Loans and Credit
While your education is likely to be the best investment you ever will make, we urge you to be as prudent as possible in your borrowing. For every $10,000 borrowed, a student can expect to pay approximately $125 each month in debt servicing after graduation. It is very important that you understand the terms, requirements, and in-school and post-graduation obligations of the loans you borrow, and that you maintain complete records of all your loan documents and promissory notes. To help us keep accurate records of student eligibility and borrowing, all Law School students are required to notify the Financial Aid Office of any changes made to their educational loans.
We strongly encourage you to contact the loan provider(s) directly for the most current information on loan terms. Please pay close attention to interest rates and fees, and inquire about any repayment incentives or options. The loan disclosure statements you receive once your loans are approved will contain the actual terms and conditions of your loans, and you have the option of declining or decreasing the loan at that time.
Finally, please be aware that the College Cost Reduction and Access Act of 2007 contains a section (401) pertaining to Federal Loan Forgiveness for Public Service Employees. The federal loan forgiveness provisions require borrowers to have borrowed Direct Loans or to have consolidated their federal loans through the Federal Direct Consolidation Program. As such, we advise that borrowers carefully consider the available educational loan programs (Direct Graduate PLUS versus private educational loans) to ensure that their individual loan borrowing fits into their long-term financial planning. While borrowing through private educational loan programs may provide better loan terms in the short term, it also may limit your options should you decide one day to use the Federal Loan Forgiveness for Public Service Employees program. While we encourage loan borrowers to refer to the detail of the Federal Program in determining all relevant issues, the Financial Aid Office is available to address individual concerns.