The major source of funding for Loyola Law School students is federal loans. The most common funds offered are:
Federal Perkins Loan
- Graduate student Perkins lending is ended September 30, 2016. Each university determines the maximum Federal Perkins Loan that can be offered based on its level of funing.
- Annual maximum up to $20,500.
- Students accrue interest while in school but are not required to make payments until six month after graduating or dropping below half-time status.
- Interest rate is fixed at 6% for the 2017-2018 academic year.
- Mandatory federal origination fee is 1.069% (deducted from loan proceeds) for loans disbursed after October 1, 2016, but before October 1, 2017. Origination fees for loans disbursed after October 1, 2017, but before October 1, 2018 is 1.066%. Origination fees change annually based on the U.S. 10-year Treasury bill.
- Annual maximum is the Law School Cost of Attendance minus any other financial aid received.
- Interest rate is fixed at 7% for the 2017-2018 academic year.
- Mandatory federal origination fee is 4.276% (deducted from loan proceeds) for loans disbursed after October 1, 2016. Origination fees for loans disbursed after October 1, 2017, but before October 1, 2018 is 4.264%. Origination fees change annually based on the U.S. 10-year Treasury bill.
- Students accrue interest while in school but are not required to make payments until six months after graduating or dropping below half time status.
- Credit history is a major factor in being approved for this loan. To qualify for a PLUS Loan, you cannot have an adverse credit history. A credit history is a summary of your financial strength, including your history of paying bills and your ability to repay future loans. Your credit history may be considered adverse if you are experiencing any of the following credit conditions:
- Bankruptcy discharge within the past five years.
- Voluntary surrender of personal property to avoid repossession within the last five years.
- Repossession of collateral within the last five years.
- Foreclosure proceedings started.
- Foreclosure within the last five years.
- Conveying your real property that is subject to a mortgage (by deed) to your lender to avoid foreclosure (deed in lieu of foreclosure).
- Accounts currently 90 days or more delinquent.
- Unpaid collection accounts.
- Charge-offs/write-offs of federal student loans.
- Wage garnishment within the last five years.
- Defaulting on a loan, even if the claim has been paid.
- Lease or contract terminated by default.
- County/state/federal tax lien within the past five years.
- Credit history is a major factor in being approved for this loan. Thus, we strongly recommend that you obtain credit reports by contacting:
The Fair Credit Reporting Act (FCRA) requires each of these agencies to provide you, at your request, with a free copy of your credit report once every twelve (12) months. Please visit annualcreditreport.com or Federal Trade Commission - Consumer Information for further guidance.
Bar Exam Loans
Bar exam loans are private, credit-based student loans designed to assist students and recent graduates with the costs of preparing for and taking the Bar Exam. Unlike regular student loans, bar loan disbursements are mailed directly to the borrower. With most lenders, the interest rates on these loans are variable and can range anywhere between 3.25% APR and 14.00% APR. None of these loans are eligible for Income-Based Repayment or Federal Public Service Loan Forgiveness.
- You may apply for a loan if you are enrolled at least half time in your final year of study at an ABA-accredited law school, or have graduated recently from one. (Depending on the lender, this can be anywhere between 30 days, 6 months, or 12 months.)
- You must be sitting for the bar exam no later than 12 months after graduation.
- You must be a U.S. citizen or a permanent resident or an international student borrower applying with a creditworthy cosigner who is a U.S. citizen or permanent resident.
- You must meet current credit and other eligibility criteria.
Below are the minimum number of units that you must be enrolled in to be eligible for Federal loans.
|Juris Doctor (Day)||6|
|Juris Doctor (Evening)||4|
|Law Graduate Level||4|
|Master of Law (FTA)||6|
|Doctor of Juridical Science||4|
|Master of Laws Taxation||4|
Loyola Law School does not prefer, recommend, promote, endorse, or suggest any of these lenders. The use of a lender from this list is not required and Loyola Law School will process loans from any eligible lender that a student selects for a Bar Exam Loan.