Federal Loan Programs
The United States federal government provides loans for students who are U.S. citizens, permanent residents, and eligible non-citizens, some of which are not based on need. The Federal Stafford Loan and Federal Graduate PLUS Loan Programs are available to law students who meet the qualifications. Read below for more detailed information and instructions for completing an application online.
Federal Stafford Loans
Students who are matriculated in a degree-granting program, enrolled at least half-time (6 credits) for each semester they are seeking assistance, and completed a Free Application for Federal Student Aid (FAFSA) may apply.
The maximum loan limit per academic year is the lower of $20,500 or the cost of education. The current interest rate is fixed at 6.80 percent. Federal Stafford Loans are subject to an origination fee and/or federal default fee which total 1.5 percent. Loan fees are deducted from loan proceeds prior to the disbursement of funds and borrowers are responsible for repayment of all such fees. There are two types of Federal Stafford loans, subsidized and unsubsidized.
Depending on the student's demonstrated need, up to $8,500 may be borrowed as a subsidized loan, with the remainder available as an unsubsidized loan. The federal government pays interest on a subsidized loan while students are in school at least half-time, during a six month grace period, and during other authorized periods of deferment. Interest on the unsubsidized portion of the Stafford loan begins to accrue immediately after the loan is disbursed. At the student's option, they can elect to have the interest capitalized while enrolled. The borrower is responsible for all interest that accrues and can choose to either pay the interest while in school or add any deferred interest to the principal balance of the loan "capitalization." The maximum cumulative borrowing for the subsidized and unsubsidized loan is $138,500, of that no more than $65,500 can be subsidized.
Applying for Federal Stafford Loans
If you have been awarded a Federal Stafford Loan, and selected one of our suggested lenders*, you may complete the Master Promissory Note via the Internet. If you chose Access Group, Citibank or Nellie Mae follow the instructions provided on the ASA Direct Web page.
If you chose the U.S Department of Education, follow the instructions provided on the Direct Loans Web page.
To electronically sign your Master Promissory Note, you will need your Federal Student Aid (FSA) Personal Identification Number (PIN) used to electronically sign your FAFSA. If you do not remember your FSA PIN, you may go to www.pin.ed.gov to help you access your FSA PIN online. You will also be asked to provide two references (and corresponding name, address and telephone number). One reference should be your nearest relative.
*We have selected these lenders based on their high levels of service, ease of processing, lender history and loan servicing. The above lender information is provided as a guide. Please remember the choice is yours. To choose a lender outside of this list, please contact our office for instructions.
Federal Graduate PLUS Loans
Students who are matriculated in a degree-granting program, enrolled at least half-time (6 credits) for each semester they are seeking assistance, completed a Free Application for Federal Student Aid (FAFSA), have applied for their annual Federal Stafford Loan maximum, and meet the credit criteria may apply. The maximum loan limit is the cost of education minus other aid received. The current interest rate is fixed at either 8.50 percent or 7.90 percent depending on whether you borrow through the Federal Family Education Loan Program or through the Federal Direct Loan Program. Graduate PLUS Loans are subject to an origination fee and/or federal default fee which total 4 percent. Loan fees are deducted from loan proceeds prior to the disbursement of funds and borrowers are responsible for repayment of all such fees. Repayment on Federal Graduate PLUS loans begins after the second disbursement, however, students enrolled at least half-time are eligible for deferment. Students may elect to receive a six-month grace period after the student graduates, drops below half-time status, or withdraws.
Applying for a Federal Graduate PLUS Loan
To apply online for a Federal Graduate PLUS Loan using one of our suggested lenders, click the link below and select the appropriate lender to be directed to its online application process. You will need to complete both the borrower and the student sections of the Federal PLUS Master Promissory Note. Most lenders participate with the electronic signature process. Federal Graduate PLUS Suggested Lenders*
*We have selected these lenders based on their high levels of service, ease of processing, lender history and loan servicing. The above lender information is provided as a guide. Please remember the choice is yours. To choose a lender outside of this list, please contact our office for instructions.