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Loans

There are several loan programs for law students to assist with financing expenses for law school, including living expenses as needed.

To ensure the best plan for your situation, research these opportunities for financial assistance, as well as the obligations and responsibilities of each. Loans must be repaid. Email the assistant director of student financial services and financial education for any questions regarding which program may best suit your long-term plans.

Direct Unsubsidized Loan Program

Saint Louis University participates in the William D. Ford Direct Loan Program. Direct Loan funds are provided through the U.S. Department of Education.

Direct Unsubsidized loans are available to students who are or will be enrolled at least half-time at an accredited school. Students must apply for these loans by submitting the Free Application for Federal Student Aid (FAFSA) each year. Saint Louis University’s federal school code is 002506. Once Saint Louis University receives FAFSA information, award letters are sent out to students in March for the upcoming academic year. A student must then confirm the amount of the loan via mySLU by selecting “Financial Aid Awards” under the student tab.

If a student is a first-time borrower with this loan program, they must also complete a Direct Unsubsidized Loan Master Promissory Note and Entrance Counseling via studentaid.gov.

  • Eligibility: U.S. citizens, eligible non-citizens. (Note: students with an F1 or F2 student visa or a J1 or J2 exchange visitor visa or a G series visa are NOT eligible for federal aid.)
  • Amounts available: Up to $20,500 per academic year.
  • Repayment: 10-25 years, depending on the total amount borrowed. Use the repayment calculator tool to explore the various options.
Direct PLUS Loans

The Direct PLUS loan often bridges the gap between existing financial aid and the remaining cost of attendance. Direct PLUS loans are available to students who are or will be enrolled at least half-time at an accredited school. The lender will perform a credit check at the time of application. To be approved, the applicant must not have an adverse credit history.

Students apply for these loans annually through the following steps:

  1. Complete a Free Application for Federal Student Aid (FAFSA) via fafsa.gov. Saint Louis University’s federal school code is 002506.
  2. Submit a “Direct PLUS Loan Request” via studentaid.gov. Students must exhaust loans offered through the Direct Unsubsidized loan program first.
  3. New borrowers only: Complete a Master Promissory Note(MPN) and Entrance Counseling via studentaid.gov.
  • Eligibility: U.S. citizens, eligible non-citizens. (Note: students with an F1 or F2 student visa or a J1 or J2 exchange visitor visa or a G series visa are NOT eligible for federal aid.)
  • Amounts available: Up to the cost of attendance minus other aid.
  • Repayment: 10-25 years, depending on the total amount borrowed.  Use the repayment calculator tool to explore the various options.
Private Loans/Bar Study Loans

Besides federal student loans, law students could choose to finance education-related expenses from a private loan. Saint Louis University recommends reviewing your aid options, including federal loans, before applying for private loans.

A private loan is an educational loan for credit-worthy borrowers (student, parent or other) that is offered by banks and other organizations. You may borrow from any lender you choose and are not required to use a lender on Saint Louis University’s preferred lender list. Saint Louis University will process loans from any lender without delay.

By clicking on the following link, you will be directed away from Saint Louis University Student Financial Services website. Review SLU's preferred lender list for law and bar study: Law/Bar Study Preferred Lender List.

Student Financial Services and employees of ELM Resources, a software provider of ELMSelect, are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in ELMSelect. Prohibited activities of financial aid employees include but are not limited to: serving on a lender's or lender affiliate's advisory board (with or without compensation), accepting gifts including trips, meals and entertainment. Find further policy details and selection criteria for our preferred lender list here.

International 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 specific requirements and qualifications. Saint Louis University School of Law does not endorse or recommend any loan over another. Please read and research the various loans carefully to determine which loan best matches your needs.

Find more information about financial aid for international students here.

Emergency Loans

Our generous donors have enacted several emergency loan funds to assist students during their legal education. The School of Law has limited funds available to law students in need of short-term, emergency funds. Depending on the availability of funds, students may borrow up to $2,000. It is imperative that all borrowers abide by the repayment obligations to ensure continued availability to other students. Amounts owed are debts to the University. Failure to repay may result in the refusal to release official transcripts or the imposition of other penalties. Please see the Law School Financial Aid Office regarding the emergency loan funds.

At the current time, the following emergency loans are available to law students:

  • Irvin and Margaret Dagen Emergency Loan: Up to $1,000 is available to currently enrolled law students. Loan repayment is up to six months with a 6% interest rate if the loan is not paid in full by the maturity date.
  • Terry Gould Emergency Loan: Up to $2,000 is available to currently enrolled law students. Loan repayment terms will be agreed upon by the borrower, not to exceed their expected graduation date. If necessary, a 6% interest rate will apply if the loan is not paid in full by the maturity date.
  • Allen E. Fishman Emergency Loan: Up to $300 is available to graduating students to help with bar related expenses. Loan repayment is three years with an interest rate of 6% if the loan is not paid in full by the maturity date.
  • Callis Revolving Student Loan Fund: Fund was established to help graduating students attempting to cover the cost of bar prep expenses, but who do not have available funds. Law students must be enrolled in their last semester of law school and have a graduation application on file. Loan repayment is three years with an interest rate of 6% if the loan is not paid in full by the maturity due date.

Financial information for international students

Student Loan Questions

Are federal student loans based on credit?

Because Stafford loans are guaranteed by the federal government, previous credit problems will not affect your ability to qualify — unless you have defaulted on a student loan. Credit problems may affect your eligibility for the Graduate PLUS loan and private/alternative loans. The Graduate PLUS loan and the private/alternative loans are approved based on the credit of the borrower or that of a credit-worthy co-borrower.

I applied for loans before the semester began. When do I get my loan funds?

Refunds begin the week before school begins. If you completed your application well in advance of the semester, you should receive your loan funds within the first two weeks of school. It is recommended that you sign up for an electronic refund via the Bill Payment Suite in mySLU.

How can I clear a default on my student loan?

You must contact your lender or loan servicer immediately in order to work out a repayment plan. In most cases, you will be required to make at least six consecutive, on-time payments before you can apply for further federal loans.

If you are unsure of who owns your student loans, you can request that information by using the National Student Loan Data System.