The pattern for financing your professional school education is significantly different from undergraduate and other graduate programs. The primary sources of financial assistance for law students are educational loan programs. Carefully read the information on this site and contact the College of Law Financial Aid Office if you have any questions. A chart of the various loan programs for law students is available here.

2009-2010 Academic Year Loan Applications
Admitted students who have confirmed their intent to register in the Fall 2009 and returning law students who have received their 2009-2010 award notification email should finalize their loans at this time.

All students may now apply for loans by completing the requirements listed on the task list of the Financial Aid Portfolio. 

New borrowers at Syracuse University College of Law must complete a Master Promissory Note (MPN) and online entrance counseling for Federal Stafford Loans.  Returning student borrowers do not need to complete a new MPN for their Stafford Loans unless borrowing from a new lender. 

All borrowers (entering and returning students) must complete steps to finalize the Federal Graduate PLUS Loan to go through the credit approval process.  Use the Credit Options tab in your Financial Aid Portfolio to assess your borrowing needs and proceed to the Task List to complete the required steps. 

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://mappingyourfuture.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. 

How to select a Lender: 
Stafford loans and Graduate PLUS loans are federally regulated by the Federal Family Education Loan (FFEL) program and are borrowed from participating lenders. All participating lenders must adhere to established guidelines such as annual and aggregate loan limits, federally established interest rates, and federal loan deferment and forbearance regulations. There are many differences between lenders so borrowers are encouraged to research their options and compare lenders before making a final selection. Beware of "Direct-to-Consumer" correspondence you may receive; some predatory lenders use aggressive marketing tactics and may not have students' best interests in mind.

How to "Opt out"
Students likely will receive a barrage of unsolicited student loan offers.  You can choose to stop receiving these types of offers by calling the toll-free "Opt-Out" phone number 
1-888-5-OPT-OUT (1-888-567-8688). Please note that by selecting "Opt Out" you will no longer receive offers of credit from both student loan companies AND from other companies outside of the student loan industry offering you other types of credit.

federal stafford loan program
The Federal Stafford Loan Program consists of both subsidized and unsubsidized loans. Currently, banks and other lending institutions throughout the country administer the Federal Stafford Loan Program through the Federal Family Education Loan (FFEL) program. Since July 1, 2007 graduate students may borrow up to $20,500 per academic year and as much as $138,500 in Federal Stafford Loan funds for all post-secondary education. Federal Stafford Loans disbursed after 7/1/06 have a fixed interest rate of 6.8%. For loans disbursed prior to 7/1/06, the interest rate is variable, tied to the yield rate for the 91-day treasury bills. The standard repayment period is 10 years, with extended repayment available for up to 25 years. To begin the application process for a Federal Stafford Loan, students must file the Free Application for Federal Student Aid (FAFSA). 

Subsidized Federal Stafford Loan funds are awarded to students demonstrating financial need. The federal government pays interest on these long-term loans until repayment begins six months after graduation or withdrawal from school. Students may qualify, on the basis of their financial need, to borrow up to $8,500 per academic year of subsidized Stafford loan funds. 

Students who do not qualify for full eligibility through the Subsidized Federal Stafford Loan program can qualify for Unsubsidized Federal Stafford Loans. The government does not pay the in-school interest on these loans; therefore, interest begins to accrue immediately. Students may borrow their remaining eligibility, up to the maximum of $20,500, through the UFSL. 

How to Apply for a Federal Stafford Loan
Students who have submitted the required financial aid applications will receive a financial aid award notification describing the Federal Stafford Loan amount that they are eligible to borrow. Students who intend to borrow must complete all tasks on their "Financial Aid Portfolio" via MySlice. Students who are unable to or do not wish to complete promissory notes online should contact the College of Law Financial Aid Office for advice on how to proceed to complete the application process. 

All first time borrowers of Federal Stafford Loans at Syracuse University are required to complete a Stafford Loan Entrance Counseling Session before their loans can be disbursed. During the Entrance Counseling Session your rights and responsibilities as a federal student loan borrower will be described.  The Master Promissory Note (MPN) is the official Stafford Loan application. By completing it, you agree to the terms of the loan and give consent for loan funds to be disbursed to your Syracuse University Bursar Account. You only need to complete the MPN once during your enrollment at Syracuse University College of Law.

FEDERAL GRADUATE PLUS LOAN:
The Graduate PLUS Loan is federally regulated by the Federal Family Education Loan (FFEL) program and is borrowed from participating lenders. The Grad PLUS Loan has a fixed 8.5% interest rate, with interest accruing upon disbursement. Payments of interest and/or principal may be deferred while enrolled in-school at least half time. The maximum annual amount is the educational cost of attendance minus financial aid. The standard repayment period is 10 years, with extended repayment available up to 25 years. Borrowers must pass a basic credit check to qualify.

How to apply for a federal graduate plus loan
Students must log into their Financial Aid Portfolio and navigate to the "Credit Options" tab.  Syracuse College of Law students are entitled to apply as long as the student has completed the Free Application for Federal Student Aid (FAFSA) and has been awarded a Federal Stafford Loan. For final loan approval, the student must complete an Entrance Counseling Session, pass a basic credit check, and sign a  Master Promissory Note (MPN) before their loan can be disbursed. Students who intend to borrow must complete all tasks on their "Financial Aid Portfolio" via MySlice. Students who are unable to or do not wish to complete promissory notes online should contact the College of Law Financial Aid Office for advice on how to proceed to complete the application process.

loan fees deducted at the time of disbursement
As of July 1, 2009 the Federal Stafford Loan will have a 1.5% fee deducted at the time of disbursement (down from 2% in the 2008-2009 fiscal year). The Federal Graduate PLUS Loan will continue to have a 1% Default Fee and a 3% Origination Fee for a total of 4%. All fees will be deducted from the principal amount borrowed, taken at the time of disbursement.

Both the Stafford and Graduate PLUS loan programs have had these fees assessed in the past however, in recent years,  many lenders were able to absorb  the fees and pay them on behalf of the borrower. Due to changes in the federal loan program structure and the poor economy, most lenders are not able to pay those fees any longer. Therefore, the 1.5% fee on the Federal Stafford Loan and the 4% fee on the Federal Graduate PLUS loan will be deducted at the time of disbursement. Neither the lender nor the school is receiving those fees; rather, the fees are used to pay for federal and state administrative costs of the loan programs. 

Once loans have been awarded, student bursar accounts will reflect the anticipated amount of the loans that are scheduled to disburse. For example, a $20,500 Federal Stafford Loan split evenly between the fall and spring semesters has a principal amount borrowed of $10,250 per semester; $154 (1.5% of $10,250) will be deducted at the time of disbursement, which equals a $10,096 anticipated credit to the student's bursar account each semester.


Maintaining Good Credit
Please note: if you are planning to borrow from a credit-based loan program, we strongly encourage you to review the status of your credit history now.  Click here to read about how credit affects students' eligibility to secure credit-based loans.

Everyone is eligible to obtain a free credit report online at  www.annualcreditreport.com. For a fee, you may also obtain a copy of your credit score by calling one of the credit agencies below: