the FAFSA matching process will receive a PIN. Any student or former borrower can obtain a PIN by registering at: www.pin.ed.gov