There are many types of financial aid available from Thomas Jefferson School of Law that can assist you in covering the costs of your legal education. The major sources of funding that may be available to you include:
| Scholarships | Federal Work-Study |
| Federal Loans | Non-Federal Financial Aid |
It is imperative that an applicant for admission who anticipates needing financial assistance seek counseling from the Financial Assistance Office as early in the application process as possible. Applicants need not wait until they have been accepted to law school to apply for any necessary assistance. An applicant who delays risks missing deadlines and jeopardizing his or her eligibility for assistance. Thomas Jefferson publishes a Financial Assistance Handbook to provide students with detailed information concerning the various programs available. The following sections provide a general overview. Please be advised that this information is subject to change at any time without notice.
Federal Stafford Loans:
Federal Stafford Loans are low interest loans available to eligible students to assist them with costs related to their education. These loans are made by various lending institutions and are insured by the federal government. There are two types of Federal Stafford Loans available: subsidized and unsubsidized. The combined annual maximum for law students for both subsidized and unsubsidized portions is $20,500, of which the federal government will subsidize up to $8,500 per year for students who demonstrate financial need. The Federal government pays the interest on subsidized loans until repayment begins. The remaining $12,000 may be borrowed as an unsubsidized loan. Students who cannot demonstrate financial need may borrow an unsubsidized Federal Stafford Loan (up to $20,500), and pay or accrue interest beginning at disbursement. A maximum origination fee of 2% may be deducted from loan proceeds at disbursement. The current interest rate for this loan is fixed at 6.8%. Minimum monthly repayment is $50, but may be higher depending on the amount borrowed. Repayment begins six months after the borrower graduates, leaves school or drops to less than half-time enrollment.
To apply for a Federal Stafford Loan and to view our lender benefits, go to ELMSelect
Federal Graduate PLUS Loans:
Graduate and professional students may now participate in the new Graduate PLUS Loan. It is an affordable, fixed-rate, low-interest Federal loan which can be used to pay for educational expenses. A credit check is required. You must be enrolled at least half-time, be a US Citizen, US National, or Permanent Resident, and not be in default or owe a repayment on any Title IV loan or grant. Make no payments while enrolled in school. The interest rate is fixed at 8.5% and the loan is deferred while enrolled in law school.
To apply for a Graduate PLUS Loan and to view our lender benefits, go to ELMSelect
The Graduate PLUS Loan may be a better financing option for you rather than a Private Education Loan. The Grad PLUS Loan offers competitive fixed rates for the life of the loan. Your income and credit score will not affect your eligibility. Private Educational Loans have a variable interest rate, without a rate cap and with adjustments during the year. However, you should carefully compare the two programs to choose the one that is best for your circumstances after all terms and benefits are taken into consideration.
Federal Perkins Loan:
The Federal Perkins Loan is a low-interest loan awarded to students with exceptional financial need. Generally, awards range from $3,000 to $6,000. The interest rate is fixed at 5%. Repayment begins nine months after the borrower ceases at least half-time enrollment.
Federal Work-Study:
This need-based program is designed to provide jobs to help students with educational expenses. In addition to the regular eligibility requirements, the program requires that participants be in good academic standing. Hourly pay rates vary depending on the individual employers, year in school, and type of work performed, but usually range from $12.00 to $15.00. A determination of eligibility for federal workstudy does not guarantee a job. Rather, it qualifies a student to interview for available positions.
To apply for Federal Work-Study complete the on-line student forms or come in to the Financial Aid Office for more information.
Private Lender Loans:
Students who have remaining unmet need and who meet the individual lender's credit requirements may borrow an amount up to their unmet financial need, regardless of how much a private lender approves. Students interested in applying for private lender loans should initiate the application process online at their desired lender's Web site. A loan comparison chart listing various lender's loan terms is available on the Financial Assistance Web site or may be obtained in the Financial Assistance Office. Interest rates vary, and are normally tied to either the Prime rate or the Libor Index, plus additional points. Guarantee fees vary. Some lenders require an eligible co-signer. Debt counseling may be necessary.
To apply for a Private Loan and to view our lender benefits, go to ELMSelect.
Veterans' Benefits:
Thomas Jefferson School of Law is an approved institution for veterans' benefits and for in-service, off-duty educational benefits by the U.S. Armed Forces. All previous law school credit is evaluated prior to certification. Eligible students must submit a VA registration form each semester to the Financial Assistance Office.
Bureau of Indian Affairs:
Students who are certified by a tribal agency to be a least one-eighth American Indian may be eligible for a grant from the Bureau of Indian Affairs (BIA). Information and applications are available directly from the BIA and the specific tribal agency.
Emergency Loans:
This loan is for verifiable short-term emergencies. Terms include a maximum loan amount of $1,000, a $20 service charge, and a 120-day repayment period. Loans are granted at the discretion of the Director of Financial Assistance and must be submitted with appropriate documentation.
Student Employment
The Career Services Office maintains a listing of law clerk positions that are open to Thomas Jefferson students. Students are generally qualified to serve as law clerks after completing one year of law school. Positions in many areas of law are available, with a range of salaries up to $20 or more per hour. Interested students should contact the Career Services Office for more details.