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Alternative loans require a credit check. We strongly encourage you to request a copy of your credit report. Checking your credit rating now will help eliminate surprises later and will give you time to correct any errors or resolve any problems. To request a free credit report visit AnnualCreditReport.com. For a more in depth report you will be charged a small fee, unless you have been denied credit recently. You may contact either Experian at 1 (888) 397-3742, Equifax at 1 (800) 685-1111, or TransUnion at 1 (800) 888-4213.
Graduate students may borrow the Federal Direct Graduate and Professional Student PLUS Loan (Grad PLUS) up to the cost of attendance less other financial aid. It is a credit-based federal loan and may offer an endorser (co-signer) option. There is a 4% loan fee less a 1.5% upfront on-time repayment incentive resulting in a 2.5% fee that may be added to the requested loan amount. The interest rate is fixed at 7.9% and begins accruing at disbursement. Repayment commences 60 days after the loan is fully disbursed, although an in-school deferment may be available if enrolled at least half-time. There is no grace period at this time. However, there is legislation pending proposing a six month grace period.
Grad PLUS loans are disbursed in equal amounts in the fall and spring unless requested otherwise in writing and approved. Borrowers must complete a Grad PLUS application form and a Grad PLUS master promissory note.
UnliUnlike private alternative loans (see below), the Grad PLUS is eligible for public interest loan forgiveness, Income Based Repayment loan forgiveness and also may be consolidated with other federal loans after graduation (consolidation fixes the interest rate at the weighted average of all the federal loans consolidated rounded up to the nearest one-eighth of a percent, capped at 8.25%). In addition, the Grad PLUS is eligible for federal deferment and forbearance options not provided by private lenders.
To apply for this loan, students must complete the FAFSA, Grad PLUS Request Form or request one Student Financial Services and complete a Grad PLUS Master Promissory Note. A credit check is required. An endorser (co-signer) may be required.
Private loan programs are available to help those students whose needs are not fully met by other government loan programs, institutional or outside scholarships, and/or employment and who choose not to borrow the federal Grad PLUS (also credit-based).
You may borrow from any private lender you wish, but please review the terms and conditions of the loan carefully. The following variable interest rate (updated monthly or quarterly depending on lender and there is no cap) credit-based loans are designed for graduate/law students and have competitive terms and good customer service by the lenders: Law Achiever Loan, Law Access Loan, CitiAssist Law Loan and the Law Student Loan. Private loans are limited to the cost of education less other financial aid and particular lender aggregate maximums. Depending on the lender, repayment begins eight to nine months after graduating or dropping below half-time enrollment.
Private loans are disbursed in equal amounts in the fall and spring. Unequal disbursements may be requested in writing to help with budgeting expenses. For instance, entering-student tuition charges for spring term are higher than other terms if a student matriculates with the summer program. Requesting a larger spring disbursement to cover the increased credit load may help to budget your monthly living expenses.
Some private lenders options include a Law Achiever Loan, a Law Access Loan, a Law Student Loan or a CitiAssist Law Loan. You may request a different lender, but please review the terms and conditions of the loan carefully. Eligibility for these loans depends on the cost of attendance less other aid, is based on credit history, and requires a credit check. A co-signer may also be required. Students may apply online (see links above). Borrowers must sign a promissory note and Student Financial Services must certify the loan.
We strongly encourage you to review your credit report. Checking your credit rating now will help eliminate surprises later and will give you time to correct any errors or resolve any problems. To request a free credit report go to www.annualcreditreport.com/cra/index.jsp (or for a more in depth report you will be charged a small fee, unless you have been denied credit recently). You may contact either Experian at 1 (800) 392-1122, Equifax at 1 (800) 685-1111, or Transunion at 1 (800) 888-4213.
Please see Alternative Loans for a comparison grid of terms and conditions (subject to change). These are examples of alternative, credit-based loans designed for graduate/law students. There is a comparison chart that highlights a few of the differences between the Grad PLUS and private loans.
Please note that unlike the Grad PLUS, private loans cannot be consolidated with federal student loans nor are private loans eligible for federal public interest or Income Based Repayment loan forgiveness programs.
Please contact Student Financial Services at lawfa@seattleu.edu or (206) 398-4250 for more information regarding alternative loans or for answers to any questions you have about financial aid.