The College of Law participates in all Title IV programs available to graduate and professional students. One of these programs, the Federal Direct Stafford Loan Program, provides Federal Subsidized Loans and Federal Unsubsidized Loans. Northern Illinois University participates in the Federal Direct Loan Program.
U.S. students are guaranteed $20,500 per year without a credit check through the Federal Direct Stafford Loan Program. To be considered for the loan and to learn about other financial aid opportunities, applicants must complete the Free Application for Federal Student Aid (FAFSA) form each year at www.fafsa.ed.gov; Northern Illinois University's Title IV Code Number is 001737.
The College of Law encourages students to complete the FAFSA application each year well in advance of the March 1 priority deadline, though this form may be processed after the priority deadline. Remember when completing the FAFSA, all law students are considered independent. Carefully read the instructions with this document and forward to the appropriate address.
In addition to Title IV loans, alternative or private loans are available.
To be eligible, a student must be a U.S. citizen or a qualifying non-citizen. Interest may be deferred while attending law school and will be added to the principal amount following graduation. You may borrow student loans up to the Cost of Education minus all other financial aid you receive. Scholarships, grants, and tuition waivers are included in the calculation toward eligibility of student loans. The Free Application for Federal Student Aid (FAFSA form) is required to determine eligibility.
Up to $8,500 a year is available under the Subsidized Federal Direct Stafford Loan Program to students who meet the "need" criteria. Under this program, the federal government pays interest while you are enrolled in law school at least half-time, six credit hours. You must begin repaying the loan six months after you graduate, withdraw, or drop below half-time status.
Law students with or without demonstrated "need" may obtain up to $20,500 each year from the Unsubsidized Federal Direct Stafford Loan Program. Those who are eligible for any of the $8,500 Subsidized Federal Direct Stafford Loans will have that amount subtracted from their available Unsubsidized Federal Direct Stafford Loan. The U.S. Department of Education does not pay the interest. The student is responsible for paying the interest that accrues on the loan from the time the loan is disbursed until it is paid in full.
The maximum lifetime limit in Stafford Loans is $138,500.
Law students who are enrolled at least 9 credit hours per semester are eligible to borrow under the Direct Graduate PLUS Loan Program up to their Cost of Education minus other estimated financial assistance. The amount of your law school budget over $20,500 may be borrowed on a Federal Direct Graduate PLUS Loan. Graduate PLUS entrance counseling is required if the student has not received prior Graduate PLUS Loans through the Direct Lending Program. Students must complete a Direct PLUS Loan Request Form and Master Promissory Note. Students will be required to pass a credit check.
Bar study loans are specifically designed for law students. They assist with bar application cost and living expenses during that period. Bar study loan applications are available online. Check with your current student loan lender or other lenders to get the best interest rate for this type of private loan. Bar study loans usually cannot be consolidated with other law school student loans.
The Bar Study Loan Application and Promissory Note must be certified by the Director of Admission and Financial Aid prior to graduation. Complete and sign the application and bring it to the Office of Admission and Financial Aid for certification. Keep in mind that you may be denied if you do not have a good credit rating.
Some international students qualify for financial aid above and beyond their own resources via a private loan. The student must have lived in the U.S. for over three years, and have established credit for three years.
For other potential resources, visit the following sites: