Financial aid law school
Federal Government established many of the Financial Aid programs to help law school studnets.Those Financial Aid Programs include scholarships, grants, work-study, and loans. Law students borrow the education funds through loans only from the sources of Federal Government and private sources. The eligibility amount will be determined by the law school, which is the primary source of informtaion.The rules and regulations of Financial Aid are changing day to day. So its your responsibility to update your self to the current situations and apply the appropriate law schools Financial Aid. Generally law students Finsnisla Aid comes from three sources: loans, scholarships/grants, and federal college work study, the financial aid process starts with submitting the Free Application for Student Federal Aid (FAFSA).
To apply for the grant aid, you need to fill out the Need Access application. Parental information is nessacary to apply for the need-based grant support irrespective of their dependency status. Applications are not considered or further process if you do not enclose parental information.The completed application forms will be send to the Access Group for processing. Access group will evaluate the furnished data of the applicant and determines the financial strength of the applicant. Applications should reach the Financial Aid office before the deadline. Students needs to reapply every year to consider for grants.
All of the Financial Aid loans are repayable and include:
* Federal Stafford (subsidized and unsubsidized) loans: Stafford loans are fixed-rate interest loans designed by the federal government. Subsidized loans are need based loans and not required to pay the interest amount before the completion of course period.
* Federal Perkins: These are low-interest loans awarded by the law schools on the need based. Unlike Stafford subsidized loans, you are not required to repay the interest amount.
* Graduate PLUS: PLUS loans are offered by the private lenders based on the credit reports of the studmets.So are ensure while submitting the credit report.
* Private Loans: Law students are also offered private loans which are offered by the private lenders.
They are as follows:
o Campus Door Loans through Access Group
o CitiAssist through Citibank
o LAWLOANS through Sallie Mae
o Law School Loans through Key Bank
* Scholarships and Grants: Law students also eligible for scholarships and grants, which are awarded on merit basis and do not require to be repaid. Some Law schools themselves offers financial aid opportunities and do not hesitate to collect information, including any school-specific applications, from each law school you are applying.
* Federal College Work Study: Most of the law schools encourage the students to participate in the Federal Work Study program. Federal work study allows working part-time during the school hours and full-time during the summer to pay their law school costs. Be ensure while taking admisison, whether they are allowing work study or not.
Repayment Method: Law school graduates are eligible for up to the amount of $100,000 on a monthly re payment of $1,225.Most of the lenders offers graduated and income-sensitive repayment plans in a reduced monthly payment amounts to increase repayment period. Federal Loan Consolidation method established to repay their Federal Stafford, Ford Federal Direct Loans, and Graduate PLUS loans on an extended repayment schedule up to 30 years.