There are several types of financial aid programs available, including: the Direct Unsubsidized Loan Program, the Federal Perkins Loan Program, the New York Law School Grant Program, the Direct Graduate PLUS loan program, and Alternative Loan Programs. We have provided descriptions of each below as well as information about credit reporting agencies and tuition payment plans.
Direct Unsubsidized Loan Program
The Direct Unsubsidized Loan is not based on financial need. Interest will accrue from the time the loan is disbursed until it is paid in full. Interest accumulated while in school or during other periods of nonpayment is capitalized (added to the principal amount of the loan), unless a student opts to make interest payments while in school. Students may borrow up to $20,500 during an academic year (up to an aggregate of $138,500 ). The interest rate is fixed at 6.21 percent for loans disbursed between July 1st 2014 and June 30th 2015. There is a 1.073 percent loan origination fee that is taken at the time of disbursement.
Federal Perkins Loan Program
Students with exceptional financial need may be awarded a maximum of $5,000 from the Perkins Loan program. No interest accrues on the loan while the student is enrolled at least half-time or during the nine-month grace period following the last date of attendance. The interest rate is 5 percent with a maximum repayment term of 10 years. Repayment is deferred until the 9 months after the last date of enrollment.
New York Law School Grant
The New York Law School Grant is a need-based grant offered to students who demonstrate exceptional financial need after the federal loans, family contribution, and work components are factored into the cost of attendance. The New York Law School Grant is not renewable; students must reapply each year for assistance. To do so, parental information must be reported on the FAFSA. You may complete or update your FAFSA at www.fafsa.ed.gov.
Direct Graduate PLUS Loan
The Direct Graduate PLUS loan allows you, not your parents, to borrow up to the cost of attendance less any other financial aid you receive. It has a fixed interest rate (7.21 percent for loans disbursed between July 1st 2014 and June 30th 2015) and no aggregate limits, and it has the same deferment, forbearance, and death and disability provisions as Direct Unsubsidized Loans. The Graduate PLUS loan is also eligible for federal consolidation. Credit checks are required to be eligible for this loan, but the credit criteria are less stringent than with most private student loans. There is a 4.292 percent origination fee, taken at the time of disbursement.
Alternative Loan Programs
The annual maximum loan limit for most alternative loans is the difference between the cost of attendance and any other financial aid received for the academic year. Unlike the Direct Loan programs, alternative loan programs are consumer loans for students and therefore require borrowers to demonstrate good credit histories as part of the eligibility requirements. The Office of Financial Aid strongly suggests that you get a copy of your credit report from each of the three credit reporting agencies prior to applying for an alternative loan.
Credit Reporting Agencies:
Trans Union Credit Corp.
Tuition Payment Plans
Several tuition payment plans operated by private, for-profit organizations not affiliated with the Law School are available to our students. These programs permit you to make tuition payments on a monthly basis. Plans vary by provider. These organizations are:
Tuition Management Systems Inc. (TMS)
Tuition Pay (formerly AMS)
Additional information is available from the New York Law School Accounting Office, 212.431.2323, located on the sixth floor of E Building.