Students

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Types of Aid

The majority of law students find it necessary to borrow money in order to finance their education. It is important to plan prudently and to select the loans that are best for you. Pacific McGeorge's Financial Aid Office will help you select from, and apply for, the following loans:

Federal Direct Unsubsidized Stafford Loans

William D. Ford Federal Direct Unsubsidized Stafford loans are not awarded based on a student's financial need. Through this program a student may borrow up to $20,500 annually. The aggregate loan limit is $138,500. The interest rate is 6.8%.  The Unsubsidized interest begins to accrue immediately upon disbursement. The student has the option of paying the interest quarterly or allowing it to accrue while in school. Repayment begins six months after the borrower graduates or is no longer enrolled at least half-time. Federal law requires both entrance and exit counseling for this loan.

Approximate Monthly Federal Direct Unsubsidized Stafford Loan Repayment Schedule

Assumes a 6.8% Interest Rate, a 10-year repayment period (120 months) and no payment incentives

Debt

Monthly payment

Total Paid

$20,500

$238

$28,596

$41,000

$477

$57,191

$61,500

$715

$85,787

$82,000

$953

$114,383

Federal Direct Graduate PLUS Loans

A separate loan application is required for the Federal Direct Graduate PLUS loan.

Students in need of additional financial aid resources may apply for the Federal Direct Graduate PLUS Loan. Students may borrow an amount up to the Cost of Attendance minus all other financial aid. Federal Direct Graduate PLUS Loans are credit based, therefore it is required that the applicants be credit worthy. The interest rate is fixed at 7.9%. Federal Direct Graduate PLUS Loans have no loan aggregate. The student has the option of paying the interest monthly or quarterly or allowing it to accrue while in school. Repayment begins six months after graduation or when the borrower falls below a half-time status. Federal law requires both entrance and exit counseling for this loan.

Approximate Monthly Federal Direct Graduate PLUS Loan Repayment Schedule

Assumes a 7.9% Interest Rate, a 10-year repayment period (120 months) and no payment incentives.

Debt

Monthly Payment

Total Paid

$30,000

$378

$45,300

$60,000

$755

$90,600

$90,000

$1,133

$135,900

$120,000

$1,510

$181,200

Private Loans

Students who may need additional financial aid resources that are not met by the Graduate PLUS Loan may be eligible to apply for a private loan. Students may borrow an amount up to the Cost of Attendance minus all other financial aid. Private loans are credit based, therefore it is required that applicants be credit worthy or have a credit worthy co-signer. A private loan is the only form of financial aid available to Non-U.S. citizens and Non-U.S. Permanent Residents. Non-U.S. citizens and Non-U.S. Permanent Residents must have a co-signer that is a credit worthy U.S. citizen in order to apply for a private loan. It is the student's responsibility to compare the loan terms of each lender. Information regarding interest rates, payments, fees, and repayment options can be obtained by contacting your participating lenders. Pacific McGeorge School of Law will not be held responsible for students who are denied private loans due to adverse credit.

Approximate Monthly Private Loan Repayment Schedule

Assumes a 10.5% Interest Rate, a 15-year repayment period (180 months) and no payment incentives

Debt

Monthly Payment

Total Paid

$30,000

$331

$59,691

$60,000

$663

$119,383

$90,000

$995

$179,074

$120,000

$1,326

$238,766

 

Questions?

Contact the Financial Aid Office
Email | 916.739.7158