Types of Available Aid

Loyola offers a variety of financial assistance programs, including scholarships, loans, and work-study. It is important to apply properly and on-time for all forms of financial assistance.  Loan amounts are determined by the Financial Aid Office using the information you provide on the FAFSA form.  

With the idea in mind that law school is an investment, consider carefully how your legal education will be financed and what your needs are while in law school. The Financial Aid Office asks you to consider carefully how your legal education will be financed and what are your needs while in law school. We are happy to discuss these issues with you as you begin to evaluate your options.

 

  • JD SCHOLARSHIPS

    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.

    The scholarships below are Loyola-specific programs.

    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 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 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 who have been 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.

    Law School Outside Scholarship Opportunities

  • FEDERAL DIRECT UNSUBSIDIZED LOAN

    The major 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

    • Annual maximum is $20,500.
    • Lifetime aggregate is $138,500.
    • Interest rate is fixed at 6.6% for the 2018-2019 academic year and for loans disbursed after July 1, 2018.
    • Origination fee is 1.066% (deducted from loan proceeds) for loans disbursed on or after October 1, 2017, but before October 1, 2018, and 1.062% (deducted from loan proceeds) for loans disbursed on or after October 1, 2018, but before October 1, 2019.
    • 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; 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.

       

    • FEDERAL DIRECT GRADUATE PLUS LOAN

      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. 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.
      • 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.

      • Annual maximum is the COA minus any other financial aid received.
      • Interest rate is fixed at 7.6% for the 2018-2019 academic year and for loans disbursed after July 1, 2018.
      • Origination fee is 4.264% (deducted from loan proceeds) for loans disbursed on or after October 1, 2017, but before October 1, 2018, and 4.248% (deducted from loan proceeds) for loans disbursed on or after October 1, 2018, but before October 1, 2019.
      • 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: Go to studentloans.gov. Sign in using your FSA ID.
      • Step 3: Under the "Graduate/Professional Students" tab, Select "Apply for a PLUS Loan".
      • Step 4: 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; 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 on 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. 

      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 studentloans.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.

      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 studentloans.gov. The endorser will need the PLUS Endorser Code (if a Direct PLUS Loan Request was completed) or Loan Identification Number to connect the endorsement to the denied Grad PLUS Loan. Completing the endorsement online also requires a Federal Student Aid ID (FSA ID) that utilizes a username and password.

      • If the borrower completed the Direct PLUS Loan Request at studentloans.gov, the PLUS Endorser Code is found in the confirmation email received in the denial notice or by logging into studentloans.gov and selecting "Direct PLUS Loan Requests."
      • More often, the Federal Direct Graduate PLUS Loan was initiated by accepting the loan as part of a financial aid offer. In this case, the Loan/Award Identification Number will be needed and can 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.

       

    • WORK AWARDS

      Federal Work Study and Institutional Work is 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

      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. 

      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 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.

       

    • OUTSIDE SCHOLARSHIPS

      In addition to federal resources, many corporations, civic and religious organization and other groups provide scholarship awards to assist students with their cost of education. Please feel free to contact the Financial Aid Office for any additional information on these scholarships.

      For more information on a specific scholarship, refer to the sponsoring organization for contact information.

      American Association for Justice Scholarships

      Mike Edison Scholarship (Opens February 2019)

      Richard D. Hailey Scholarship (Opens February 2019)

      Leesfield / AAJ Scholarship (Opens February 2019) 

      AAJ Trial Advocacy Scholarship (Opens February 2019)

      American Indian College Fund (Opens Jan 1, 2019-May 31, 2019)

      DDR Lawyers Legal Scholarship (OPEN- December 31, 2018)

      Hispanic Scholarship Fund (Currently Closed)

      The Earl Warren Legal Training Program (Currently Closed)

      The Ryan Law Group (Currently Closed)

      Minority Corporate Counsel Association (Currently Closed)

      Orange County Women Lawyers Association Stipends (Currently Closed)

      Zavodnick/Zavodnick &Lasky 2017 Bi- Annual College Scholarship (OPEN- December 30, 2018)            

       

      The following links are provided as a courtesy to students. The Financial Aid office does not endorse any of the following pages.

      Additional Financial Aid Resources

      AdmissionsDean         The Scholarship Page         Sallie Mae
      Fastweb        College Board      

       

      External links disclaimer

      Loyola Marymount University web site contains links to other web sites which are independently run sites outside of the lmu.edu domain. Loyola Marymount University is not responsible for the privacy practices, activities, or content of such independent sites. Any links to external Web sites and/or non-Loyola Marymount University information provided on university pages or returned from university Web search engines are provided as a courtesy. They should not be construed as an endorsement by Loyola Marymount University of the content or views of the linked materials. The materials on these independent sites are the opinion of the specified author(s) and are not statements of advice, opinion, support or information of Loyola Marymount University.
    • PRIVATE ALTERNATIVE LOAN

      **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 required to complete the Free Application for Federal Student Aid (FAFSA). Although you may be approved by your lender to borrow an alternative (private) loan before submitting a FAFSA, LMU will not certify or disburse any loan funds until a FAFSA is completed. 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 cosigner 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 this loan 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.

      Please NoteThe Financial Aid Office encourages all students to exhaust all university, state and federal financial aid programs prior to applying for a private loan.

      All loan borrowers at LMU are required to complete the Free Application for Federal Student Aid (FAFSA). Although you may be approved by your lender to borrow an alternative (private) loan before submitting a FAFSA, LMU will not certify or disburse any loan funds until a FAFSA is completed.

      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.