Financial Aid FAQs
Financial Aid – Frequently Asked Questions (FAQs)
Q. Is a new application required each year to receive financial aid?
A. Yes, each student must reapply each year for financial aid.
Q. What is the deadline for applying for financial aid each year?
A. April 15 is the priority deadline.
Q. What types of loans are available?
A. Federal Direct Unsubsidized Loan and Federal Direct Graduate Plus Loans.
Q. What is the difference between the two types of loans?
A. The Federal Direct Unsubsidized Loan is not awarded on the basis of need. The maximum loan limit per academic year is $20,500. Interest accrues while the student attends school. Federal Direct Graduate PLUS Loan is a credit based loan that allows the student to borrow up to their cost of attendance, minus any other aid. Students may apply online at www.studentloans.gov. The student/endorser must not have an adverse credit history.
Q. What is a Master Promissory Note (MPN)?
A. The MPN is a multi-year note, which allows the borrower to complete the note once and borrow in subsequent years (up to 10 years) without completing an additional note. Its use was mandated by the federal government on all loans. There are two types of MPNs: Direct Subsidized/Unsubsidized and Direct PLUS. If a student requires an endorser, the MPN expires after the loan has been approved. Upon approval, please contact the Office of Financial Aid.
Q. How do I find out if my loan has been received at the Law Center?
A. The Student should check their account on Banner Self Service.
Q. How are funds received at the University?
A. The funds are received from the U.S. Department of Education by electronic transfer to the University. Afterwards, the University distributes those funds into each student’s account.
Q. Which department controls the distribution of refunds?
A. The Office of Finance has the responsibility of distributing refunds. The Office of Financial Aid is not involved in that process.
Q. How is the amount of money determined that the student receives each year?
A. The cost of attendance budget is determined by reviewing each year the cost of living in the community by a student based on needs and not wants in the following components: 1) Tuition 2) Books and Supplies 3) Room and Board 4) Transportation 5) Personal/Miscellaneous. For out-of-state students, we add non-resident fees to the components. Also, we have added a component for child care for those students who have dependent children. Documentation is required.
Q. Do I have to maintain a certain grade point average to be eligible for financial aid?
A. Yes, all students are expected to maintain a minimum grade point average based on attempted course hours. Additionally, students are required to progress at 70% of all attempted hours. Students should refer to the Law Center’s Satisfactory Academic Progress (SAP) policy.
Q. When can I apply for a Bar Study Loan?
A. You can apply for a Bar Study Loan within the semester you are graduating. Please contact either of the participating lenders: Sallie Mae or Discover Student Loans.