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Financial Aid


The University of Virginia School of Law assists its students in financing their legal education through a variety of resources, including scholarship assistance, Title IV federally sponsored programs such as Stafford Student Loans, Perkins Loans, GradPlus Loans and College Work-Study funding, and private-sector educational loans. The Financial Aid Office works individually with students to develop realistic budgets that meet the costs of obtaining a legal education and to identify sources of financial support that will enable students to achieve their educational and professional goals.

Scholarships

Scholarship assistance is provided through the generosity of alumni and friends of the School of Law and from general funds allocated by the School of Law and the University. Most scholarship assistance is awarded on a combined basis of academic merit and financial need. Some scholarships will be awarded solely on merit. All admitted applicants will be considered for merit-based assistance, and no separate application is required. Applicants who wish to be considered for scholarships for which demonstrated need is required must file the Free Application for Federal Student Aid (FAFSA) and the School of Law Institutional Application for Financial Aid. Scholarships typically are renewed for the second and third years of law school, so long as the student’s academic progress is satisfactory. Scholarships to students enrolled in joint-degree programs are subject to review in accordance with policies governing tuition and fee payments to other University divisions.

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. 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 $65,500; 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.

The University has established Bank of America as its preferred lender for all Stafford loans. Although students may choose to use any lender, the rates available through Bank of America may save borrowers through the life of the loan.

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.


Supplemental Educational Loans

Supplemental educational loans are available to help meet any costs of education not covered by scholarship assistance or Stafford Student Loans. Students may borrow additional loan resources through either the federally sponsored GradPlus Loan Program or private-sector educational loans. The GradPlus loan carries a fixed interest rate of 8.5 percent and requires a basic credit inquiry. Private loans have variable interest rates and are based on the applicant’s credit history and ability to repay. As with FFELP loans, the University has established the Bank of America as its preferred lender for GradPlus and private educational loans, but students may choose to use any lender. Interest rates are based on market indicators and may vary from lender to lender. Most lenders allow interest to be deferred until graduation, or when your enrollment ceases or drops below half time. An eligible co-borrower or co-signer may be required. The School of Law’s Financial Aid Office is not involved in the credit evaluation process. Students who are not U.S. citizens or permanent residents are eligible to borrow private-sector educational loans, assuming that the borrower meets established credit criteria.

To Apply for Financial Aid Students who wish to be considered for financial assistance based on need must file the Free Application for Federal Student Aid (FAFSA) and the School of Law Institutional Application for Financial Aid. The recommended application deadline is March 1 for entering students and April 15 for returning students. The FAFSA is available online at www.fafsa.ed.gov. The School of Law Institutional Application for Financial Aid is available as a supplemental form with the LSDAS electronic application, or in a PDF version: When completing the FAFSA, please note that the Title IV Code for the University of Virginia is 003745. Enter the school name only as University of Virginia. We cannot process any requests for need-based assistance until we receive your need analysis from the Federal Processing Center and your Institutional Application for Financial Aid. You may be asked to provide additional documentation.

Please note that, although provision of a social security number is optional in the admissions process, an applicant for financial aid must provide a social security number for FAFSA matching purposes.

Verification Process

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.

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.

J.D. COSTS, 2008-09
VA RESIDENT
NONRESIDENT
Tuition and Fees:
$36,800
$41,800
Housing:
6,502
6,502
Personal Expenses:
7,222
7,222
Health Insurance:
1,976
1,976
Books and Supplies:
1,800
1,800
Loan Fees:
800
800
Totals:
$55,100
$60,100


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. The University has established Bank of America as its preferred lender for private educational loans and offers international students loan resources without the use of a co-signer. Our designation of the Bank of America as our preferred lender does not require students to borrow through Bank of America. 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.

Regulations for Title IV Funds

If a student who has received Title IV funds (Stafford Student Loans, Perkins Loans, or College Work-Study) takes a leave of absence or withdraws from school, the University is required to recalculate eligibility for funds for that semester, and applicable federal regulations will govern calculation of the loan repayment deferral period. Examples of refund calculations may be found online at www.virginia.edu/financialaid.

Virginia Loan Forgiveness Program

Virginia offers one of the nation's most generous and comprehensive public service law school repayment assistance programs. For information on loan forgiveness for graduates who enter public service, please see Loan Forgiveness.

Important Web Site Addresses



Questions Concerning Financial Aid Should Be Directed To:

Office of Financial Aid
lawfinaid@virginia.edu
Phone: (434) 924-7805
Fax: (434) 982-2128
Slaughter Hall 235
University of Virginia School of Law
580 Massie Road
Charlottesville, VA 22903-1789