Federal Stafford Loan – Subsidized
Awarded on the basis of financial need (as determined by your FAFSA)
Maximum amount is $8,500 per academic year ($4,250 for Summer 2008 semester)
Federal government pays the interest on this loan while you are in law school
Federal Stafford Loan – Unsubsidized
Award is not based on financial need
Amount is $12,000 per academic year ($5,000 for Summer 2008 semester)
Interest accrues while you are in school and is your responsibility
To be eligible for a Federal Stafford Loan, you must:
Typically, students who complete the FAFSA will be eligible for a total $20,500 in Federal Stafford Loans (subsidized and unsubsidized) per academic year (for Summer 2008 semester, the eligibility is $9,250). List the University of Dayton (Federal Code 003127) so we can get the results. The FAFSA needs to be filled out annually and should be done by May 1.
- Be enrolled at least half-time at an ABA-approved law school
- Be a U.S. citizen or an eligible non-citizen
- Have no educational loan defaults on record or owe a refund on an educational grant
Alternative Loans: Students have the option of choosing between a private loan and the Federal Graduate Plus Loan:
Private loan – Our preferred lender is Access Group, a non-profit lender that specializes in loans for law students. Eligibility for the Law Access Loan depends on your personal credit history. You are not required to use Access Group; however, using another lender may delay the application process.
Federal Graduate Plus Loan – This loan is available through Wachovia Education Finance. Eligibility is not based on household income, assets or financial need. It is determined, in part, by your personal credit history, though many students with limited or no credit history may qualify.
To be eligible for a private loan or Federal Graduate Plus Loan, you must:
- Be enrolled at least half-time at an ABA-approved law school
- Be a U.S. citizen or an eligible non-citizen
- Maintain satisfactory credit history
If you plan to apply for an alternative loan, we encourage you to obtain a credit report at least six months prior to applying for such a loan in order to minimize delays.
Where can I find more information?
Learn more details about the loan process by visiting the University of Dayton Office of Scholarships and Financial Aid website or contact the UDSL Office of Admissions at (937) 229-3555 or via e-mail at lawinfo@udayton.edu