Loan Programs
Students must submit the Free Application for Federal Student Aid (FAFSA) to be a candidate for loans or work-study monies. January 1 is the first day the FAFSA form can be submitted. March 1 is the latest filing date recommended by the College of Law.
The FAFSA is available online. A paper version is available from Willamette’s Office of Financial Aid. Send an e-mail or call 503-370-6273 or 877-744-3736 (toll free) for a paper version of FAFSA. Inquiries regarding the status of loan processing or work-study awards should be directed to the Office of Financial Aid.
Loan Repayment Assistance Program
The Loan Repayment Assistance Program (LRAP) was designed to aid law graduates who wish to pursue public interest work by reducing their student loan debt. Willamette’s LRAP is open to all College of Law graduates working in public interest law. Loan applicants’ incomes and loan debt burdens are the primary considerations for determining eligibility and the amount of annual assistance to be received. Interested graduates should contact the College of Law’s office of Career Services at 503-370-6057 for more information.
The Federal Stafford Loan Programs
Under the U.S. Federal Family Education Loan Programs, two variations of the Federal Stafford Program are available to law students who are considered “independent” for financial aid purposes. The combined maximum annual limit for the 2006–07 academic year under both variations is $18,500. This amount is expected to increase for the 2007–08 academic year.
Subsidized Stafford Loan Program
The Federal Subsidized Stafford Loan Program offers a loan made available through private lenders, such as banks, savings and loan institutions, and credit unions, on the basis of financial need. Under this program, a law student will either be eligible to borrow subsidized Stafford Loan monies in an amount that meets the determined financial need or $8,500 annually, whichever amount is lower. No interest or principal is due on this loan until six months after the student graduates from (or leaves) law school. The repayment period is 10 years. This program requires the annual filing of the FAFSA.
Unsubsidized Stafford Loan Program
The Federal Unsubsidized Stafford Loan Program also offers a loan made available through private lenders, such as banks, savings and loan institutions, and credit unions, on the basis of need. Under the Federal Unsubsidized Stafford Loan Program, a law student is eligible to borrow up to $10,000 annually. If the law student does not qualify for the full $8,500 Subsidized Stafford Loan, the Unsubsidized Stafford Loan enables the student to increase the unsubsidized loan amount up to the 2006–07 academic year maximum of $18,500 (combined subsidized and unsubsidized).
Under the unsubsidized version, a student is responsible for payment of interest incurred on the loan while enrolled. Payment of this interest can be made quarterly throughout the enrollment period, or it can be deferred (capitalized) and added to the loan principal at the time of repayment. Repayment of principal and any accrued interest begins six months after the student graduates (or leaves) law school. The repayment period is 10 years. This program requires annual FAFSA filing.
Private Loan Programs
Several private loan programs are also available to law students. These are credit-based private loans and, in some circumstances, may require a co-signer. Contact the Willamette University Office of Financial Aid for more information.
