You are about to make a lifelong investment in your future and realize your goal of entering law school. The Office of Financial Aid at La Verne Law will work with you on a financial aid package that will make your degree affordable.
Financial assistance is available to qualified students through loan programs, employment, and scholarships. La Verne Law considers both academic achievement and financial need when awarding financial aid. Applying for assistance will not jeopardize a student’s chance for admission.
To be eligible for federal student aid, you must:
- complete a Free Application for Federal Student Aid (FAFSA);
- be a U.S. citizen or eligible non-citizen (for most programs) with a valid Social Security number (SSN);
- be working toward a degree or certificate;
- register (if you have not already) with the Selective Service, if you are a male between the ages of 18 and 25;
- maintain satisfactory academic progress once in school.
There are three categories of federal student aid: grants, loans, and work-study. Grants provide financial aid that does not have to be repaid. Loans provide borrowed money that must be repaid with interest. Work-study allows students to earn money to help pay for education expenses while enrolled in school.
Your financial aid “offer” – the aid your school awards you – may include funds from the following federal financial aid programs:
Federal Direct Stafford Loans
Federal Direct Stafford Loans are available to graduate students who meet the eligibility requirements. Borrowers at the graduate level have a fixed rate. Origination fees or insurance fees of up to three percent may be deducted from each disbursement.
Generally, Stafford Loan repayment begins six months after the student graduates, enrolls less than half time, or withdraws from school. This six-month period is referred to as the “grace” period. No repayment is required while the student attends school at least half time or during grace or deferment periods. Typically, borrowers have up to 10 years to repay.
The amount students can borrow through the Stafford program depends on their college cost, their expected family contribution (EFC), how much other financial aid they may receive, and their enrollment status. There is also an aggregate loan limit (the maximum a student can borrow for his or her entire school career) for all students under the Federal Family Education Loan Program. The limit for professional/law students is $138,500, and $65,500 of the limit is the maximum allowed for subsidized loans. This maximum also includes all undergraduate loans. Law students are typically eligible to borrow up to $20,500 per year through the Stafford loan program.
Typically, graduate students may also qualify for a Direct Unsubsidized Stafford loan for $20,500 per year. Students who elect to borrow unsubsidized Stafford loans are responsible for paying all of the interest that accrues on the loan. With unsubsidized loans, interest payments can be deferred while the student is in school. A student may elect to pay the interest only while going to school. There is an area on the Master Promissory Note (MPN) for students to make that request. If the student chooses to let the interest accumulate, it will be added to the principal balance of the loan at repayment. It is to the student’s advantage to pay the interest while in school.
Federal Perkins Loans
Federal Perkins Loans are interest free while the student is enrolled. During repayment, the loan has a 5% interest rate. The maximum annual loan amount is $6,000 for graduate students. Funding for the Perkins loan program is limited and students must be offered this loan in their award package to qualify.
Federal Work Study
Federal Work Study provides students with the opportunity to work on campus and earn money to help pay for their educational expenses. Funding for the Federal Work Study program is limited and students must be offered this work opportunity in their award package to qualify.
Federal Direct Graduate PLUS Loans
Federal Direct Graduate PLUS Loans are credit-based unsubsidized loans made to graduate or professional students. These loans are typically used to cover tuition and living expenses. Federal Family Education Loan Program PLUS Loans are funded through private lenders; a graduate or professional student must complete the Free Application for Federal Student Aid (FAFSA) and the school must determine the student’s eligibility for the maximum annual amount of a Stafford Loan (subsidized or unsubsidized) before the student may apply for a Graduate PLUS Loan. Direct PLUS Loans have a fixed interest rate. Origination fees or insurance fees of up to four percent may be deducted from each disbursement.
Alternative Educational Loans
Alternative educational loans are credit-based private loans offered through various lending institutions to pay for educational expenses. Alternative loans are more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted. These loans usually require school certification and amount borrowed must be within the borrower’s cost of attendance. Eligibility is based on the borrower’s unmet need and the creditworthiness of the borrower (or co-borrower), if applicable. Please contact lenders directly with any questions related to specific terms and conditions of their loan products.
Bar Study/Exam Loans
Bar study/exam loans are private educational loans designed to assist law school graduates during the study period immediately after graduation. Bar loans are offered to credit-worthy borrowers to help pay for living expenses. Bar loan applications must be certified by the Financial Aid Office, and disbursement checks are mailed directly to the graduating student by the lender. Applications are generally completed six months prior to graduation, but most lenders will accept applications after graduation as well. International students may be eligible to apply, depending on the lender. Please contact your private educational loan lender for applications and information.
Academic Standards of Progress
Federal regulations governing federal financial aid programs stipulate that in order for a student to continue to receive financial aid funding, the student must maintain satisfactory academic progress, as defined by the institution. For further information, contact the Office of Financial Aid.
Each semester you receive financial aid, you will be required to complete 66% of the units for which you receive federal, state, and institutional financial aid funds. In addition, you must earn a grade-point average of at least 2.00 each semester financial aid is received.
Any student, who, at the end of the academic year, fails to maintain satisfactory academic progress, may be placed on financial aid probation for one academic year. At the end of the academic year, if the student has failed to maintain satisfactory academic progress, s/he is ineligible to receive financial aid, including student loans.
Monitoring Academic Enrollment/Satisfactory Academic Progress
Verification of your enrollment will be made prior to all disbursements. Therefore, you must be enrolled for the semester for which you plan to receive your financial aid award. Also, your academic records will be reviewed at the end of each academic year to determine if you are maintaining, and progressing toward your educational goal. Be sure to complete the units for which you receive financial aid funds, and maintain a cumulative grade point average of at least 2.00 for each semester financial aid is received. If you become academically disqualified, you are automatically disqualified from receiving financial aid.
University of La Verne Return of Aid Policy
If you decide to withdraw from school during a period of enrollment you should speak to the Registrar’s Office immediately. Students who withdraw while receiving federal financial aid can use the chart below to understand the return of Title IV funds calculation required by the Department of Education.
Return of Federal Funds Policies
All students receiving federal financial aid who completely withdraw within the first 60% of a term or semester are subject to the Return of Federal Funds (Title IV) provisions.The responsibility to repay unearned aid is shared by the University of La Verne and the student.
During the first 60% of the term (or semester) the student “earns” federal aid in direct proportion to the length of time he/she is enrolled in the term.
A percentage is calculated by dividing the number of days completed in the term by the number of calendar days in the term.
Requirements and Options for Students
The student shares in the responsibility of repaying federal or Title IV funds that are awarded and are unearned.The student’s share is the difference between the total unearned amount and La Verne’s share of unearned aid. The student must repay his/her share of the unearned funds within 45 days after being billed by La Verne or the student may set up a repayment plan with the U.S. Department of Education.
In accordance with the federal regulations, the return of Title IV funds is made in the following order:
Requirements and Options for the School
The University shares in the responsibility of repayment of Title IV funds for the unearned portion of tuition and fees. The institutional share is the lesser of the total amount of earned aid or institutional charges multiplied by the percentage of aid that was unearned. The University must make post-withdrawal disbursements to eligible students who earned more financial aid than was disbursed prior to withdrawal.The University of La Verne must return its share of unearned federal aid funds no later than 45 days after it determines that the student withdrew.The University has the option to bill the student for his/her share of federal financial aid overpayment.