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Basic Student Eligibility

To receive aid a federal loan, you must:

1. Have financial (except for unsubsidized Stafford loans)
   
2. Be enrolled as a regular student working toward a Juris Doctor degree
   
3. Be a US citizen or eligible non-citizen
   
4. Not be in default on any loans
   
5. Have a valid social security number or valid alien registration number
   
6. Maintain satisfactory academic progress (2.0 cumulative GPA)
   

Subsidized Loans & Fees

• Subsidized loans are awarded on the basis of financial need, which is determined by the information you have provided.
  
  
• If you qualify for a subsidized loan, you will not be charged any interest before you begin repayment or during the authorized periods of deferment. The federal government "subsidizes" the interest during these periods.
  
  
• The maximum amount you may borrow is $8,500.00 per academic year
  (August to July 31) if you qualify for the full amount.
  
  
• Fees of approximately 3% of the principal amount borrowed will be taken from the loan prior to disbursement.
  
  

Unsubsidized Loans & Fees

• Unsubsidized Loans are not awarded on the basis of financial need. You will be charged interest from the time the loan is disbursed.
  
  
• The maximum amount you may borrow is 12,000.00 per academic year (August to July 31) if you qualify for the full amount.
  
  
• Fees of approximately 3% of the principal amount borrowed will be taken from the loan prior to disbursement.
  

Satisfactory Academic Progress Policy

• Satisfactory academic progress must be maintained. Students are required to have an overall grade point average of a 2.0 to maintain Satisfactory Academic Progress.
  
  
• Students whose overall grade point average falls below an overall average of a 2.0 are placed on academic probation for the next semester, and these students are ineligible to receive Federal Loans for that semester or until they become eligible again.
  
  
• A student may petition in writing to Lynn Bowab, the Director of Financial Aid, for an exception to this policy. Exceptions to this policy are granted on a case by case basis and only in extraordinary situations.

GRADUATE PLUS LOANS

Loans are also available in a recommended amount of $6,500.00 per year.  NOTE:  An additional Master Promissory Note, entrance session and creditworthiness and the student must be making academic progress to apply for this loan (www.studentloans.gov) every year.

To request monies over MSL’s recommended Grad PLUS amount, a student can indicate to MSL the amount on MSL’s MPN2 form.  The max amount which may be requested is $15,000.00 per year (www.studentloans.gov).

Students who will be graduating in December 2011 are not eligible to borrow a Grad Plus loan

September 13, 2011 6:36 PM