Financing Law School

The law school's financial aid office will review your application and calculate your eligibility for the various forms of financial aid from all sources. It is important to carefully review your package and to understand the terms and conditions of all aid offered to you. All applicants for federal student loans must complete the Free Application for Federal Student Aid (FAFSA). If you plan on attending law school on or after July 1, you can apply for federal financial aid through the FAFSA form after January 1 of the same calendar year.

Your financial need is the difference between your resources and the total cost of attendance. Your unmet financial need is determined by subtracting the amount of your federally calculated Estimated Family Contribution (EFC), as well as any scholarships and/or grants you receive, from the total Cost of Attendance (COA). The budget used for determining need includes tuition, books and supplies, as well as living expenses, transportation, and personal expenses. The Student Expense Budget is set by the law school and will vary by school. Consumer debt is not included in your Student Expense Budget and should be paid before you attend law school.

If your financial circumstances change after you complete and file your financial aid forms, notify the financial aid office so that your need analysis may be revised.

Independent/Dependent Status

All graduate and professional school students are considered independent for the purposes of determining federal aid eligibility. This means that for the purpose of applying for federal aid (including federal loans), submission of parental information is not required. Law schools, however, may require parental income information for institutional grants, loans, and scholarships. You should be aware that the law schools have specific policies and procedures regarding independent status for the allocation of institutional funds. These guidelines will vary by school.

The law school financial aid office will send you a letter explaining your financial aid eligibility. You may be eligible for several different types of aid, which may be available to bring the cost of attending law school within reach. The amount of aid you receive in each category will depend on your own resources and the financial aid policy and resources of each law school.

Credit

Graduate PLUS and private loans are approved on the basis of your credit. Lenders will analyze your credit report before approving a private loan. Most offer prequalification services on the Internet or by phone. If you have a poor credit history, you may be denied a loan. If there is a mistake on your credit report—and there are sometimes mistakes—you will want adequate time to correct the error. It is essential to clear up errors or other discrepancies before you apply for a private or Graduate PLUS loan.

You may want to obtain a copy of your credit report so that you can track and clear up any problems. You can order your free copy from one of the major credit reporting agencies by calling 1.877.322.8228, or you can go to www.annualcreditreport.com. You may also mail a request to:

Annual Credit Report Request Service
PO BOX 105283
Atlanta GA 30348-5283