Loans
The major source of funding for Loyola Law School students is federal and private loans. The most common funds LLS offers are:
Federal Subsidized Stafford Loan
- Annual maximum up to $8,500 depending upon student's financial aid eligibility.
- Government pays the interest while the student is in school and for six months after the student graduates or drops below half time status.
- Interest rate is fixed at 6.80%.
- Subject to origination and guarantee fees of up to 3% (deducted from loan proceeds).
Federal Unsubsidized Stafford Loan
- Annual maximum up to $20,500 minus subsidized Stafford eligibility.
- Student incurs the interest while in school but is not required to make payments until six month after graduating or dropping below half-time status.
- Same interest rate, origination and guarantee fees as Subsidized Stafford Loan.
Federal Perkins Loan
- Awarded to a limited number of students based on financial need and fund availability.
- Interest rate is fixed at 5%.
- Interest on the loan is deferred and repayment begins nine months after the student graduates or drops below half time status.
Federal Graduate PLUS Loan (GPLUS)
- You may borrow up to the annual cost of attendance minus any other financial aid received.
- Interest rate is fixed at 8.5% (may be reduced by up to 1.25% through lender incentives).
- Mandatory 3% origination fee (deducted from loan proceeds).
- Student incurs the interest while in school but is not required to make payments until six months after graduating or dropping below half time status.
- While credit history is a major factor in being approved for this loan, the credit criteria is considered less stringent than that of most private loans. Thus, we strongly recommend that you obtain credit reports by contacting:
Private Educational Loans
- You may borrow up to the annual cost of attendance minus any other financial aid received.
- These loans are guaranteed by private companies and are very expensive, so students should only borrow what they need.
- Interest rates vary by loan program. Current interest rates range from 8% to 11%.
- These loans have origination and guarantee fees, which may be deducted from the loan proceeds or added to the principle loan balance.
- Student incurs the interest while in school but is not required to make payments until six to nine months after graduating or dropping below half time status.
- Credit history is the major factor lenders consider for approval of private loans. Thus, we strongly recommend that you obtain credit reports by contacting: