A new law student excited about her law degree journey.

Federal Loans

If you are eligible for and wish to secure federal funding for law school, there are two types of loans for which graduate students are eligible. There are no federal or state grants available to graduate students. The two types of loans are:

Stafford Loan

Eligible students are guaranteed $20,500 each academic year. To apply, you must complete the FAFSA at www.FAFSA.ed.gov.

Grad Plus Loan

These are credit-based federal loans with a slightly higher interest rate. As a general rule, most students will qualify unless you have revolving credit accounts 90 days past due, foreclosure, or bankruptcy items on your credit report. If you do not qualify for the Grad Plus loan, you can either appeal the denial or add a co-signer/endorser. Eligible students may borrow up to their total cost of attendance to help cover any remaining tuition and living expenses. The general formula for determining the maximum you may borrow in Grad Plus Loans is estimated cost of attendance minus scholarship and Stafford loans.

Private Education Loans

The Sallie Mae Smart Option Student Loan for Law Students is an attractive, lower-priced alternative to federal student loans and other financing vehicles.

Info on Sallie Mae Smart Option Student Loans

Visit Sallie Mae website

Comparing Student Loan Options

When evaluating student loans, there are important features about private and federal student loans that students pursuing a law degree should compare. That way, they can find the solution that best meets their unique needs.
Features Smart Option Student Loan for Law Students PLUS Loan for Graduate Students
Variable Interest Rate LIBOR + 2% to LIBOR + 7.25% (2.25% to 7.27% APR) N/A
Fixed Interest Rate 5.75% to 8.875% (5.74% to 8.56% APR)

Effective July 1, 2014
7.90% Fixed

(8.79% APR for immediate repayment)

(8.11% APR for deferred repayment)
Origination / disbursement Fee 0% 4%
Repayment options while student is in school Three repayment options:

Pay monthly interest
Pay $25 per month
Defer payments
Immediate repayment of principal and interest. Students can request deferral of payments
Minimum enrollment status Full-time, half-time, less than half-time Must be at least half-time
Standard repayment period 5 to 15 years 10 to 25 years
Benefits Auto Debit Savings - 0.25 percentage point interest rate reduction for automatic debit enrollment Smart Reward - 2% cash back on scheduled payments made while in school. Tuition Insurance Benefit - Covers up to $5,000 of tuition and other expenses lost due to a covered medical withdrawal. This exclusive benefit is provided at no cost to the consumer with loans that first disburse between July 1 and October 21, 2013. 0.25 percentage point interest rate reduction for automatic debit enrollment
Death and disability loan forgiveness Yes. If a student borrower dies or becomes permanently and totally disabled, Sallie Mae will wave all remaining payments on the loan. Yes. If certain conditions are met, the primary borrower dies, or becomes permanently and totally disabled, the loan will be discharged.

Loan Repayment

As a federal student loan borrower it is your responsibility to repay your Stafford and Grad PLUS student loans in a timely manner after you leave school. Given the fact that graduate student loan debt can be quite high, the federal government has created several options for loan repayment, which are listed below.

Pay As You Earn Plan

Standard Plan

Extended Plan

Graduated Plan

Income-Based Plan

Income-Contingent Plan

Income-Sensitive Plan

Additional Information

Below are additional links where you can find out more about:

Private Education Loan Preferred Lender List

Cost of Attendance

Refund Policy

FERPA Regulations

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