Carmelyn Malalis ’01
Chair and Commissioner, New York City Commission on Human Rights, New York
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Under this program, a law student may borrow as much as $20,500 per academic year to a maximum indebtedness of $138,500 over the student’s entire educational career.
Unsubsidized: The Federal Unsubsidized Stafford Loan is a non-need-based loan program. Federal Direct Unsubsidized Loans have an interest rate of 5.28% (for loans disbursed on or after July 1, 2021 and before July 1, 2022), and an origination fee of 1.057% deducted from the proceeds of the loan at disbursement. In order to apply for this loan you must file the requisite financial aid application. Interest on this loan will be charged from the time that the loan is disbursed until the loan is repaid in full. Interest payments may be made while the student is in school or may be capitalized onto the principal balance. The maximum annual amount under this program is $20,500 per year. The standard repayment period is for 10 years.
A student's Stafford Loan eligibility will appear on the Offer of Financial Aid. Our office will automatically certify the maximum eligibility unless we are told otherwise. Two additional steps must be completed to obtain the Stafford Loans.
Beginning July 1, 2006, PLUS loans were made available for law students. To be eligible for this loan, you must file a FAFSA and be eligible for federal aid. Students can borrow the PLUS loan to supplement the Federal Unsubsidized loans that are currently available.
The Federal Graduate PLUS Loan has a fixed interest rate of 6.28% (for loans disbursed on or after July 1, 2021 and before July 1, 2022), and an origination fee of 4.228% deducted from the proceeds at loan disbursement. A basic credit check is performed. Repayment can be 10-25 years based on the amount borrowed. Students have the ability to consolidate PLUS loans with other Federal Loans. In-school deferment is available through graduation.
To apply for the PLUS loan, you must complete the Graduate Plus Loan Application on StudentLoans.gov using your FSA ID and password.
In order for first-time student borrowers to receive PLUS Loan funds, you will need to complete a Master Promissory Note and an online entrance interview. You can find a link to both forms here.
Students considering careers in the public interest should seriously consider using the Graduate PLUS loan as their supplemental loan because it qualifies for federal loan forgiveness benefits if the student meets certain criteria after graduation.
Average PLUS Loan fees will be added to the cost of attendance by the Financial Aid office at the time the loan is processed.
If you wish to use a different supplemental loan, such as a private educational loan, we recommend that you compare loan information and terms carefully. Credible.com allows you to compare private student loan rates and terms before borrowing. Credible also offers a tool to compare bar exam loans.
If you student wish to use a supplemental loan other than the Graduate PLUS loan, please contact Financial Aid to certify the loan once you have applied. For all supplemental loans, applicants may borrow up to the cost of education less any other financial aid received.