Federal and Private Loan Programs
Domestic students enrolled in 4 units or more may be eligible for a Federal Stafford loan. Students can refer to our Loan Application Process web page for information regarding the online Stafford loan application process.
Students who are not eligible for a Federal Stafford loan may be eligible for a private loan.
Once the loan application process is complete and the student has enrolled, funds are disbursed electronically and applied to the student account on or near the beginning of the term.
Federal Unsubsidized Stafford Loan
Federal Direct Unsubsidized Stafford loans are not awarded based on a student's financial need. Through this program, a student may borrow up to $20,500 annually. The loan has a fixed interest rate of 4.3% and interest begins to accrue immediately upon disbursement. The student has the option of paying the interest quarterly or allowing it to accrue while in school. Repayment begins six months after the borrower graduates or is no longer enrolled at least half-time. Federal law requires both entrance and exit counseling for this loan.
Federal Graduate PLUS Loan
The Federal Direct Grad PLUS loan is a federal loan designed to assist graduate and professional students who are U.S. citizens or eligible non-citizens. Students may borrow the amount equal to the cost of attendance less all other financial aid. The Federal Direct Grad PLUS loan has a fixed interest rate of 5.3%, with repayment beginning 60 days after the loan is fully disbursed. Once in repayment, students that are enrolled at least half-time are eligible for an in-school deferment on the principal balance of the loan. The Federal Direct Grad PLUS loan is credit based, but the government does not factor debt-to-income ratio, therefore, more students may be approved for the Federal Direct Grad PLUS loan as opposed to private loans. The Federal Direct Grad PLUS loan has the same repayment, deferment, forbearance and cancellation provisions as the Federal Stafford loan program. The Federal Direct Grad PLUS loan may be consolidated with other federal loans.
Students in need of additional financial aid resources may apply for a private loan. Students may borrow an amount equal to the cost of attendance minus all other financial aid. Private loans are credit based; therefore, it is required that applicants be credit worthy or have a credit worthy co-signer. A private loan is the only form of financial aid available to non-U.S. citizens. Non-U.S. citizens must have a co-signer that is a credit worthy U.S. citizen in order to apply for a private loan. It is the student's responsibility to compare the loan terms of each lender. Information regarding interest rates, payments, fees, and repayment options can be obtained by contacting participating lenders. The Caruso School of Law is not held responsible for students who are denied private loans due to adverse credit.
The Bar Examination loan is a private loan program that is available to graduating law students to finance expenses incurred during the Bar examination process. Expenses include exam fees, review courses, and living costs for the period prior to being notified of Bar examination results.