Admissions

Loans

Generally, there are three kinds of student loans: publicly supported loans, such as the Stafford and Grad PLUS, and private loans.

Stafford Loan

The maximum annual limit is $8,500 for the subsidized loan, and up to a combined total of $20,500 for both the subsidized and unsubsidized loans. If you are not eligible for the subsidized portion, the full $20,500 will be unsubsidized. Program aggregates for the subsidized loan are $65,500, and $138,500 (including graduate and undergraduate study) combined for both the subsidized and unsubsidized loan.

Interest Payments

The federal government pays the interest while you are in school on the Subsidized Stafford Loan. Interest payments for the Unsubsidized Stafford Loan may be deferred while you are in school and during the interim period before repayment. Deferred interest will be capitalized (added to the principal) once, immediately before repayment. You may choose to make quarterly interest payments before repayment.

Interest Rates

As of July 1, 2006, Federal unsubsidized loan interest rates are fixed at 6.8%.

Fees

Origination Fee: 1.0-1.5% based on disbursement date

Federal Default Fee: 1%

Repayment

Repayment begins six months after graduation or after your status drops to less than half time. You have up to 10 years to repay and there is a minimum monthly payment of $50. There is no penalty for prepayment. Extended repayment, loan consolidation, deferment, and forbearance options are available.

Grad PLUS

Graduate and professional students have a new option in funding their higher education: The Federal Graduate PLUS Loan is guaranteed by the federal government. An eligible student can borrow up to the cost of attendance minus any other aid.

Eligibility Requirements

A completed FAFSA is required.

To qualify, your credit report cannot reflect any of the following adverse items:

  • Currently 90 days or more delinquent on repayment of any debt
  • Debt discharged in bankruptcy during the past 5 years
  • Evidence of a default, foreclosure, tax lien, repossession, wage garnishment, or write-off of a Title IV debt during the past 5 years

Interest Rate

Grad PLUS has a fixed interest rate of 8.5%. Some lenders are reducing the rate at repayment (check Borrower Benefits with your lender)

Fees

Federal Regulations require that the lender charge a 3% origination fee and a 1% default fee. Some lenders/guarantors pay the 1% default fee for the borrower.

Repayment

  • Up to 10 years to repay
  • Borrowers with over $30,000 in combined federal loans may be eligible for extended repayment up to 25 years
  • Deferred while you are enrolled at least half time
  • Postpone repayment for up to 6 months after you leave school by requesting a forbearance
  • No penalty for prepayment
  • Deferment and forbearance options available

Bar Exam Loan (Private loan for third year law student)

A student may borrow up to $20,000 (depending on lender) to help with the cost of the bar examination. The application must be received no earlier than six months before graduation and no later than nine months after graduation.