There are numerous types of loan programs available to graduate and professional students. It is important to research the opportunities for financial assistance, as well as the obligations and responsibilities, before beginning law school.
Email the Financial Aid Coordinator for any questions regarding financial aid or loans. When researching loans, it is also advisable to visit the individual web sites of each lender and use the agencies as resources as well.
Federal Stafford Loan Program
Stafford loans are available to students who are or will be enrolled at least part-time at an accredited school. Students must apply for these loans by submitting the Free Application for Federal Student Aid. Saint Louis University’s school code is 002506.
Saint Louis University participates in the William D. Ford Direct Loan Program. Under Direct Loan, loan funds are provided through the Department of Education's educational loan program. Stafford Loans are divided into subsidized or unsubsidized portions. This loan has a fixed interest rate of 6.8% and a 1% origination fee, as set by the Department of Education.
Review the Federal Stafford Loan page for further information on these loans as well as information about completing a Master Promissory Note.
Graduate PLUS Loans (GRAD PLUS)
Beginning July 1, 2006, graduate/professional students will now be able to borrow from the federal PLUS loan program. The federal PLUS loan program will allow graduate/professional students to borrow additional federal loan funds under their own signature and will be called the Graduate PLUS loan. A student enrolled at least half-time may borrow up to the cost of attendance minus other aid. This loan is unsubsidized with a fixed interest rate of 7.9% and a 4% origination fee, as set by the Department of Education.
Review the Graduate PLUS Loan page for further information on this loan program.
Law students have a variety of alternative/private loan programs from which to choose. Most alternative/private loan programs have similar requirements and limits, differing mainly in guarantees, fees and repayment options. There are also alternative/private loan programs that offer interest-free loans.
These loans are available to law students who are or will be enrolled at an ABA accredited law school. Students must attend at least part-time and have a good credit history or a credit-worthy co-signer. Alternative/private loans are based on credit history and only the lender has discretion on approving the loan. However, research is key in determining which loan(s) best fit your criteria. Alternative/private loans cannot be consolidated with Stafford loans.
Review the alternative/private loan programs for further information and the preferred lenders for these loans.
For international students planning on studying at Saint Louis University School of Law, financial arrangements must be met before studies can begin. Federal aid is not available to international students on a F1 or F2 student visa, J1 or J2 exchange visitor visa or a G series visa. Contact the appropriate lenders for the loans for international students for specific requirements and qualifications. Saint Louis University School of Law does not endorse or recommend any alternative/private loan over another. Please read and research the various loans carefully to determine which loan(s) best match your needs.