Basic Student Eligibility
To receive aid or a federal loan, you must:
- Have financial documentation unless applying for unsubsidized Stafford loans
- Be enrolled as a regular student working toward a Juris Doctor degree
- Be a US citizen or eligible non-citizen
- Not be in default on any loans
- Have a valid social security number or valid alien registration number
- Maintain satisfactory academic progress (2.0 cumulative GPA)
Unsubsidized Loans & Fees
- Unsubsidized loans are not awarded on the basis of financial need. You will be charged interest from the time the loan is disbursed.
- Starting July 1,2012 graduate students will no longer be eligible for the federal subsidy. This is a federal change, not a MSLAW change. If you already have a subsidized Stafford loan, you won’t be responsible for the interest that accrues until after you graduate, but any new federal Stafford loans taken out by graduate students as of July 1 will be unsubsidized.
- Unless you make interest payments while you’re in school, the federal loans will accrue interest at a fixed rate of 6.8 percent as you work toward graduation.
- The unsubsidized Stafford loans will also have a 1 percent origination fee starting July 1. Grad students are now and will still be able to take up to $20,500 in Stafford loans a year.
Satisfactory Academic Progress Policy
- Satisfactory academic progress must be maintained. Students are required to have an overall grade point average of a 2.0 to maintain Satisfactory Academic Progress.
- Students whose overall grade point average falls below an overall average of a 2.0 are placed on academic probation for the next semester, and these students are ineligible to receive Federal Loans for that semester or until they become eligible again.
- A student may petition in writing to Lynn Bowab, the Director of Financial Aid, for an exception to this policy. Exceptions to this policy are granted on a case by case basis and only in extraordinary situations.
Graduate Plan Loans
Loans are also available in a recommended amount of $6,500.00 per year. NOTE: An additional Master Promissory Note, entrance session and creditworthiness and the student must be making academic progress to apply for this loan (www.studentloans.gov) every year.
To request monies over MSL’s recommended Grad PLUS amount, a student can indicate to MSL the amount on MSL’s MPN2 form. The max amount which may be requested is $15,000.00 per year (www.studentloans.gov).