For a small number of students who have demonstrated academic progress, and who have exhausted all other means of obtaining funding, (i.e. students must both have applied for and have established ineligibility for the following programs: Stafford Loan Programs, private educational funding.) and can show a dearth of income and liquid assets, MSLAW defers tuition in whole or in part.
Students seeking such a deferral must complete MSLAW’s deferral packet and provide tax returns, statement of net worth and a monthly budget to the Director of Financial Aid, Lynn Bowab.
Any balance of deferred tuition must be paid after the student graduates. Upon the student’s graduation a schedule of payments and rate of interest are set by the school, and interest begins to be charged on the outstanding balance.
The schedule of payments will usually run for a period of five to ten years, depending on how much is owed. The rate of interest will be no greater than two percent over the prime rate at the time of the student’s graduation.