Federal Direct Student Loan Program
As a part of the Health Care and Education Affordability Reconciliation Act of 2010, Loyola University Chicago is now a participant in the William D. Ford Federal Direct Student Loan (Direct Loan) Program.
Direct Loans are low-interest loans for students to help finance the cost of education at the post-secondary level. Under the Direct Loan Program, students will work with the Financial Aid Office to obtain Federal Direct Stafford Loans and Federal Direct Graduate PLUS Loans from the U.S. Department of Education, rather than from private banks and credit unions. Direct Loans are recommended over private loans due to their fixed interest rates and repayment flexibility.
Federal Direct Unsubsidized Stafford Loan
Every law student is eligible for $20,500 in Federal Direct Stafford Loan, as long as they have not previously defaulted on a Federal Loan.
The Federal Direct Stafford Loan program has a fixed interest rate of 6.8%. The unsubsidized loan is eligible for payment deferment while the student is enrolled at least half-time. Students borrowing the Federal Direct Stafford Loan will have more repayment plan choices, and additional loan forgiveness options.
Federal Direct Grad PLUS Loan
The Federal Direct Grad PLUS Loan is a loan with a fixed interest rate of 7.9% available to students enrolled at least half-time. Borrowers must not have an adverse credit history. Repayment of principal and interest begins within 60 days of the last day of enrollment.
We strongly recommend obtaining a copy of your credit report now to determine if it contains errors or to see if you have any problematic accounts. This could seriously impact your ability to qualify for this loan.
Loan deferments for enrolling students
As an enrolled law student, you may be eligible to defer the repayment of educational loans you received for your prior studies. Loyola University submits enrollment data to the National Student Loan Clearinghouse to process deferments requiring academic certification. For some loans, you may be required to submit a deferment form. The Law Registrar’s Office at Loyola University Chicago certifies student enrollment status and processes deferment forms as early as the first week of classes.
ADDITIONAL INFORMATION FOR:
INTERNATIONAL STUDENTS
Federal loans are not available to students who are not permanent residents or citizens of the United States. You will need to provide official proof of financial ability to pay for tuition and living expenses.
TRANSFER STUDENTS
For transfer students, the sole source of funding for education is loans. Make sure that a copy of the FAFSA report is sent to Loyola University Chicago.
Incoming Visiting Students
If you have been accepted to Loyola University Chicago School of Law as a visiting student and need financial aid to meet your educational costs, you must arrange to process your financial aid with your home institution. Your home institution must forward a consortium agreement form to the Law School Financial Aid Office so that we may provide information regarding your dates of attendance, cost of attendance, and enrollment status.
