The majority of law students find it necessary to borrow money in order to finance their education. It is important to plan prudently and to select the loans that are best for you. McGeorge's Financial Aid Office will help you select from, and apply for, the following loans:
Federal Direct Ford Unsubsidized Stafford Loan
A Master Promissory Note (MPN) is required for the Federal Direct Ford Unsubsidized Stafford Loan.
William D. Ford Federal Direct Unsubsidized Stafford loans are not awarded based on a student鈥檚 financial need. Through this program a student may borrow up to $20,500 annually.
The government will take an origination fee of approximately 1% before disbursing to your account. The aggregate loan limit is $138,500. The interest rate is a variable-fixed rate tied to the 10-year treasury bill plus 3.6% with a 9.5% cap. The interest rate will be determined each year and set for loans disbursed after July 1 through the following June 30. The unsubsidized 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. The Federal Direct Unsubsidized Stafford Loans are disbursed to McGeorge in two payments, one each semester. An email will be sent from the Financial Aid Office to your McGeorge e-mail account when the funds are received. When the school receives the funds, the refund process is handled by the Business Office. For more detailed information about the Federal Direct Unsubsidized Stafford Program, refer to the online Financial Aid Handbook.
Federal Direct Graduate PLUS Loan
A Master Promissory Note (MPN) is required for the Federal Direct Graduate PLUS loan.
Students in need of additional financial aid resources may apply for the Federal Direct Graduate PLUS Loan (Graduate PLUS). Students may borrow an amount up to the Cost of Attendance minus all other financial aid. Graduate PLUS Loans are credit based, therefore it is required that the applicants be credit worthy. The interest rate is a variable-fixed rate tied to the 10-year treasury bill plus 4.6% with a 10.5% cap. The interest rate will be established each year for which the first disbursement is on or after July 1 through the following June 30. The government will take an origination fee of approximately 4% before disbursing to your account. Graduate PLUS Loans have no loan aggregate. The student has the option of paying the interest monthly or quarterly or allowing it to accrue while in school. Repayment begins six months after graduation or when the borrower falls below half-time. Federal law requires both entrance and exit counseling for this loan.
Federal Work-Study Program
Work-Study is a part-time program to earn money while you are in school. Students are not automatically awarded a Federal Work-Study Allocation. Check with the Financial Aid Office to determine work-study eligibility prior to seeking or continuing a work-study position for the academic year. Available positions are posted on the Financial Aid Bulletin Board and online using the Career Development Office (CDO) Website. Before you start working you must complete payroll paperwork. After the paperwork is processed, you will receive an email from the Financial Aid Office allowing you to start working.
Students must be certain that the employer has a current work-study agreement with McGeorge. A student who finds a qualified employer (private non-profit/public agency) must check with the Financial Aid Office before informing the employer that work-study is possible.
Questions?
Contact the Financial Aid Office
Email | 916.739.7158
