Federal Loan Programs

Federal Direct Loan Programs
The United States federal government provides loans for students who are U.S. citizens, permanent residents, and eligible non-citizens. The Federal Direct Subsidized and Unsubsidized Loan and Federal Direct PLUS Loan Programs are available to students who meet the qualifications. (Effective July 1, 2012, the Budget Control Act of 2011 eliminated the interest subsidy for Graduate/Professional students.) The Bipartisan Student Loan Certainty Act of 2013 provided new formulas for the determination of interest rates. Interest rates, which are tied to a 10-year Treasury note index plus a statutorily defined add-on, will be established each year for loans where the first disbursement is on or after July 1 through the following June 30. The interest rate will be fixed for that year and apply to the life of that loan. Read below for more detailed information and instructions for completing an application online.

Federal Direct Unsubsidized Loans
Students who are matriculated in a degree-granting program, enrolled at least half-time (6 credits) for each semester they are seeking assistance, and completed a Free Application for Federal Student Aid (FAFSA) may apply. The maximum loan limit per academic year is the lower of $20,500 or the cost of education. Effective for loans first disbursed after July 1, 2016, the interest rate is fixed at 5.31 percent. Federal Direct Loans are subject to loan fees of 1.068 percent for loans first disbursed on or after Oct. 1, 2015 and loan fees of 1.069 percent for loans first disbursed on or after Oct. 1, 2016. Loan fees are deducted from loan proceeds prior to the disbursement of funds and borrowers are responsible for repayment of all such fees.

Interest on the unsubsidized Federal Direct Loan begins to accrue immediately after the loan is disbursed. The borrower is responsible for all interest that accrues and can choose to either pay the interest while in school or add any deferred interest to the principal balance of the loan "capitalization." The maximum cumulative borrowing for the subsidized and unsubsidized loan is $138,500, of that no more than $65,500 can be subsidized.

Applying for Federal Direct Loans
If you have been awarded a Federal Direct Unsubsidized Loan, and you are a first time borrower at Quinnipiac University School of Law, you may complete the Master Promissory Note and Entrance Counseling via the Internet. Please follow the instructions provided on the Direct Loans Web page.

To login in and electronically sign your Master Promissory Note, you will need your FSA ID used to electronically sign your FAFSA.  You will also be asked to provide two references (and corresponding name, address and telephone number). One reference should be your nearest relative.

Federal Direct Graduate PLUS Loans
Students may apply if they have matriculated in a degree-granting program, enrolled at least half-time (6 credits) for each semester they are seeking assistance, completed a Free Application for Federal Student Aid (FAFSA), and applied for their annual Federal Direct Unsubsidized Loan maximum. Approval is based on credit criteria. The maximum loan limit is the cost of education minus other aid received. Effective for loans first disbursed after July 1, 2016, the interest rate through the Federal Direct Graduate PLUS Loan Program is fixed at 6.31 percent. Federal Direct Graduate PLUS Loans are subject to loan fees of 4.272 percent for loans first disbursed on or after Oct. 1, 2015 and loan fees of 4.276 percent for loans first disbursed on or after Oct. 1, 2016. Loan fees are deducted from loan proceeds prior to the disbursement of funds and borrowers are responsible for repayment of all such fees. Repayment on Federal Direct Graduate PLUS loans begins after the second disbursement, however, students enrolled at least half-time are eligible for deferment. Students may elect to receive a six-month grace period after the student graduates, drops below half-time status, or withdraws.

Applying for a Federal Direct Graduate PLUS Loan
To begin the online application process for a Federal Graduate PLUS Loan, you must complete the Federal Direct Graduate PLUS Loan Data Form. Please read the instructions at the top of the form before entering the data. Remember to select the loan period for the semester(s) you wish to receive the requested loan amount.

Private Loans

Private loans are available through a limited number of education lenders to assist students when federal loans are not an option. These unsecured loans can be more costly as federal loans may offer more favorable terms and conditions. Interest rates are typically variable and may be tied to the prime rate, LIBOR rate, or treasury bill rate. Borrower eligibility, co-signer requirements, interest rates, maximum loan levels, and repayment options vary according to the program. These loans are based on creditworthiness, which is based on the applicant’s credit history.

It is recommended that you request a copy of your credit report annually to evaluate your ability to secure private education loan funds. You may obtain a free annual credit report at:

Applying for Private Loans
To apply for a private educational loan, you must select a participating lender and be directed to their application process. Many lenders offer an online process with the ability to electronically sign your application. As you research available loans, be sure to review the websites or ask the lenders how your needs & the terms and conditions of their loans may effect your individual situation. 

Ultimately, choosing a loan and lender is completely up to you. Most lenders will send your information after you have been credit approved directly to the school. If you have not selected a national lender, please contact our office with all of the details so we may process your loan.

We are happy to provide you with the names of lenders our students have chosen over the past several years.

IMPORTANT NOTE:
Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a completed self-certification form (Adobe PDF) signed by the applicant before a private education loan can be disbursed. Some lenders may ask you for the Quinnipiac University School of Law OPE ID# which is 00140201.

Entrance and Exit Counseling

Entrance Counseling

All first-time borrowers at Quinnipiac University School of Law are required to complete entrance counseling before they are eligible to receive payment. You can complete this requirement via the Internet. The online entrance counseling will take approximately 20 minutes to complete and the Web site can be accessed 24 hours a day. 

If you wish to complete your entrance counseling online, click on the link below. You will need your FSA ID to sign in. 

Exit Counseling

Students who leave Quinnipiac University School of Law for any reason are required to notify the associate dean in the Office of the Registrar in writing. 

All students who have borrowed via the federal loan program who either graduate, withdraw, or drop below half-time enrollment (six credits) are required to complete exit counseling. Exit counseling is conducted via the Internet usually in conjunction with an on-campus session scheduled in December or April. 

If you wish to complete your exit counseling online, select the link below. You will need your FSA ID to sign in. 

Loan Repayment Assistance Program

The Gregory A. Loken Loan Repayment Assistance Program (the "Program") is hereby established at Quinnipiac University to assist graduates from the Quinnipiac University School of Law (QUSL).

Mission Statement
The mission of the Program is to encourage QUSL graduates to work in law-related jobs that will benefit the overall public interest and to ease the financial burden of those who make a commitment to pursue public interest employment.

Award Amount
Each award should be not less than $2,500; however, awards will be based on available funding and each applicant's financial need. The Dean shall determine and communicate to the Committee the total amount available for assistance each fiscal year. Awards are not automatically renewed. Current recipients may reapply for consideration.

Eligible Classes 
Graduates from QUSL in the five-year period immediately preceding the year of disbursement are eligible to apply. For example, for the funds to be distributed in 2017, applicants may be from the classes of 2012 through 2016.

Eligible Employment 
Each applicant must have secured a full-time, law-related position with a non-profit organization that provides, directly or through public policy efforts, legal services that benefit the community, underrepresented groups, or indigent persons. A law-related position is one which, as determined by the Committee, requires a JD or equivalent degree and makes direct use of the applicant's legal education. The Committee will give preference to applicants working in non-governmental positions when making awards; the Committee will follow practices consistent with Quinnipiac University's (QU) nondiscrimination policy.

Income Eligibility
Applicants must have secured employment in positions meeting the qualifications stated above. Applicants must also have a minimum of $50,000 in law school debt, with all loans in good standing. Absent unusual circumstances, applicants with salaries that exceed $50,000 annually are not likely to be competitive for selection for an LRAP award. The Committee will, however, consider other pertinent financial factors and life circumstances along with annual income when considering an applicant for an LRAP award. 

Application and Disbursement Procedures
Each applicant must complete and submit the Program Application (PA). Applications for 2017 may be submitted from January 1, 2017 through March 30, 2017. The Committee will announce award decisions no later than May 1, 2017. Applicants selected for LRAP awards will receive information from the Committee with instructions about the disbursement procedure. 

If you have questions, please contact the Office of Financial Aid.

Loan Consolidation

What is a Federal Consolidation Loan?
A Federal Consolidation Loan is a loan that you can use to pay off all or a portion of your original eligible federal student loans. You combine (consolidate) your existing federal student loan debt into one new loan. 

What are the terms of a Federal Consolidation Loan?

  • The interest rate on a Federal Consolidation Loan is fixed, meaning it will not change over the life of the loan, even if the interest rates on other federal loans go up (or down).
  • The interest rate is calculated from the weighted average of the interest rates of your existing loans, rounded up to the nearest one-eighth of 1% and there is no interest rate cap.
  • There are no fees to apply for or receive a Federal Consolidation Loan.
  • The repayment term is up to 30 years, depending on the total amount of your student loan debt, and there is no pre-payment penalty.

Why should you consider consolidation?
With a Federal Consolidation Loan, you can benefit from:

  • Lower monthly payments
  • Fixed interest rates
  • Only one payment for your federal loans each month
  • New or renewed deferments

Because you are allowed up to 30 years to repay your loan, your monthly payment can be significantly lower with a consolidation loan, although you may pay more in total interest over the life of your loan.

When should you consolidate?
There are no deadlines. Only loans that are in grace, deferment, forbearance, or repayment can be consolidated into a Federal Consolidation Loan. Federal Stafford Loans that are in the grace period or in deferment may have the lower in-school interest rate, compared to loans that are in repayment or forbearance. This will depend on whether your loans have a fixed or variable interest rate structure.

* These loans may already have low, fixed interest rates and you should carefully consider whether to include them in a consolidation loan.

To apply for a consolidation loan, contact the U.S. Department of Education (Federal Direct Loan Program) at: www.studentloans.gov or (800) 557-7392.

 

Additional Loan information

Below are some additional loan repayment resources.

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