William D. Ford Federal Direct Stafford Loan
The Direct Stafford Loan provides loan assistance to law students through the federal government. Students may borrow up to $20,500 per year through this program. The Stafford loan interest rate is fixed at 6.8%. There is a 1%* origination fee per disbursement.
* Due to sequestration, the loan fee is increasing. Effective for Stafford loans with a first disbursement on or after July 1, 2013, the origination fee will be 1.051%.
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.
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. The Grad PLUS has a fixed interest rate of 7.9%. 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. There is a 4%* origination fee at disbursement (which may be added to the loan balance by request). The Grad PLUS may be consolidated with Stafford and Perkins loans, unlike private loans.
* Due to sequestration, the loan fee is increasing. Effective for Grad PLUS loans with a first disbursement on or after July 1, 2013, the origination fee will be 4.204%.
The Grad PLUS is also eligible for public interest loan forgiveness, Income Based Repayment loan forgiveness 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 email@example.com or 206.398.4250.