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Financial Aid for Law Students

Types of Aid

Student Loans

An education is one of the best long-term investments you can make in your future, and borrowing is one way to fund that investment. With careful planning, a loan can be a smart decision for you and your family, as many educational loans have more favorable terms than other consumer loans (such as car loans or credit cards). However, since all loans must be repaid, you should only borrow what you need.

Student Loan Options

Federal Perkins Loan

Lender:

University of Denver

Eligibility Requirements:

You must have submitted the FAFSA by the priority application deadline and have demonstrated financial need to be offered this loan (depending on funding).* This loan will be included in your financial aid award package if you're eligible.

Maximum Loan Amount:

Up to $4,000 per academic year for 2014-15

Interest Rate:

5% fixed. Interest does not accrue while you are enrolled at least half time (4 credits) or during the grace period.

Fees:

None

Disbursement Requirements:

You must complete and submit a Master Promissory Note to the Bursar's Office, complete entrance counseling through MappingYourFuture.org, and remain enrolled at least half-time to receive funds.

Repayment Terms:

Repayment begins once the 9-month grace period ends after you graduate or after you are no longer enrolled at least half-time. Payments are made to the DU Bursar's Office.

Repayment Options:

Can be consolidated with other federal loans.

Learn more about the Federal Perkins loan through the Bursar's Office.

*Note: Not all students who would otherwise be eligible for this loan will be offered it as a part of their financial aid package because funding is extremely limited.

Federal Direct Unsubsidized Loan

Lender:

U.S. Department of Education

Eligibility Requirements:

Available to students who have submitted a FAFSA, regardless of financial need. If eligible, this loan will be included in your financial aid award package.

Maximum Loan Amount:

Up to $20,500 per academic year; lifetime borrowing limit of $138,500

Interest Rate:

6.21% fixed for the 2014-15 academic year. Interest accrues while you are in school, during the grace period, and during repayment. Interest can be paid as it accrues; if not paid, it will be capitalized at repayment.

Fees:

A 1.072% origination fee is deducted at disbursement of each installment of the loan (1.073% for loans whose first disbursement is after October 1, 2014).

Disbursement Requirements:

You must complete both a Master Promissory Note and Entrance Counseling online at www.StudentLoans.gov, and remain enrolled at least half-time (4 credits) to receive funds.

Repayment Terms:

Your loan will be placed into deferment while you are enrolled at least half-time; repayment begins once the 6-month grace period ends after you graduate or after you are no longer enrolled at least half-time. Payments are made to your Direct Loan servicer.

Repayment Options:

The standard repayment period is 10 years but can be as long as 30 years depending on total borrowing and chosen repayment plan. Can be consolidated with other federal loans.

Learn more about the Federal Direct Unsubsidized loan through www.StudentAid.gov.

Federal Direct Graduate PLUS Loan

Lender:

U.S. Department of Education

Eligibility Requirements:

Available to credit-worthy* students who have submitted a FAFSA, regardless of financial need. If eligible, this loan will be included in your financial aid award package.

Maximum Loan Amount:

Up to the total cost of attendance, less all other financial aid

Interest Rate:

7.21% fixed for the 2014-15 academic year. Interest accrues while you are in school, during the grace period, and during repayment. Interest can be paid as it accrues; if not paid, it will be capitalized at repayment.

Fees:

A 4.288% origination fee is deducted at disbursement of each installment of the loan (4.292% for loans whose first disbursement is after October 1, 2014).

Disbursement Requirements:

You must complete both a Master Promissory Note and entrance counseling online at www.StudentLoans.gov, and remain enrolled at least half-time (4 credits) to receive funds.

Repayment Terms:

Similarly to an unsubsidized loan, your Grad PLUS loan will be placed into deferment while you are enrolled at least half-time; repayment begins once the 6-month grace period ends after you graduate or after you are no longer enrolled at least half-time. Payments are made to your Direct Loan servicer.

Repayment Options:

The standard repayment period is 10 years but can be as long as 30 years depending on total borrowing and chosen repayment plan. Can be consolidated with other federal loans.

Learn more about the Federal Direct Graduate PLUS loan through www.StudentAid.gov.

*Note: To be approved for a Graduate PLUS loan, you will need to have no adverse credit. Adverse credit is defined as 90 days or more delinquent on any debt in the past five years. This includes having unpaid accounts in collections, or having a credit report that shows default, discharge, foreclosure, bankruptcy, repossession, tax lien, wage garnishment, or a write-off of Title IV (federal student loan) debt. Your debt-to-income ratio, credit score, employment status, or lack of credit is not taken into account during a credit check. If you are denied a Graduate PLUS loan because of adverse credit, you may appeal the denial or reapply with an endorser (cosigner).

Private Education Loans

Lender:

Private lending institutions, such as a bank or a credit union

Eligibility Requirements:

Available to credit-worthy students; no FAFSA is required. Eligibility for private loans varies among lenders, but a credit check and/or debt-to-income ratio is usually required. A co-borrower may also be required. You must apply for this type of loan separately, however borrowing this loan means you will likely not be eligible to borrow a Grad PLUS loan.

Maximum Loan Amount:

Up to the total cost of attendance, less all other financial aid

Interest Rate:

Varies among lenders; many do not offer fixed interest rates. Interest rates may be lower for students who apply with a co-borrower.

Fees:

Varies among lenders

Disbursement Requirements:

You must apply directly with the lender of your choice. When applying for a private loan, apply early, as processing can take several weeks.

Repayment Terms:

Repayment terms vary among lenders. Some may offer deferment while you are enrolled, but some lenders may require you to begin repayment at disbursement of the loan.

Repayment Options:

Repayment options vary among lenders. Private education loans cannot be consolidated with any federal student loan.

Learn more about private education loans and see a list of our preferred lenders on our private loan page.

Student Loan Process

If you were offered one of the federal loans above in your financial aid award letter, you must complete the additional steps listed in "disbursement requirements" before it can pay to DU. Once you have completed a requirement for a federal loan, we will be notified electronically. All loans will disburse to your DU student account and will pay toward your charges no earlier than 10 days prior to the start of the quarter (similarly to all other types of aid). Learn more about billing and disbursement.

If you borrow from one or more of the federal student loan programs, information regarding your federal loans will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guarantee agencies, lenders and institutions determined to be authorized users of the data system.