Financial Aid Resources

• Direct Subsidized Loan Program
• Direct Unsubsidized Loan Program
• Federal Perkins Loan Program
• New York Law School Grant
• Alternative Loan Programs
• Direct Graduate PLUS loan

Direct Subsidized Loan Program

The Direct Subsidized 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. The interest rate is fixed at 6.8%.  Beginning July 1, 2012, th Direct Subsidized Loan program will no longer be available to students in graduate and professional degree programs.   

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 less any amount borrowed through the Direct Subsidized Loan Program during an academic year (up to an aggregate of $138,500 combined Direct Subsidized and Unsubsidized Loans). The interest rate is fixed at 6.8%.  There is a 1% loan origination fee that is taken at the time of disbursement.  For the 2011-2012 aid year, a .5% rebate on the loan origination fee is in effect.

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. 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 (7.9%) and no aggregate limits; has the same deferment, forbearance, and death and disability provisions as Direct Subsidized and 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% origination fee, taken at the time of disbursement.  For the 2011-2012 aid year, a 1.5% rebate on the loan origination fee is in effect.

Alternative Loan Programs

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 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:

Equifax
800.685.1111
www.euifax.com

Experian
888.397.3742
www.experian.com

Trans Union Credit Corp.
800.888.4213
www.tuc.com

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)
800-722-4867
www.afford.com/nyls

Tuition Pay (formerly AMS)
800-635-1020
www.tuitionpay.salliemae.com

Additional information is available from the New York Law School Accounting Office, 212 431-2323, located on the 6th floor of A Building.