Types of Available Aid

Applicants applying to the JD program are automatically considered for merit-based scholarships by the Office of Admissions during the admissions process. Scholarship awards range from partial tuition to full-tuition scholarships, which include mandatory fees and a stipend for books. Applicants interested in scholarships should submit their admissions application on or before the admissions application priority deadline. Students who have been selected for a scholarship will be notified by the Office of Admissions.

Scholarship requirements differ by type of award. Students should refer to the Additional Financial Aid & Scholarship Information document that was sent with their scholarship letter for the renewal criteria for their award. If a student does not meet the renewal criteria, the scholarship will not be renewed in any subsequent year even if the GPA requirement is met.

Loyola-specific program scholarships

Fritz. B. Burns Scholarships

Generously funded by the Fritz B. Burns Foundation in order to attract students of high achievement and great potential for outstanding leadership positions in the legal community. Scholarships are awarded to the most outstanding entering students for both the Day and Evening Division.  Tuition, all fees, and a stipend for books are included. This scholarship can be renewed.

The Public Interest Scholars Program (PISP)

Designed for law students who are committed to practicing in the field of public interest law, the PISP includes specialized externships and paid summer jobs in public interest law.  The scholarship amount varies and is renewable annually. To be considered for this award, applicants must submit an additional one-page addendum with their application materials. Learn more about The Public Interest Scholars Program (PISP).

Dean's Scholarships

Awarded to several outstanding students upon entrance, the Dean's scholarship includes tuition, mandatory fees, and a stipend. This scholarship can be renewed.

Loyola Scholarships

Loyola scholarships are awarded on the basis of academic achievement as well as a diversity of backgrounds and experiences. These are partial scholarships. Some awards may be renewable.

Law School Graduate and Other Degree Scholarships

Applicants applying to the LLM for FTA, Tax LLM, MLS, MT, and JSD Program are automatically considered for merit-based scholarships by the Office of Admissions during the evaluation process. No separate application is required. Students selected for a scholarship will be notified by the Office of Admissions.

Graduate Tax Scholars

Loyola Law School offers up to three full-tuition Graduate Tax Scholarships each year to full-time candidates for the Tax LLM degree. Graduate tax scholarships are awarded on the basis of merit to applicants who present outstanding academic records and show exceptional promise.

In addition to other required courses, Graduate Tax Scholars are expected to complete the Program’s course in Tax Policy and prepare and present an Honors Tax Research paper with a view to possible submission to the Tannenwald Tax Writing Competition.

Graduate Tax Scholarships are limited to applicants who have earned a J.D. degree at an ABA-AALS approved law school in the United States and who matriculate as full-time, 24-unit students.

How To Apply

• You will automatically be considered for Unsubsidized Loans if you submit the Free Application for Federal Student Aid (FAFSA). LMU Loyola Law School's school code is #E00254
• First-time borrowers must also complete Entrance Counseling and a Master Promissory Note at studentaid.gov. In most cases, you will only need to complete these items once during your college career.

Annual Federal Direct Loan Limits

Students may borrow up to the amounts listed in the table below on an annual basis. 

Aggregate Federal Direct Loan Limits

Students may borrow up to the amounts listed in the table below for their entire academic careers.

Interest Rates and Loan Fees

The Bipartisan Student Loan Certainty Act of 2013 sets the annual interest rate on Direct Unsubsidized Loans issued to graduate or professional students at the rate on high-yield 10-year Treasury notes plus 3.6%, but caps that rate at 9.5%. As a result, rates are expected to change annually. Students that borrow the Direct Unsubsidized Loan over multiple years will have a set of fixed-rate loans, each with a different interest rate.

• The interest rate is fixed at 7.05% for the 2023-2024 academic year and for loans disbursed after July 1, 2023.
• The origination fee is 1.057% (deducted from loan proceeds) for loans disbursed on or after October 1, 2020, but before October 1, 2023.
• 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.

Next Steps After Accepting Loans

After accepting your Federal Direct Loan(s) in PROWL, you must complete the following requirements.

• Entrance Counseling-For first-time borrowers only
• Master Promissory Note-Master Promissory Note (MPN) for Graduate/Professional Students (Please note that if you accept the Federal Direct Unsubsidized and Graduate PLUS Loan, you are required to complete an MPN for each loan) 

Receiving Your Loan Funds

When all loan requirements are complete, funds arrive via Electronic Fund Transfer (EFT) and are applied directly to your LMU student account in two even disbursements. The first disbursement in the fall semester and the second disbursement in the spring semester.  

Financial Aid reports information about your loan to nationwide consumer reporting agencies (credit bureaus) and the National Student Loan Data System (NSLDS) on a regular basis. This information will include the disbursement dates, amount, and repayment status of your loan.

Repayment

The 10-year repayment period begins six months after you graduate, withdraw or drop below half-time enrollment. To reduce the cost of borrowing, consider making interest-only payments while you are in school. There is no penalty for early repayment.

Several options are available for repayment of your student loan, allowing you to choose the one that best meets your financial needs. You are allowed to change repayment plans at least once a year. More information can be found on the Federal Student Aid website.

To compare plans you may be eligible for and view estimates for how much you would pay monthly or over the life of the loan, please visit the Federal Student Loans website.

The Federal Direct Graduate PLUS loan is a credit-based loan that law students may borrow to help pay their educational expenses. Students may borrow up to the cost of attendance (COA) minus any other financial aid received. 

Some benefits of the Federal Direct Graduate PLUS loan are a fixed interest rate and flexible repayment options. Loan payments can be deferred while in school enrolled at least half-time. 

The interest rate is established annually and is determined by federal law. Interest begins to accrue when the loan funds are sent to the university and continues to accrue until the loan is paid in full. An origination fee will be deducted before the loan proceeds are received.

Eligibility

• Be enrolled in a degree-seeking program or eligible non-degree Credential program
• Be enrolled half-time 
• Meet the minimum requirements for Satisfactory Academic Progress
• Not be in default on previous federal direct loans

Below are the minimum number of units you must enroll in to be eligible for Federal Direct loan disbursement.

How to Apply

• Complete the Free Application for Federal Student Aid (FAFSA) LMU Loyola Law School's school code is #E00254
• Complete the Master Promissory Note (MPN) and Entrance Counseling for the Graduate PLUS Loan

Upon approval for Graduate PLUS Loan, Financial Aid will send an award letter to your LLS email account outlining the amount and disbursement schedule for your loans. Students are required to accept or decline their loans via PROWL. 

Credit Criteria

To qualify for a Federal Direct Graduate PLUS loan, you cannot have an adverse credit history. 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 instead 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.
• To review your credit history, we strongly recommend that you obtain credit reports by contacting:
  • Equifax
  • Experian
  • Transunion

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.

Borrowing Limits, Interest Rate, and Loan Fees

The annual limit on a Federal Direct Graduate PLUS Loan is equal to your Estimated Cost of Attendance minus any other financial aid you receive. For example, if your cost of attendance is $10,000, and you receive $6,000 in other financial aid, you can borrow up to $4,000.

• The annual maximum is the COA minus any other financial aid received.
• The interest rate is fixed at 8.05% for loans disbursed after July 1, 2023, but before July 1, 2024.
• The origination fee is 4.228% (deducted from loan proceeds) for loans disbursed on or after October 1, 2020, but before October 1, 2023.
• 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.

Receiving Your Loan Funds

When all loan requirements are complete, funds arrive via Electronic Fund Transfer (EFT) and are applied directly to your LMU student account in two even disbursements. The first disbursement in the fall semester and the second disbursement in the spring semester.  

Financial Aid reports information about your loan to nationwide consumer reporting agencies (credit bureaus) and the National Student Loan Data System (NSLDS) on a regular basis. This information will include the disbursement dates, amount, and repayment status of your loan.

Federal Direct Graduate PLUS Loan Repayment

Repayment can be managed on the website of your loan servicer, which will be assigned to you by the U.S. Department of Education. While the interest rate on the loan is fixed, interest starts accruing when the loan is disbursed. Payments can be deferred until after graduation while you are enrolled at least half-time. Accrued interest can be paid quarterly while you are in school or capitalized (added) to the loan when you enter repayment if you prefer. You will accrue future interest based on the higher principle balance while in repayment. The U.S. Department of Education has a loan repayment calculator that can help estimate your loan repayment options.

Credit Denial Options

If you are denied a graduate PLUS loan you can attempt to secure funding through one of the options detailed below, even though you have received a PLUS denial. 

Seek a Credit Appeal

The Department of Education allows borrowers whose credit was denied the opportunity to document either of the following situations.

• Information showing that credit reporting used in the credit denial is incorrect and/or has been corrected.
• Extenuating circumstances exist relating to the adverse credit history of the primary PLUS borrower.

Borrowers make a credit appeal through one of these means.

• Log in to studentaid.gov and select "Document Extenuating Circumstances" on the left navigation bar. Follow the directions and a representative from the Department of Education’s Applicant Services will contact the borrower with further instructions.
• Contact Applicant Services at 1-800-557-7394 between 8:00 a.m. to 8:00 p.m., Monday through Friday.

Utilize an Endorser

An endorser is someone who will pass the credit check and who agrees, similar to a co-signer, to repay the PLUS Loan if the student borrower is unable to do so. Almost anyone can serve as an endorser.

If you choose to obtain an endorser, the endorser should complete the endorser addendum at studentaid.gov. The endorser will need the Loan Identification Number to connect the endorsement to the denied Grad PLUS Loan. The Loan Identification Number is located on studentloans.gov after you log into your account. Completing the endorsement online also requires a Federal Student Aid ID (FSA ID) that utilizes a username and password.

• The Loan/Award Identification Number can also be obtained by contacting the LMU Financial Aid office.
• If the endorser does not already have an FSA ID, they may create one at fsaid.ed.gov.

LMU Financial Aid is excited to introduce Scholarship Universe, a new tool for LMU students that makes finding and applying for scholarships easier than ever before.        

        STUDENT LOGIN

What is Scholarship Universe?

Scholarship Universe is a matching system that maximizes scholarship opportunities for students. Scholarship Universe allows students to create an academic profile that enables them to be connected with various outside scholarship opportunities that match their criteria.

How does Scholarship Universe Work?

• Students answer questions that get them matched to scholarship opportunities they are eligible for.
• Students easily apply online to multiple scholarship opportunities through a personalized portal.
• Students can track their application status online via the portal.
• Students are alerted whenever they are matched to a new scholarship opportunity.
• Students receive automated reminders about pending tasks and next steps.

How do I use Scholarship Universe?

• Click the “Login” button at the top of this page.
• Enter your LMU ID and password to log in.
• Answer as many questions as you can in order to build your profile and match you to eligible scholarships.
• Click on the “Scholarships” tab and start applying!

Be sure to update your profile frequently. Information such as GPA, number of units taken, class standing, major, minor, etc. will affect scholarship eligibility.

Please email us if you have any questions.

You should only seek to borrow an alternative loan after other types of financial aid have been exhausted. We encourage students to submit a FAFSA before deciding on an Alternative Loan.

Your eligibility is determined by the cost of attendance minus other financial aid or the annual loan maximum amount as determined by the lender. The federal government does not guarantee alternative loans, so they must be insured privately. This extra cost is passed on to the borrower through higher fees and interest rates. In addition, the lender will look at your credit history as well as other factors to determine your loan eligibility. You may be denied by one lender and approved by another because of how the lender interprets your information. Loan fees, interest rates, and repayment terms vary by lender, so be sure to review all application information.

Alternative Loan Application Process

1.  Apply for a Loan

• Go to our Alternative Loan Portal to compare and select the best loan for your situation.
• Complete the Self-certification form provided by the lender.
• Student Loan Code of Conduct

2.  Cosigner

• Do you need a cosigner?
• Discuss Loan details with your cosigner.
• Complete the application together.

3.  Alternative Loan Counseling

• Monitor your PROWL account for additional requirements.
• Complete Alternative Loan Counseling form with help of the Disclosure and Solicitation form.
• Submit to Secure Document Upload.

4.  Certification and Disbursement

• Financial Aid notifies the lender of the approved loan amount in 3-5 business days.
• Once certified, the loan will disburse in 10-15 business days.

Federal Work-Study and Institutional Work are available to LMU Loyola Law School (LLS) upper-division students. Per institutional policy, first-year law students are eligible for summer employment after the completion of their first year (applicable to both day and evening students).

Employment through these programs is restricted to on-campus jobs during the academic year.

To be considered for either work program, students must complete and submit the following applications/documents by the appropriate deadline:

• Complete the Free Application for Federal Financial Aid (FAFSA)
• Request work-study via the Financial Aid Revision Request Form.
  

Employment opportunities may involve work as a research assistant to faculty members, assisting in the William M. Rains Library, or assisting in one of LLS's administrative offices.

A listing of available on-campus positions will be included with the work-study contract from LLS. A work-study contract does not guarantee a job, because there are a large number of students competing for a limited number of approved positions.

Bar exam loans are private, credit-based student loans designed to assist graduating law students in their efforts to finance bar exam-related expenses such as exam fees, bar application fees, and living expenses. Unlike regular student loans, bar loan disbursements are mailed directly to the borrower. Interest rates are typically variable and can range anywhere between 3.25% APR and 14.00% APR. Bar exam loans are not eligible for Income-Based Repayment or Federal Public Service Loan Forgiveness. 

Eligibility

• 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 the current credit and other eligibility criteria. 

Available Lenders

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.

• SallieMae Bar Study Loan
• Discover Bar Exam Loans