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A variety of loans is readily available to help finance a Notre Dame legal education. Eligibility criteria and the application process for these loans are outlined below.
Free Application for Federal Student Aid (FAFSA)
Students wishing to apply for federal student aid at Notre Dame Law School should complete the FAFSA. Priority processing and aid consideration are given to those who apply for financial aid by the suggested deadline of February 15. However, we still encourage you to apply for financial aid if you miss the priority deadline. When completing the FAFSA, you will need to list Notre Dame’s Federal School Code: 001840.
The FAFSA requires information from the most recent tax year; however, estimated numbers may be used if you have not yet completed a tax return. You need not complete the parental section of the FAFSA.
Federal Loans
The need-based Subsidized Federal Stafford Loan Program is referred to as subsidized because of the interest subsidy that is paid by the federal government to the lender while the student is enrolled in school as well as during the six-month grace period following enrollment.
The non-need-based Unsubsidized Federal Stafford Loan Program is referred to as unsubsidized because the in-school interest is not paid by the federal government to the lender while the student is enrolled in school. Interest on Unsubsidized Stafford Loans begins to accrue after disbursement of the loan funds. However, the student may choose to have the payment of the interest deferred during enrollment and later capitalized (added to principal) at the time repayment begins.
Additional terms of the Subsidized and Unsubsidized Federal Stafford Loan, subject to Federal regulation, may be found here.
The Graduate/Professional Federal PLUS Loan provides a borrowing option for graduate/professional students. Based upon the borrower’s creditworthiness, a student may borrow from this federally guaranteed, non-need-based loan program. Additional terms, subject to revision by federal law, may be found here.
Private Loans
After exhausting the opportunities available from the federal aid programs, many students will consider private loan programs as a source of funding. The terms and conditions of these programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program. Private loans are not eligible for loan consolidation programs made available for federal student loans. Interest rates, fees (both at the time of borrowing and at repayment), credit checks, and annual and aggregate loan limits require careful evaluation by the student as a consumer. As always, taking on debt for any reason should be done deliberately and only for amounts needed.
Please visit http://www.nd.edu/~finaid/pdfs/0809/Suggested%20Lender%20List%20Private%20Law.pdf to obtain additional information on private loans.
Law students who expect to rely on a private loan are strongly encouraged to obtain a copy of their credit report at the earliest possible date. By doing so, a student may identify and correct any inaccuracies or potential problems that he or she may have in qualifying for a private loan. Credit reports may be obtained from any of the following credit bureaus for a small fee:
• Experian: (800) 682-7654
• Trans Union: (800) 916-8800
• Equifax: (800) 685-1111
Financial Planning
The issue of loan indebtedness is extremely important since the repayment of student loans can significantly impact your career options. While the starting salary of Notre Dame law graduates is, on average, some $30,000 above the starting salary of law graduates nationally, we encourage all students who expect to rely on debt to finance law school to consider the consequences of borrowing by projecting the percentage of expected income that will be devoted to loan repayment.
If you expect to rely on loans to finance your legal education, you may find this loan calculator website helpful.
