The Student Loan Administration (SLA) processes and disburses all Law School student loans. To apply for loans, students must submit the FAFSA and the University of Chicago Graduate Loan and Work Study Application. The priority deadline for submitting these materials is May 30.
Direct Unsubsidized: The Department of Education gives all eligible graduate students (U.S. Citizens and Permanent Residents) access to $20,500 in unsubsidized loan funds. This unsubsidized loan accrues interest at the 6.21% rate. Students must fill out the Free Application for Student Aid (FAFSA) to receive federal student loans. Most students supplement Direct Unsubsidized loans with Direct PLUS and Perkins loans. The Law School's FAFSA code is E00377.
Federal Perkins Loan: The Federal Perkins Loan is a low-interest loan for students enrolled in the Law School who demonstrate financial need. Perkins Loans have no fees and no interest accrues while you are in school.
Direct PLUS: Direct PLUS loans are used to cover the difference between the cost of attendance and other forms of financial aid that you have received. The interest rate for a Direct PLUS loan is 7.21%. Direct PLUS loans are credit-based loans and will not be made to students who have an adverse credit history. Students should check their credit ratings at the credit reporting agencies (Experian, Equifax and Trans Union) and correct any errors in their credit history. Students with an adverse credit history may be able to borrow an alternative loan with a credit-worthy cosignor.
Alternative Loans: Alternative loans can also be used to cover the difference between the cost of attendance and other forms of financial aid that you have received. Like Direct PLUS loans; Alternative loans are credit-based loans and will not be made to students who have an adverse credit history. International students may be able to borrow an alternative loan with a credit-worthy cosignor. For those interested in participating in our LRAP, please note that alternative loans are not eligible.
For lender information and other questions regarding the applying for loans, please visit the Student Loan Administration.