Federal Subsidized Stafford Loan Program
The Subsidized Stafford Loan is awarded based on financial need. The annual amount of this award may not exceed $8,500 (to an aggregate of $65,500). No interest accrues on the loan while the student is enrolled at least half-time, during the six-month grace period following the last date of attendance and during authorized periods of deferment. The federal government "subsidizes" the interest during these periods. Interest rates are fixed and are capped at 8.25%. Interest rates for July 1, 2007 - June 30, 2008 during in-school, grace and deferment periods ae 6.62% and in active repayment 7.22%.
Federal Unsubsidized Loan Program
The Unsubsidized Stafford 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 less any amount borrowed through the Federal Subsidized Stafford Loan Program during an academic year (up to an aggregate of $138,500 combined Subsidized and Unsubsidized Stafford Loans). Interest rates are variable, annually adjusted and current interest rates are the same as for Subsidized Stafford Loans.
Federal Perkins Loan Program
Students with exceptional financial need may be awarded a maximum of $3,000 from the Perkins Loan program. No interest accrues on the loan while the student is enrolled at least halftime or during the nine month grace period following the last date of attendance. The interest rate is 5% with a maximum repayment term of 10 years. Repayment is deferred until the 9 months after 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. First time applicants and students whose family or financial status has changed must complete the Need Access Application. Apply online at www.needaccess.org.
Federal Plus Loan for Graduate Students
Graduate students are now eligible to borrow a Federal PLUS Loan. This 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 and no aggregate limits; has the same deferment, forbearance, and death and disability provisions as Federal Stafford Loans. The Graduate PLUS loan are 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. To apply and additional information, visit your lender of choice website.
Alternative Loan Programs
Often, the financial aid available from federal, state and institutional sources is not enough to meet the total cost of attendance. Alternative loan programs provide opportunities to borrow to meet these costs. The annual maximum loan limits for most alternative loans is the difference between the cost of attendance and any other financial aid received for the academic year. Unlike the federal 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.
Tuition Assistant Program (TAP)
Residents of New York State who are full-time students are expected to apply for TAP awards. TAP is a need-based scholarship that is based on NY State taxable income. The current maximum TAP award for graduate students is $550. Applications for TAP are automatically generated for NY State residents who file a FAFSA. An Express TAP Application (ETA) is mailed directly form NY State Higher Education Services Corporation (HESC) and contains some information directly from the FAFSA. Questions pertaining to TAP may be addressed to HESC at 518.474.5642. You may obtain additional information about the program on-line at www.hesc.com.
