SU College of Law
 
    Federal Graduate PLUS Loans are a good alternative to variable interest rate private educational loans. Graduate PLUS Loans have a fixed interest rate of 8.5%, a repayment term of 10 years (up to 25 years with extended repayment), and no payments due while in-school.
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Bulletin Board
2009-2010 scholarship opportunities
The College of Law Office of Financial Aid announces several new scholarship opportunities for the 2009-2010 academic year.  We are pleased to offer these awards which were made possible due to the generous support of College of Law alumni and friends.  Please click here to view and print the scholarship application and description of the awards. Applications are also available in the Financial Aid Office, located in Suite 340 White Hall.
The application deadline is Friday, October 23, 2009.

important Loan Repayment facts
A student loan repayment meeting was held for May 2009 graduates. An outline of the session is now available along with several of the handouts regarding general repayment information, sample loan repayment calculations, information regarding Income Based Repayment  (IBR) and an IBR worksheet to help borrowers calculate their IBR payments.

3Ls are encouraged to review their federal loan balances by logging into the National Student Loan Data System. The summary will include all federal loan debt incurred at law school and undergraduate school but will not include private educational loan debt. Your original lender or loan servicer(s) will have the most complete and accurate information. To obtain information on private loan debt incurred during law school, students may contact the Financial Aid Office or go to http://www.annualcreditreport.com/ to view your entire credit history with each of the three major credit reporting agencies. Your credit report will include educational debt and non-educational consumer debt information.

If you are graduating in May 2009, now is the time to complete your online Loan Counseling Session. To complete the Loan Counseling Session, log into MySlice to access your Financial Aid Portfolio. A new task has been added to your 2008-09 financial aid requirements.

Tips to successfully repay your student loans:
 
  • Don't miss your first loan payment! Federal Graduate PLUS Loans and Federal Consolidation Loans do not have an automatic grace period, so first payments will be due shortly after graduation unless you contact your lender.
  • Always notify your lender or loan servicing agency if you have a change in address.
  • Deferments and Forbearances are ways to postpone payments during times of economic hardship. Always contact your lender immediately if you are experiencing financial difficulties to discuss your circumstances and to apply for deferments or forbearances.
  • If you have questions, contact the College of Law Financial Aid Office at 315.443.1963 or send email to financialaid@law.syr.edu.

Some helpful websites to help students navigate through student loan repayment options include:
Equal Justice Works' Public Service Loan Forgiveness information.
Project on Student Debt's IBR Info website.
The "Smart Student Guide" information for borrowers experiencing financial difficulties.
Access Group's chart on federal deferment and forbearance options (please note that information on this chart applies to all FFELP lenders, not just Access Group).

Federal stafford loan interest rate
Federal Stafford Loans first disbursed on or after July 1, 2006 have a fixed rate of 6.8%

Federal Stafford Loans originally disbursed between 7/1/98 and 6/30/06 have a variable interest rate that recalculates every July 1st.  The interest rate for these variable rate loans during the period 7/1/08 and 6/30/09 is:

3.61%. (in-school and in-deferment)
4.21%. (in-repayment)


Debt Management
The cost of attending a professional graduate program represents a significant financial commitment. Students are encouraged to utilize personal resources and reduce expenses whenever possible. Borrow only the minimum amount necessary to meet your educational expenses.

Most lenders’ web sites have student loan repayment calculators. We strongly recommend that you keep track of your total educational debt and forecast the monthly repayment amounts that will be due.  Mapping Your Future (http://mapping-your-future.org/) has a helpful student loan calculator in which students may estimate the size of monthly loan repayment amounts and the annual salary required to manage them. Click here to access their student loan calculator. 

MAINTAINING GOOD CREDIT
Private, credit-based student loans must be approved by the lender. If you are planning to borrow from a private, credit-based loan program, we strongly encourage you to review the status of your credit history now. Go to www.annualcreditreport.com to obtain a free credit report online. 

AnnualCreditReport.com is the only site authorized by Equifax, Experian, and Trans Union. Everyone is entitled to a free credit report every 12 months on this site. For a fee, you may also obtain a copy of your credit score by calling one of the three credit agencies listed below: