William D. Ford Federal Direct Stafford Loan
The Direct Stafford Loan provides loan assistance to law students through the federal government. Students may borrow an Unsubsidized Stafford loan up to $20,500 per year. For Stafford loans first disbursed on or after July 1, 2014 and before July 1, 2015, the Stafford loan interest rate is fixed at 6.21% with a 1.073%* origination fee per disbursement. The interest rate will change as of July 1, 2015 based on the 10-Year Treasury Note Index + a 3.6% add-on (capped at 9.5%) with a 1.073% origination fee. The rate will be fixed for the life of the loan. Due to sequestration, the origination fee will increase (amount to be determined) for new loans first disbursed on or after October 1, 2015.
Stafford loan repayment is deferred until six months after graduation or less than half-time enrollment.
The Stafford is divided into equal disbursements per term of at least half-time enrollment. A Direct Loan Master Promissory Note (under Subsidized/Unsubsidized) must be signed if one is not on record at the Direct Loan Origination center.
After being awarded the Stafford loan, students must complete, sign and return the Award Letter every year and accept the loan, sign a Direct Stafford Master Promissory Note once (it is good for ten years), complete entrance counseling once, be enrolled at least half-time and maintain academic satisfactory progress in order to receive this loan.
Please see www.ed.gov/DirectLoan for more information on the Federal Direct Stafford loan.
Federal Perkins Loans
Perkins loan amounts from $1,000 to $2,000 are awarded to a small number of students determined to have exceptional need. Perkins loans do not accrue any interest until nine months after graduation or less than half-time enrollment, at which time a 5% interest rate is charged.
If awarded, students must complete, sign and return the award letter every year and accept the loan; complete the Perkins promissory note every year and complete other documentation annually as requested at https://www.mycampusloan.com/; complete entrance counseling once; validate each term; and maintain satisfactory academic progress; and be enrolled at least half-time.
Note: The Perkins program is scheduled to be eliminated as of October 1, 2015.
Federal Direct Graduate and Professional Student PLUS Loan
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.
For Grad PLUS Loans first disbursed on or after July 1, 2014 and before July 1, 2015, the PLUS Loan interest rate is fixed at 7.21% with a 4.292% origination fee per disbursement. The interest rate will change as of July 1, 2015 based on the 10-Year Treasury Note Index + a 4.6% add-on (capped at 10.5%) with a 4.292% origination fee. The rate will be fixed for the life of the loan. Due to sequestration, the origination fee will increase (amount to be determined) for new loans first disbursed on or after October 1, 2015.
It is a credit-based federal loan and an endorser (co-signer) may be required. Repayment begins six months after the borrower ceases to be enrolled at least half time or graduates. The Grad PLUS may be consolidated with Stafford and Perkins loans, unlike private loans.
The Grad PLUS is also eligible for public interest loan forgiveness, Income Based and Pay As You Earn repayment plans and has more deferment and forbearance options than private loans. Please see Credit-based Loans for more information, including a comparison of benefits between the Grad PLUS and private loans. Students must complete a Grad PLUS Request every year, Grad PLUS entrance counseling once and the Grad PLUS master promissory note once (unless you need an endorser - then each time you borrow you and the endorser will need to sign a promissory note) at http://www.studentloans.gov.
Apply for the Grad PLUS or a private loan - students do not apply for both concurrently.
For answers to any questions you have about financial aid, please contact Student Financial Services at firstname.lastname@example.org or 206.398.4250.