To apply for loans, students must submit the FAFSA. The priority deadline for submitting these materials is May 15.
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 4.30% rate on loans first disbursed on or after July 1, 2020, and before July 1, 2021. 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. The Law School's FAFSA code is 001774.
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 5.30% on loans first disbursed on or after July 1, 2020, and before July 1, 2021. Unlike the Federal Direct Stafford Loan, a credit check is required for this loan and the borrower cannot have adverse credit history. However, it is possible for someone with adverse credit history to borrow the funds with a qualified endorser (co-signer). It is important to note that the endorser agrees to repay the loan if the borrower does not (NOTE: This program does not use any kind of debt-to-income ratio or FICO score). Students should check their credit ratings at the credit reporting agencies (Experian, Equifax and Trans Union) and correct any errors in their credit history.
Alternative Loans: Alternative loans are non-Federal loans and should be used as a last resort. Approval for an alternative loan is contingent upon your credit rating. A loan request may be denied if there’s an adverse credit rating. If this happens, it’s recommended that you to contact the lender to appeal the decision or reapply with a cosigner. For those interested in participating in our LRAP, please note that alternative loans are not eligible.