To be eligible for a federal loan, you must:
- Submit the appropriate Free Application(s) for Federal Student Aid (FAFSA) – typically, students who complete the FAFSA will be eligible for $20,500 in Federal Stafford Loans for the 2010-2011 academic year (for students entering in Summer 2010, the summer semester eligibility is $20,500 if you have not used any Federal Stafford Loan monies in the 2009-2010 academic year)
- 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
Submitting the appropriate FAFSA(s):
- Summer Applicants – You must submit two Free Applications for Federal Student Aid (FAFSA). For Summer 2010 loan eligibility, submit or update the current (2009-2010) FAFSA. For Fall 2010 and Winter 2011 loan eligibility, submit the 2010-2011 FAFSA. 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 completed by May 1
- Fall Applicants – Submit the 2010-2011 Free Application for Federal Student Aid (FAFSA) as soon after January 1 as possible to be considered for federal loan. 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 completed by May 1
Federal Stafford Loan – Subsidized
- Awarded on the basis of financial need (as determined by your FAFSA)
- Maximum amount is $8,500 per academic year (for students entering in Summer 2010, the summer semester eligibility is $8,500 if you have not used any Federal Stafford Loan monies in the 2009-2010 academic year)
- 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 (for students entering in Summer 2010, the summer semester eligibility is $12,000 if you have not used any Federal Stafford Loan monies in the 2009-2010 academic year)
- Interest accrues while you are in school and is your responsibility