General Information |
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Degree Programs | Academic Regulations | Student Activities and Awards
Annual Law School Awards and Honors | Course Descriptions | Faculty
Budgets | Standard Forms of Financial Aid | Employment Opportunities
Emergency Loans Emergency loans can be obtained to cover unforeseen, educationally related expenses which may arise during the academic year. Emergency loans are obtained by written petition to the Director of Financial Aid, stating the amount needed (not to exceed $400), the nature of the expense, and the source from which this payment will come. Emergency funds are “revolving;” that is, they are available only to the extent they are repaid. These loans are interest free and are limited to one per academic year.
Federal Direct Student Loan Program The University of Virginia is a Federal Direct Loan lending institution. Separate bank loan applications are not required. The FAFSA form will determine your eligibility for both the Stafford Subsidized and the Unsubsidized Stafford loans. The federal government will be the lender rather than a bank. Applicants may be deemed eligible to receive both programs, however, the combined loan total may not exceed $18,500 per year. Loan information will be sent as part of your financial aid package. Additional information on both loans is cited below.
Federal Direct Stafford Subsidized Loan A need-based loan program which allows a student to be eligible to borrow up to $8,500 per year to help offset the total cost of education as deemed by the financial aid office. Borrowers’ loans will be a variable rate capped at 8.25 percent interest. The interest rate for repeat borrowers with outstanding balances may vary depending upon prior loan terms and current Stafford regulations. The cumulative debt you can have outstanding from your undergraduate and graduate study is $65,500.
Federal Direct Unsubsidized Stafford Loan This loan program allows graduate and professional students to be eligible for up to $18,500 a year. Unlike the Stafford Subsidized Loan program, interest begins accruing. Payment of the interest must either be made while enrolled or capitalized. This loan program may be used to help offset a student’s expected family contribution. The interest rate is variable but will not exceed 8.25 percent.
Law Access, Law Loans, and Law Achiever Loan Programs Each of these agencies provide access to the private loan market known as a Law Access Loan, Law Student Loan, and Law Achiever Loan. These loans are based upon credit worthiness. Application for these loans is made through the financial aid office, and no bank-customer relationship or state residency is required. A cosigner may be required for those students who fail to meet the necessary credit criteria. For further information, contact the financial aid office.
Bar Examination Loans These loans are available through Law Access, Law Loans or Law Achiever during the final year of study, and are based upon the student’s credit worthiness, and overall program restrictions. Repayment begins nine months after graduation.
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