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Types of Financial Aid Available

Federal Unsubsidized Direct Loans

Federal Unsubsidized Direct Loans are the major form of financial aid for law students. Any regular student who is eligible to receive Federal Student Aid and is enrolled at least half-time may borrow these loans, for up to $20,500 per academic year. The maximum annual combined loan limit will be the lesser of $20,500, or the cost of attendance minus other financial aid. Origination fees for this loan are 1.057% effective for loans first disbursed between 10/1/21 and 9/30/24. The interest rate for this loan is a variable fixed rate that is reset each year on June 1st and is capped at 9.5%. Please see below for interest rate details. For further information (including sample repayment options) about Federal Direct Loans, go to studentaid.gov. 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.

SJCL requires new students to complete graduate level loan entrance counseling at studentaid.gov before any federal student loan will be originated for them. Students in their final year of the program must complete online exit counseling at the same website. In addition, graduating students are required to attend an in-person exit counseling session in the spring semester prior to graduation.

Federal Graduate Plus Loans

Graduate students are eligible to borrow under the Federal Direct PLUS Loan program up to their cost of attendance minus other estimated financial assistance. The Federal Direct Unsubsidized Loan must be applied for first. The terms and conditions include that applicants must not have an adverse credit history, repayment begins on the date of the last disbursement of the loan (students still in school may request deferment/forbearance to postpone repayment), 4.228% effective for loans first disbursed 10/1/21 and 9/30/23. The interest rate is a variable fixed rate that is reset each year on June 1st and is capped at 10.5%. Please see below for interest rate details. These loans will be helpful for those students in the 3-year program or others who would otherwise rely on private loans to cover their educational expenses above tuition and fees. Unlike private loans, PLUS loans are usually easier to qualify for, federally regulated, and able to be consolidated with Federal Direct Unsubsidized loans upon graduation. Further information can be found at studentaid.gov. 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.

SJCL requires new students to complete graduate level loan entrance counseling at studentaid.gov before any federal student loan will be originated for them. Students in their final year of the program must complete online exit counseling at the same website. In addition, graduating students are required to attend an in-person exit counseling session in the spring semester prior to graduation.

There is a credit check required for a grad plus loan which is good for six months. Borrowers who have an adverse credit history must meet additional requirements to qualify.

Interest Rate Details

Retroactive to 7/1/13, the Bipartisan Student Loan Certainty Act of 2013 amends the Direct Loan interest rate section of the Higher Education Act. There are now new formulas that apply to all Direct Loans – including graduate Unsubsidized and Graduate PLUS.

Each year, the interest rate will be determined by the 10-year Treasury note (T) auctioned at the final auction held prior to June 1, plus a statutorily defined “add-on”. The rate will then be effective for loans disbursed on or after July 1 of that year. The rate formula add-on will be T + 3.60% for graduate unsubsidized loans and T + 4.60% for Graduate PLUS loans. The interest rate for loans first disbursed on or after 7/1/2024 and before 7/1/2025 will be 8.08% for Direct Unsubsidized loans and 9.08% for Direct PLUS loans. For loans first disbursed on or after 7/1/2023 but before 6/30/2024, 7.05% for Federal Direct Unsubsidized and 8.05% for Grad PLUS loans. The interest rate, once established, will apply for the life of the loan. As a result, it is likely that many borrowers will have a set of fixed-rate loans, each with a different interest rate.

NOTE: Just because you CAN borrow maximum loan amounts does not mean you SHOULD. Please review your budget carefully and only borrow what you absolutely need. Loan totals add up quickly, as does accruing interest. Do not saddle yourself with an unmanageable loan debt that you may not be able to easily repay once you leave school.

Scholarships

Each year a number of SJCL scholarships are awarded. Information is sent to students each February with instructions for applying. Private groups outside San Joaquin College of Law also offer scholarships to SJCL students. Scholarship information is forwarded to students via their student email account. For further information about scholarships, contact the Student Services Director.

Federal Work-Study

This is a need-based federal program that provides job opportunities to eligible students who wish to earn money to assist with educational expenses. Jobs are available on a limited basis and most require the completion of the first year of law school to qualify. The school receives a federal grant to pay a portion of the wages for the positions that the school administers. See Federal Work Study for available job postings

Financial Aid Eligibility

Eligibility for federal student aid is based on financial need and on several other factors. The financial aid office at SJCL will determine your eligibility based on your submission of the Federal FAFSA and SJCL Financial Aid Application.

To receive aid from the federal programs, you must

• Demonstrate financial need for Federal Work Study only.
• Be enrolled or accepted for enrollment as a regular student working toward the JLD degree. Students who do not have a bachelor’s degree will need to contact the financial aid office to assess their eligibility for federal loans.
• Be a U.S. citizen or eligible non-citizen. If you have a question about your citizenship status, contact the financial aid office at SJCL at 559-323-2100 x1482, or email lnilmeier@sjcl.edu.
• Have a valid Social Security Number.
• Maintain satisfactory academic progress once in school.
• Certify that you are not in default on a federal student loan and do not owe money on a federal student grant.
• Certify that you will use federal student aid only for educational purposes.

How will I know what I'm eligible for?

The information you reported on your FAFSA is used to determine your Expected Family Contribution (EFC), which is calculated by a formula established by law. The EFC is not the amount of money that your family must provide. Rather, you should think of the EFC as an index that we use to determine how much financial aid you would receive if you were to attend SJCL. You can get worksheets that show how the EFC is calculated by downloading them from the federal website at http://studentaid.ed.gov/pubs. Click on the award year appropriate to you under "EFC Formula."

Financial Aid for Study Abroad Programs

Students who wish to receive financial aid funds through SJCL (the home institution) for a study abroad program sponsored by another institution (the host institution), may do so by contacting the financial aid office as soon as they have been approved by the SJCL Faculty Committee. This process must be done well in advance of the program start date to assure completion of the required forms.

Approved students must give the financial aid office the name and email address of the contact person at the host institution so that a cooperative enrollment agreement for financial aid can be sent for completion and submission back to SJCL. The agreement lists the start/end dates, number of units and costs of the program for inclusion in the student’s cost of attendance.

Please contact the Financial Aid Office for further information.

When will I receive the Financial Aid funds?

No financial aid can be disbursed until all financial aid documents are complete. Federal Direct loan disbursements are made to the school in equal payments at the beginning of each term. The first disbursement will be within seven days from the from the start of each term of the academic year. Check with the accounting office for issue dates of overage checks (amounts over what is owed to the school for tuition and fees). NOTE: Book purchases must be made using your own resources. Tuition payments can be delayed until your financial aid has been received.

Additional Financial Aid Information

Additional information on the financial aid programs can be found at studentaid.gov including sample loan repayment options and loan entrance counseling information for both Direct Subsidized/Unsubsidized loans and Graduate PLUS loans. If you have any further questions about financial aid policies or the application process contact Lisa Nilmeier at lnilmeier@sjcl.edu or (559) 326-1460 for assistance.

IRS Education Tax Credit Information

For information on IRS education tax credits, please visit their website by clicking here.

What federal student loan borrowers need to know

• You must use your federal student loan for educational expenses only.
• You have the right to cancel all or a portion of your Federal Direct Loan or loan disbursement, and have the loan proceeds returned to Dept. of Education.
• You must tell your loan holder any time you drop below half-time enrollment or change schools.
• You must tell your loan holder if you change your name, address, phone number, social security number, references or driver’s license number.
• Before you leave school, you need to tell your loan holder your permanent address, the name and address of your expected employer (if known), and the address of your nearest relative.
• You must repay your federal student loan, plus interest, even if you did not finish your program, did not finish your program in the regular time allotted for program completion, you are unable to get a job after you finish, or if you are unhappy with or do not get the education or other services you purchased from the school.
• You are entitled to a deferment or forbearance of your federal student loan payments in certain situations. Contact your loan servicer for the details.
• You may prepay your federal student loan at any time without penalty.