There are several types of financial aid programs available:
- Direct Unsubsidized Loan Program
- Federal Perkins Loan Program
- New York Law School Grant Program
- Direct Graduate PLUS loan program
- 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 6.59 percent for loans disbursed between July 1st, 2018 and June 30th, 2019. There is a 1.066 percent loan origination fee that is taken at the time of disbursement.
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 of 7.59% for loans disbursed between July 1, 2018 and June 30, 2019 and no aggregate limits. 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 4.264 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
A tuition payment plan operated by a private, for-profit organization not affiliated with the Law School is available to our students. This program permits you to make tuition payments on a monthly basis:
Tuition Management Systems (TMS)