Loyola Marymount University offers a variety of financial assistance programs to assist you with your legal education. The major sources of funding that may be available to you include institutional scholarships, federal loans, work-study, outside scholarships, and private education loans. 

All applicants for federal student loans must complete the Free Application for Federal Student Aid (FAFSA). The sections listed below provide a general overview of the types of financial aid offered. 

  • Law School JD Scholarships

    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 Deans 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 background and experience. 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.

  • The primary source of funding for Loyola Law School students is federal loans. Federal student loans are available to most students regardless of income and provide a range of repayment options, including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.

    To apply for a Federal Direct Loan, you must first complete and submit the Free Application for Federal Student Aid (FAFSA) form. To be eligible, you must be a U.S. citizen or permanent resident, be enrolled at least half-time, be enrolled in an eligible program, and maintain satisfactory academic progress. 

    Eligibility Requirements

    You must be enrolled at least half-time, in a graduate or professional program and must meet all of the other general eligibility requirements for the Federal Student Aid programs.

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

     Program

    1/2 TIME

    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

     

    Borrowing Limits, Interest Rate, and Loan Fees

    • The annual maximum is $20,500.
    • Lifetime aggregate is $138,500.
    • The interest rate is fixed at 6.08% for the 2019-2020 academic year and for loans disbursed after July 1, 2019.
    • The origination fee is 1.062% (deducted from loan proceeds) for loans disbursed on or after October 1, 2018, but before October 1, 2019, and 1.059% (deducted from loan proceeds) for loans disbursed on or after October 1, 2019, but before October 1, 2020.
    • 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.

      Receipt of Loan Funds

      After you complete the online Direct Loan Entrance Counseling session and the electronic Master Promissory Note (MPN), the loan will be sent in two disbursements; the first disbursement in the fall semester and the second disbursement in the spring. These funds arrive via Electronic Fund Transfer (EFT) and are applied directly to your LMU student account.

      Repayment

      Repayment on this loan will begin after your grace period, 6 months after you graduate or cease to be enrolled at least half-time. You have 10 years to pay the loan back. Various repayment options are available and the loan period can be extended, if needed via consolidation. There is no prepayment penalty, so you can pay the loan earlier if you wish.

       

    • The U.S. Department of Education administers a loan program for students called the Federal Direct Graduate PLUS Loan. Graduate, professional, and law students in an eligible program can borrow a Direct PLUS Loan to help pay education expenses if enrolled at least half-time. Students who apply for the Graduate PLUS loan must be credit eligible.

      Eligibility Requirements

      You must be enrolled at least half-time, in a graduate or professional program and must meet all of the other general eligibility requirements for the Federal Student Aid programs.

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

       Program

      1/2 TIME

      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

       

      Adverse Credit History

      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. 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.
      • To review your credit history, 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.

      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 7.08% for the 2019-2020 academic year and for loans disbursed after July 1, 2019.
      • The origination fee is 4.248% (deducted from loan proceeds) for loans disbursed on or after October 1, 2018, but before October 1, 2019, and 4.236% (deducted from loan proceeds) for loans disbursed on or after October 1, 2019, but before October 1, 2020.
      • 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.

      How to Apply

      • Step 1: Complete the Free Application for Federal Student Aid (FAFSA)
      • In order to electronically sign your FAFSA, you will need an FSA ID. Even if you have an existing PIN number, you will need to follow these steps in order to Create an FSA ID.
      • Step 2: Federal loan eligibility is automatically placed on your financial aid award up to the Cost of Attendance.
      • Step 3: Take action on the Federal Loan amount you wish to receive by logging into PROWL.
      • Step 4: Go to studentaid.gov Select “Complete Loan Agreement (Master Promissory Note)” or MPN. In the MPN screen select “PLUS MPN for Graduate/Professional Students”. 

      Receipt of Loan Funds

      After you complete the online Direct Loan Entrance Counseling session and the electronic Master Promissory Note (MPN), the loan will be sent in two disbursements; the first disbursement in the fall semester and the second disbursement in the spring. These funds arrive via Electronic Fund Transfer (EFT) and are applied directly to your LMU student account.

      Repayment

      You have the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or to begin repayment six months after you graduate or cease to be enrolled in at least a half-time basis.

      Options Following A Grad PLUS Loan Denial

      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. 

      Step one: 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 8a to 8p, Monday through Friday.

      Step two: 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 in to your account. Completing the endorsement online also requires a Federal Student Aid ID (FSA ID) that utilizes a username and password.

      • In addition to the studentloans.gov "My Home Page", 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.

       

    • Federal Work-Study and Institutional Work are available to Loyola Law School 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:

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

      A listing of available on-campus positions will be included with the work-study contract from Loyola Law School. 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

      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 such as bar review course fees, bar exam deposits and fees, and living expenses.  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. 

      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. 

      Below are the minimum number of units that you must be enrolled in to be eligible for Federal loans.

       Program

      1/2 TIME

       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

        

      Potential 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.

       

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      Scholarship Universe Students

      The Financial Aid Office is excited to introduce Scholarship Universe, a new easy to use personalized process that makes finding and applying for external scholarships easier.

      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.

    • Students should exhaust their eligibility for federal student loans before resorting to private student loans.

      Private Alternative Loans can help bridge the gap between the actual cost of education and the limited amount the government allows students to borrow in its programs. Private loans are offered by private lenders and there are no federal forms to complete.

      When deciding which loan to borrow, it is important to remember that Federal Education Loans are less expensive than Private Alternative Loans and offer better terms.

      Important: All loan borrowers at LMU are strongly encouraged to complete the Free Application for Federal Student Aid (FAFSA). LMU does not prefer, recommend, promote, endorse or suggest any lenders. LMU will process loans from any eligible lender that a student selects.

      Important Resources

      What is an Alternative Loan

      This loan is a private loan in the student's name. A creditworthy co-signer is highly recommended to keep the loan fees and interest rate to a minimum. The student and co-borrower must be U.S. Citizen or Permanent Resident. International students are welcome to apply for this loan; however, a creditworthy U.S. Citizen or Permanent Resident co-signer is required. Although most lenders provide these loans based on at least half-time enrollment, there are a few lenders who will provide this loan to students enrolled less than half-time.

      Interest Rate

      The interest rate on the private alternative loans varies by lender and can depend on the creditworthiness of the student and their co-signer.

      What is a Co-Signer

      A co-signer is an individual who promises to repay the loan if the student borrower fails to do so. Here are a few tips to keep in mind when requesting a co-signer:
      • Review the reasons for needing the loan with your potential co-signer.
      • Make sure that your potential co-signer understands what is expected of him/her.
      • Discuss when payments will begin.
      • Complete the loan application together.

      When Will You Receive Your Funds

      In general, alternative loan funds will be disbursed electronically to your student account, equally over the terms of enrollment (50% in the fall semester and 50% in the spring semester).

      Repayment

      Rules for repayment vary from lender to lender. Some lenders may defer repayment during periods of enrollment, but it is best to verify repayment terms directly with your lender. Please note that private loans are not eligible for Federal Direct Consolidation, Federal Income-Based Repayment plans, or Federal Economic Hardship Deferments.

      How to Apply 

      Select a lender from those provided on our lender list on the ELM link below or choose your own and complete that lender’s application process.

      LMU will not be notified of your lender's credit decision until you complete the application process, including the federally mandated 'change of heart' period. This process takes an average of 14 business days.

      Students are required to meet with a financial aid counselor for a loan entrance counseling session prior to receiving an alternative loan. Alternative Loan Counseling is an opportunity for the student borrower and the counselor to ensure that all forms of federal assistance have been considered, as well as to gather information about the terms and conditions of your private loan. Alternative Loan Counseling helps promote responsible borrowing among students considering private financing options. Please contact our office in-person or by phone during business hours to complete the counseling. Appointments are not required.

      Please Note: LMU will not certify your private loan with your lender until Alternative Loan Counseling is complete. The counseling session will post as a “missing requirement” on your PROWL account as soon as we are notified by your private lender that your loan has been approved. Therefore, students in the process of applying for an alternative loan are encouraged to monitor their PROWL account closely for updates.