How much will it cost for me to attend law school for a year?
The Financial Aid budget for the 2008-2009 school year is:
The tuition below is the current tuition for 2007-2008
The living expenses below have been updated for the 2008-2009 school year. It is based ona 9 month basis.
Day Students:
Estimated Tuition and fees: $33,700
Estimated Living expenses
Rent 9,504
Food/Utilities5,466
Transportation2,022
Books/supplies 2,162
Medical/Dental 1,828
Personal expenses 2,486
Federal loan fees 590
Total Living Expenses: $24,058
Total Cost of Attendance (Day): $57,758- this will change once tuition has been announced
Evening students:
EstimatedTuition and fees: $22,500
EstimatedCost of Attendance (Evening): $46,448- this will change once tuition has been announced
Can I get financial aid for the summer?
You may be eligible for student loans for the summer term as long as you are taking at least 3 credit hours.Our office will not process any financial aid paperwork for less than 3 credit hours for the summer.
If you are taking summer courses at The John Marshall Law School (including JMLS study-abroad programs) you should complete the JMLS Summer Financial Aid Application.
If you are studying away or studying abroad through another law school, you should complete the JMLS Summer Study Abroad Financial Aid Application.
Can I defer my previous student loans?
If you are enrolled at least half-time in a degree program at JMLS, you may be eligible to defer payment on previous student loans.
Many student loan companies will defer your loans automatically based on enrollment information they receive from the National Student Loan Clearinghouse.This type of update, however, usually does not happen until at least a month after the semester begins.
If you need your deferment to take place in a more timely manner, or your loan servicer does not update deferment status automatically, you should use a deferment formto update your enrollment status with your lender.
To update your enrollment status with a deferment form:
1. Contact each company that holds one of your student loans to request that they send you a deferment form.(Alternatively, you may be able to download this form from the loan company’s web site.Deferment forms are NOT available in the Financial Aid Office.)
2. Complete the borrower section of the form.
3. Address and stamp an envelope to the loan servicer.
4.Provide the form and the envelope to the Financial Aid Office in room 217.
5.Repeat this processEVERY SEMESTER.
The Financial Aid staff complete and submit deferment forms on a regular basis—usually once a week.
How can I find out how much outstanding student loan debt I already have?
NSLDS/PIN:
You can find a full history of your federal stduent loans through the National Student Loan Database System (NSLDS).
Access to this system requires your federal PIN number. If you need to request a copy of your PIN, click here.
How do I figure out how much money I need?
Use this budget calculator to figure out your borrowing needs.
Can I get a loan to help me pay for bar exam expenses?
Private bar study loans of up to $20,000 are available if you have satisfactory credit. Our office supplies a bar loan list of lenders and their information, including their website.
What is loan consolidation?
Consolidation is a process through which you can combine several different federal educational loans together into one consolidation loan. Advantages of this program are:
1. If you have loans held by several different lenders, you can get them all to one place.
2. You can reduce your monthly payment by extending your payments over a longer period of time.
3. You can lock in a low fixed interest rate.
Can I deduct educational expenses on my federal income tax?
Lifetime Learning Credit:
What is it?
The Lifetime Learning Credit is a federal tax credit of up to $1,000 per family.The credit is up to 20% of the first $5,000 of tuition and fees paid by thefamily.Beginning in 2003 it will be up to 20% of the first $10,000 of tuition and fees paid by the family (up to $2,000 per family).
Who qualifies?
You may be eligible for this credit if you pay the tuition and related expenses of higher education for an eligible student whom you claim as an exemption on your tax return.You can claim this credit even if you pay these educational expenses with the proceeds of a loan.You must have tax liability (Form 1040, Line 42 or Form 1040A, Line 28 is greater than zero) to benefit from this credit.Eligibility for this credit is income-contingent and is phased out as your income becomes larger.The phase-out occurs between the following income levels:$41,000 to $51,000 for single filers; $82,000 to $102,000 for joint filers.You cannot claim this credit if you are married filing separately or if you are filing a 1040EZ.
How do I claim it?
To claim the Lifetime Learning Credit, you must complete IRS Form 8863 and submit it with your Form 1040 or 1040A.Enter the credit on Form 1040, line 48, or Form 1040A, line 31.
Deduction of Qualified Higher Educational Expenses
What is it?
This deduction may benefit you if you cannot claim the Lifetime Learning Credit.This is an adjustment to income (not a Schedule A deduction) of up to $3,000 per family.
Who qualifies?
You may be eligible for this deduction if you pay the tuition and related expenses of higher education for an eligible student whom you claim as an exemption on your tax return.You can claim this deduction even if you pay these educational expenses with the proceeds of a loan.Eligibility for this deduction has an income ceiling of $65,000 for single filers or $130,000 for joint filers.You cannot claim this deduction if you are claiming the Lifetime Learning Credit.
How do I claim it?
Complete the tuition and fees deduction worksheet included with your 1040 or 1040A.Enter the amount you figure on Form 1040, line 26, or Form 1040A, line 19.
Student Loan Interest Deduction
What is it?
All interest that you paid on educational loans (including voluntary payments and origination fees) is now tax deductible.This is an adjustment to income (not a Schedule A deduction) of up to $2,500.
Who qualifies?
You may be eligible for this deduction if you paid any interest on an eligible educational loan during the year.Eligibility for this deduction is income-contingent and is phased out as your income becomes larger.The phase-out occurs between the following income levels:$50,000 to $65,000 for single filers; $100,000 to $130,000 for joint filers.You cannot claim this deduction if you are married filing separately or if you are filing a Form 1040EZ.
How do I claim it?
Figure the deduction using the “Student Loan Interest Deduction Worksheet” in the Form 1040 or Form 1040A instructions.To claim the deduction, enter the allowable amount on line 25 or Form 1040, or line 18 of Form 1040A.
There are many other provisions to the Taxpayer Relief Act.Please consult with your tax advisor to be sure you are eligible for any of these taxpayer benefits.
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