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Law School Financial Aid

Article on Law School Financial Aid

Congratulations on choosing law school, however, don’t throw away those references or applications yet. Finding the right financing options for law school can sometimes take as much research and perseverance as applying for school itself. Available law school financial aid options are broad but often individualized; they include federal loans, private loans, work-study options, scholarships and grants.

Start with your School

The best resource to finding funding is in your law school’s financial aid department. Officers here can provide excellent information about loans, grants, and work-study programs. All federal aid, work-study, and some grants and scholarships will require a completed Free Application for Federal Student Aid (FAFSA). The FAFSA deadline is June 30, but state and program specific deadlines can vary.

Federal Loans

Federal Stafford Loans are available for students enrolled at least half time. Subsidized Stafford Loans are loans available to students demonstrating financial need. Subsidized, implies that interest on these loans is paid for by the government during enrollment. Unsubsidized Stafford loans do not require demonstrated financial need, however, and interest starts accruing upon dispersal. Like subsidized loans, Federal Perkins loans provide funds to students demonstrating financial need.

Graduate Plus Loans

While other federal loans have yearly limits, Graduate Plus Loans are federally backed loans with a limit extending to the total cost of all graduate school needs. In order to be eligible for these loans students must stay enrolled at least half time, complete a FAFSA, and be subject to credit verification. As of July 2010, these loans have a fixed interest rate of 7.9%.

Private Loans

Federal loans generally have better terms than private loans, so all of the above options should be explored thoroughly before opting for private loans. If additional funds are needed, however, many organizations offer private loans to law students. Providing organizations include Access Group (nonprofit), Nellie Mae Loan Link (nonprofit), Sallie Mae, Citibank, and Key Bank. Borrowers require credit checks and many private loan companies require co-signers.

Scholarships and Grants

Scholarships and grants for law students are plentiful and can be obtained through merit, financial need, chosen field of study, or personal history. Helpful places to start your search include your law school’s financial aid department, various law based organizations (i.e. the American Bar Association), as well as grant and scholarship websites. Deadlines and submission requirements vary significantly, so start looking early.

Federal Work Study

The work-study program is a federal and state funded financing option available for students demonstrating financial need. Check with your law school’s financial aid department to see what programs are offered. Many schools complying with ABA standards prohibit full-time first year students from working. Work-study at ABA compliant schools would, therefore, commence after the first two semesters of study.

The recent overhaul of the federal student loan process has given more federally backed loan options to law students. These federal loans are relatively straightforward. When it comes to grants and scholarships, however, law school financial aid is personally tailored, so it is important to find an aid program appropriate for you and your course of study.