Kinds of Financial Aid
There are several kinds of financial aid available to law school students; 1) scholarships, 2) loans, and 3) jobs.
Scholarships are for superior students and are given for academic achievement.
Scholarships are awarded to outstanding entering first-year students with superior academic records and LSAT scores. These scholarships are renewed automatically if a grade point average equal to or above the top third of the class is maintained. After the freshman year, students may apply to the Faculty Scholarship Selection Committee to be considered for one-year awards based on a combination of merit and need. Loyola may conclude that gift and grant aid from other sources precludes or limits a student's eligibility for scholarships administered by the College of Law. For more information about upperclass scholarships Click Here .
To confirm the granting of the scholarship, the applicant must comply with all provisions required by the College of Law Admission's Office and the Office of Scholarships and Financial Aid.
Loans are issued to a student and must be repaid. Repayment typically begins six months after leaving school. For Stafford loans approval is premised on student need. For Graduate Plus and private loans approval is based on credit. You must maintain a 2.0 or better to be eligble for all loans.
To apply for federal student loans applicants must complete the Free Application for Federal Student Aid form (FAFSA). You can complete a FAFSA form online at www.fafsa.ed.gov or you can obtain a FAFSA form by calling the Office of Financial Aid at 504-861-5551. Complete this form as soon as possible after January 1 and submit it to the Department of Education (DOE). The DOE will send the information to Loyola University after the FAFSA form is processed. Finanicial Aid can then issue an award letter. However, an award letter will not be issued until you have been accepted into the first year class. As long as you have never defaulted on a federal student loan you are eligible to borrow the federal lending limit of $20,500.
The standard law student budget as determined by the Office of Financial Aid for the 2007-2008 academic year is approximately $50,842, which includes tuition, fees, books, and living expenses. Therefore, law students typically need to borrow more than the federal lending limit of $20,500. The additional dollars can be borrowed from one of several organizations that make Graduate Plus and private loans to law students. To apply for an additional loan please contact the lender of your own choice or you may use one of the following organizations listed below:
- Access Group 1-800-282-1550
- Citibank 1-800-967-2400
- Key Bank 1-800-539-5363
- Law Loans 1-800-984-0190
- LELA 1-800-228-4755
- Wachovia 1-800-338-2243
Up to $2500 in additional private loan dollars can be borrowed to purchase a computer. You must buy the computer and provide Finanical Aid with a receipt and your budget will be increased by the amount of the computer. You may borrow under this program one time while attending the College of Law. If you are interested in additional information about this program please contact the Financial Aid Office at 504-861-5551.
The Loan Repayment Assistance Program (LRAP) was established in 1991 by the Loyola College of Law. Loyola recognized that the high cost of legal education requires many students to get educational loans. Financial grants are provided to qualified Loyola graduates who are working in public interest jobs in order to help pay off their loans. This program is funded by Loyola University, the Loyola Gillis Long Poverty Law Center, the Kendall Vick Public Law foundation and the John & June Makdisi Loan Repayment programs.
There are two Job Programs. The first is the federally funded work-study program. Students are selected for work based solely upon need and work either 7 1/2 hours or 15 hours per week on campus doing office or library work, research, or assisting professors. The second is university-funded student assistantships. Need is not always a factor in selection of students for work in this program.