FINANCIAL AID: NEWLY ADMITTED STUDENTS

Loan and Financial Aid Application Procedures for Entering Students 

1. Financial aid application packets are mailed to accepted applicants after March 1 for fall applicants or after October 1 for January applicants.
   
   
2. The financial aid application packet includes the  FAFSA Worksheet and the JMLS Financial Aid Application.  Both forms must be completed before the Financial Aid staff can determine your aid eligibility.  Please do not submit a JMLS Financial Aid Application until after you are accepted for admission.  Doing so will only delay the processing of your financial aid. There is no deadline for new students to complete their financial aid. In order to receive your funds by the first week of classes, please sumbit your materials by July 1st.
   
   
3. After all Financial Aid applications have been received, we will send you a Financial Aid award letter, including instructions on how to apply for Federal Stafford loans, Grad Plus loans, and private educational loans.

    4. Disbursements of loans arrive a week prior to the beginning of each semester for JD /MS/LLM students. Refunds are available during the first week of school. Please note students will responsible for their living expenses and books prior to the first week of classes for each semester.

   Loans  

Federal Stafford Loan [Subsidized]

To determine loan eligibility, all students applying for Stafford Loans are required to complete Financial Aid applications. Students who qualify [need analysis based on income and assets] may borrow up to $8,500 per academic year. Banks and other lending institutions advance these funds which are guaranteed by the federal government.

Federal Stafford Loan [Unsubsidized]

This loan has the same terms and conditions as subsidized Federal Stafford Loans, except that the borrower is responsible for interest that accrues while he or she is in school. Currently the interest on the unsubsidized Stafford loans are at a fixed interest rate at 6.8%.The program is available in addition to the Federal Subsidized loan for a combined annual total of up to $20,500.

Private Educational Loans and Grad Plus Loans

If you need more funding than is available through the Federal Stafford Loan program, you may wish to borrow a private educational loan or a Grad Plus Loan. Grad Plus loans are at a fixed interest rate of 8.5%. Private loans interest rates are at a variable rate and depending on one's credit. Our office will provide you a lender list with a variety of lenders that we recommend for either loan type along with your award letter.