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Apply for a Loan

A chart of the various loan programs for law students has been developed to show the differences in federal loans available to law students.

Applying for Academic Year Loans

Financial aid applicants will be notified of their Federal Direct Unsubsidized Loan eligiblity in their Financial Aid Award Letter on MySlice. Graduate PLUS Loans are not automatically awarded.  Instead, students must calculate the amount they need to borrow using the Budget Calculator.  After calculating the amount needed, read the information below regarding the Federal Direct Graduate PLUS Loan and proceed to the StudentLoans.gov website to apply. The College of Law Financial Aid Office will add the Federal Direct Graduate PLUS Loan to your financial aid award once you have requested the loan on the StudentLoans.gov website and an email confirmation will be sent to you.

Only matriculated law students who plan to enroll at Syracuse University College of Law in the fall 2013 should apply for loans

Educational loans only can be borrowed during the loan period for which a student is enrolled at least half time.  The loan period is defined as the timeframe between the first day of classes and the last day of classes.  Loans cannot be borrowed during periods of non-enrollment and new loans cannot be certified after the loan period has ended.

Federal Direct Unsubsidized Loan

How to Begin:  To begin the application process for all federal loans, law students must complete all of the financial aid application requirements.  Students should log onto MySlice to view their "Financial Aid To Do List" and submit all of the necessary documents to apply for financial aid.

Eligibility: US Citizens or Permanent Residents, who file the FAFSA, and are enrolled at least half time (defined as 8 credits/semester for the fall or spring, and 4 credits/semester for the summer).

Law students will be notified of their Unsubsidized Direct Loan eligibility by the College of Law Financial Aid Office, in their financial aid award notification.

Promissory Note:  First-time borrowers at the College of Law must file a Master Promissory Note (MPN) for the Federal Direct Unsubsidized Loan. When instructed by the College of Law Financial Aid Office, first-time borrowers should log onto the Federal Student Aid Website StudentLoans.gov to finalize their loan application.  Continuing students who previously have borrowed a Federal Direct Unsubsidized Loan at Syracuse University do not need to complete an additional MPN, unless instructed to do so on the "Financial Aid To Do List."

Loan Limit:  $20,500 per academic year;  $138,500 aggregate limit (for all postsecondary education)

Interest Rate:  Fixed at 6.8% (for loans disbursed on or after 7/1/06)

Fees:  Unsubsidized Direct Loans have a 1.0% Origination Fee.

Disbursement:  Academic year loans are multiply disbursed; half of the loan amount, minus applicable fees, will be disbursed at the beginning of the fall semester and half, minus fees, for the spring semester.

Federal Direct Graduate PLUS Loan

How to Begin:  To begin the application process for all federal loans, law students must complete all of the financial aid application requirements.  Students should log onto MySlice to view their "Financial Aid To Do List" and submit all of the necessary documents to apply for financial aid.

Eligibility:  Borrowers must meet the federally established credit requirements to qualify for this loan. Borrowers must have no adverse credit: adverse credit is defined as 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt, during the five years preceding the date of the credit report.  Credit score is NOT used to determine Federal Graduate PLUS loan eligibility.

Loan Limit:  Up to the cost of attendance for that academic period (as determined by the school) minus other financial aid received for the same academic period.

How Much to Borrow:  Law students will be instructed to calculate their Federal Direct Graduate PLUS loan needs after receiving a financial aid award notification from the College of Law Financial Aid Office.  Students are encouraged to borrow conservatively and carefully manage their debt.

Start the PLUS Application Process:  When instructed by the College of Law Financial Aid Office, borrowers should log onto the Federal Student Aid Website StudentLoans.gov to:

     1.     Complete the application for a Graduate PLUS Loan and authorize a credit check.

     2.     Complete a Master Promissory Note (MPN). Complete this only if you are a new borrower.  Most borrowers will need to complete only one MPN for a Federal Direct Graduate PLUS Loan during their enrollment at the College of Law.

     3.     Complete a Loan Entrance Counseling Session for Graduate PLUS Loans.   Most borrowers will need to complete only one Loan Entrance Counseling Session for a Federal Direct Graduate PLUS Loan during their enrollment at the College of Law.

At any time a student wants to borrow an additional Graduate PLUS Loan, they must request the loan on the StudentLoans.gov website and a valid credit approval must be on file.  The school will calculate and certify final eligibility.

Interest Rate:  Fixed at 7.9%

Fees:  Federal Direct Graduate PLUS Loans have a 4.0% Origination Fee which will be deducted from the principal amount borrowed upon disbursement.

Disbursement:  Academic year loans are multiply disbursed; half of the loan amount, minus applicable fees, will be disbursed at the beginning of the fall semester and half, minus fees, for the spring semester.

3L Bar Loan

Law students may have expenes related to the bar exam in their final semester of study. Third year students are encouraged to exhaust federal academic year loan eligibility to help pay for these bar related expenses. Once federal loan eligilbilty has been exhausted go online to research which lenders offer private loans to graduating law students, most often referred to as “Bar Study Loans.”

- Compare interest rates, loan fees, and find out if applying with a co-signer could help lower the interest rate.

- Borrow conservatively!  Most private Bar Study Loans have variable interest rates (APR examples currently range from around 4% up to 15%).  Borrowers will not lock into the current interest rate; instead, interest rates will be adjusted as the Prime Rate or LIBOR rate changes.

- Notify the Financial Aid Office after you have applied for a Bar Study Loan and have been credit approved.

  • Private bar loans will be certified by the school.
  • Disbursements are sent directly to student borrowers not through the Bursar's Office.
  • Bar loans are disbursed to May graduates on March 1st.
  • Early partial disbursements may be approved at the discretion of the Financial Aid Office.
  • Only one bar loan per student will be certified.