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Seton Hall Law participates in the
Federal Family Education Loan Program. All admitted
students who complete a FAFSA are reviewed for
eligibility. FEDERAL STAFFORD LOANS
Description The
Subsidized Stafford Loan is
awarded based on financial need as determined by the
information provided on the FAFSA. Students may borrow
up to $8,500 annually, up to an aggregate limit of
$65,500. The federal government pays the interest on the
loan while the student is enrolled at least half-time,
during the six-month grace period following the last
date of attendance and during authorized periods of
deferment. The Unsubsidized Stafford Loan is not based on need.
Interest will accrue 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. Students may
borrow up to $20,500 less any amount borrowed
through the Federal Subsidized Stafford Loan Program
during an academic year (up to an aggregate of
$138,500 combined Subsidized and Unsubsidized
Stafford Loans). Stafford Loans have a
standard, 10-year
repayment period.
NEW for 2008-09: Most
lenders will charge an origination fee of 1% of the
loan amount, and may also carry a guaranty fee of
1%. Stafford Loan Interest Rates
Any new loans disbursed on or after July 1, 2006
will retain a fixed interest rate of 6.8%.
The interest rates for existing
Stafford Loans disbursed on or after July 1, 1998
and before July 1, 2006 which carry a variable
interest rate are listed below (as of July 1, 2008):
FEDERAL GRADUATE PLUS LOAN
Graduate students may
borrow up to the cost of
attendance minus all other estimated financial
assistance. Students must have completed a FAFSA and
have applied for their maximum annual loan eligibility
under the Federal Subsidized and Federal Unsubsidized
Stafford Loan program. Federal Graduate PLUS Loans are
another option in addition to private (alternative)
loans. Federal Graduate PLUS loans are
credit based, however, the credit score is not used in
determining eligibility. Borrowers must demonstrate that
they do not have an adverse credit history. Repayment
begins on the date of the last disbursement of the loan
(but may be deferred until graduation). Graduate PLUS
loans have a fixed interest rate of 8.5%, and a 3%
origination fee. This loan has a 10-year repayment
period.
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.
Click on this link to
Complete your
Perkins Loan Entrance Interview.
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