Current Students

Student Loans

Federal Loans   

DIRECT STAFFORD LOANS

The Direct Unsubsidized Stafford Loan is a federal loan borrowed directly from the U.S. Department of Education and administered by the school. The annual loan limit is $20,500 per academic year. Interest accrues on the Unsubsidized Direct Stafford Loan from the time the loan is disbursed until it is paid in full. Interest accumulated while in school or during other periods of nonpayment is capitalized (added to the principal amount of the loan), but a student has the option to make interest payments while in school.

  1. Interest Rate:  5.41% (for 2013-14).
  2. Origination Fee:  For the 2013-14 year, 1.051% will be deducted proportionally from the gross amount of each loan disbursement. Example: If you borrow $20,500, the total origination fee is @$214. Each disbursement will be $10,143 ($10,250 less $107).
  3. Grace period: 6 months after graduation, withdrawal, leave of absence, or drop to less than half-time status.
  4. Repayment Plans: Federal Direct Stafford Loans have various payment options:  Standard 10-year Repayment Plan, Graduated Repayment Plan, Extended Repayment Plan, Income Contingent Repayment Plan (ICR), and Income Based Repayment Plan (IBR).
  5. Aggregate Stafford Loan debt (both Subsidized and Unsubsidized): $138,500 with no more than $65,500 in Subsidized. Note:Direct Subsidized Stafford Loans are no longer available to law students as of July 1, 2012, however, the aggregate loan limit may not exceed Subsidized and Unsubsidized Stafford Loans previously borrowed.
  6. Direct Loan Consolidation is available. 
  7. Application Procedures.

DIRECT GRADUATE PLUS LOAN

After applying for the Direct Unsubsidized Stafford Loan, Law students may apply for a Direct Graduate Plus Loan to cover remaining educational costs up to the Cost of Attendance minus all other estimated financial assistance. Direct Graduate Plus Loans are another option in addition to private (alternative) loans. Direct Graduate PLUS loans are credit based, meaning that a credit check is performed to determine eligibility for the Direct Plus Loan. Your credit score is not used in determining eligibility, however, borrowers must demonstrate that they do not have an adverse credit history*.& If adverse credit exits, the borrower may be approved for the loan by obtaining a credit worthy endorser (co-borrower).

  1. Interest Rate:  6.41% (for 2013-14).
  2. Origination Fee: For the 2013-14 year, 4.204% will be deducted proportionally from the gross amount of each loan disbursement. Example: If you borrow $40,000, the total origination fee is $1,680. Each disbursement will be $19,160 ($20,000 less $840).
  3. Deferment for 6 months after student is no longer enrolled at least half time.
  4. Repayment Plans: Federal Direct Stafford Loans have various payment options: Standard 10-year Repayment Plan, Graduated Repayment Plan, Extended Repayment Plan, Income Contingent Repayment Plan (ICR), and Income Based Repayment Plan (IBR).
  5. Direct Loan Consolidation is available. 
  6. Application Procedures.

*Please contact the Financial Aid Office for information on the definition of adverse credit history.

FEDERAL PERKINS LOAN

Federal Perkins loans are awarded on a rolling basis to those with exceptional financial need until funds are exhausted for the year. Loan amounts range from $1,000 to $6,000 depending on available funding and student eligibility. The average loan amount to Seton Hall Law students is $4,000. Interest does not begin to accrue on the Perkins loan while the student is enrolled at least half-time or during the nine month grace period following the last date of attendance. The interest rate is 5% with a maximum repayment term of 10 years. Federal law requires that students complete an entrance and exit interview.

Access the links from the University website to Sign your Perkins Master Promissory Note, check your Perkins account, or to Complete Perkins Entrance or Exit Counseling.

Additional information may be obtained from the Office of Financial Resource Management.