Student Loans

Depending on your financial aid analysis, you may be eligible to receive a Perkins Loan, Subsidized Stafford Loan, Unsubsidized Stafford Loan, Work Study award, GradPlus Loans, Private Loans and/or a scholarship. Each loan is described below.

Federal Perkins Student Loan Program - Perkins Loan funds are available to students who have demonstrated financial need as reflected on the FAFSA . These loans are awarded on a first-come basis and are awarded automatically. No separate application is required for these loans; only the FAFSA needs to be submitted. The maximum amount of the Perkins Loan is $3,000 per academic year. The current interest rate is 5% with the interest not accruing until the loan goes into repayment (nine months after graduation).

Subsidized Stafford Loan -The Federal Subsidized Stafford Loans are available to students who have completed the FAFSA and have demonstrated financial need. The maximum amount of the Subsidized Stafford Loan is $8,500. The interest rate on these loans is a fixed rate of 6.8%. The interest does not start accruing until the loan goes into repayment (six months after graduation). Since these loans are "need-based" you will not be able to borrow over your financial need figure if it is less than $8,500.

Unsubsidized Stafford Loan - The Unsubsidized Stafford Loans are available to students (with or without demonstrated financial need) who have completed the FAFSA. The maximum amount eligible students may borrow through the Unsubsidized Stafford Loan program is $20,500. While these loans are not need based, they are budget based, and you will not be eligible to borrow more than your budget. The interest rate for the Unsubsidized Stafford Loan is a fixed rate of 6.8%. These loans begin accruing interest immediately. The interest on these loans may be paid while enrolled in school or may be added to the loan principal when it goes into repayment (six months after graduation).

GradPlus Loan - The GradPlus Loans are available to students (with or without demonstrated financial need) who have completed the FAFSA. These loans are designed to assist a student reach their budget if they haven't done so with Scholarships, Perkins Loans and/or Stafford Loans. They carry a credit base and will need to be applied for directly with the lender of the student's choice. The Federal GradPlus loans have a fixed interest rate of 8.5%. However, some lenders offer a reduced interest rate.

Private Loans - Students who do not reach their budget with the Work Study Program, Scholarships, Private Loans, and/or Stafford Loans may be eligible for loans from private lending institutions that offer these loans to help finance your legal education. These loans are available to law students and are awarded on a budget basis. Credit approval is required. The interest a variable interest rate with no cap. Applications for these loans must be submitted directly with the lender.

LOAN BORROWER’S RIGHTS AND RESPONSIBILITIES

Know your rights and responsibilities as a borrower and remember that when you sign a promissory note, you are signing a commitment to repay the money you are borrowing.