To be considered for need-based federal, state, and university loan funds, law students must complete and submit the Free Application for Federal Student Aid (FAFSA). Unsubsidized loans and private loans, which are not based on need, are available for students who don't qualify for need-based financial aid. UC Davis participates in the William D. Ford Direct Loan Program. Under this program, the loan funds come directly from the U.S. government.
Federal student loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.
Grant funds available at UC Davis include Law School Grant and State UC Grant. Grants do not need to be repaid as long as the student remains eligible. Full-time enrollment for grant funding is 10 units per semester. Students taking less than 10 units may be billed for aid received.
Federal Perkins Loan
Federal Perkins Loan is federal loan borrowed through the university based on financial need with a fixed interest rate of five percent. Repayment begins nine months after graduation or withdrawal from school. You may receive multiple Perkins Loans under one Master Promissory Note while you are enrolled at UC Davis.
Direct Loan Information
SUBSIDIZED FEDERAL DIRECT LOANS ELIMINATED FOR GRADUATE STUDENTS: Federal Direct (subsidized) loans are no longer available for graduate and professional students. The Budget Control Act of 2011 eliminated the in-school interest subsidy for graduate and professional students beginning July 1, 2012. The legislative language clarifies that the subsidy elimination does not apply to students taking preparatory coursework and those in programs leading to teacher certification where the credential is awarded by the state instead of the institution.
Federal Direct (Unsubsidized) Loan: Eligibility is not based on financial need. The loan has a fixed interest rate of 6.8% and interest is charged to you beginning the day the loan is disbursed until the loan is repaid in full. You may pay the interest while you are in school, during the grace period, or during deferment, or you may capitalize the interest (by adding it to the total principal of the loan when you graduate). You will be charged a loan fee of 1%, which is deducted proportionately from each disbursement of your loan.
Federal Direct Graduate Plus and Private Educational Loans
Students who need to borrow funds beyond the Federal Direct Unsubsidized loan limit can choose between Federal Direct Graduate Plus and Private Education Loans.
The Federal Direct Graduate Plus Loan has a fixed interest rate of 7.9% and no annual or aggregate borrowing limits other than cost of attendance less other financial aid received. While credit checks are required to be eligible, the credit criteria are less strict than those associated with private student loans. Furthermore, if you do not meet the credit requirements, you may still obtain the loan with an endorser who does meet the credit requirements. You will be charged a loan fee of 4%, which is deducted proportionately from each disbursement of your loan.
To receive the Federal Direct Graduate Plus Loan for the current academic year, you must complete the online application at StudentLoans.gov . The online application authorizes the Federal Government to complete a credit check. The borrower must also complete an online Master Promissory Note (MPN) at StudentLoans.gov .
If you have already completed a Direct Graduate Plus Loan Application for the current academic year, and you want to borrow additional loan, you will need to contact the Law School Financial Aid Office to determine your remaining loan eligibility. If you are determined eligible for additional loan, complete another online Graduate Plus Loan Application at StudentLoans.gov .
The Loan Comparison Chart is designed to help you to consider the significant variables when choosing between the Graduate Plus and Private Education loans. A Private Education loan may be less expensive depending on your credit score and whether the variable interest rate will increase until you complete loan repayment.
For more information about Private Education Loans and to obtain an application, visit the University of California Lender List at http://financialaid.ucdavis.edu/graduate/Types/Private.html .
Federal Work Study
Federal Work-study funding is awarded based on need, which is determined by the Free Application for Federal Student Aid (FAFSA). Federal Work-study provides an opportunity to earn financial aid through employment with public interest and non-profit organizations. Instead of a financial aid check, a Work-study award is paid in the form of a payroll check for time/hours worked. Only second and third year law students will be eligible to apply for federal work-study.
Private Bar Study Loans
Private Bar Study Loans are available to graduating students who are scheduled to take the Bar Exam.
Bar loan approval is subject to satisfactory credit history. Graduating students can only borrow from one private lender. Repayment begins nine months after graduation, and the interest accrued during the interim period will be capitalized (added to the loan principal) once the loan goes into repayment. Information regarding guarantee fees, origination fees and repayment options, is available from the University of California Lender List at http://www.ucop.edu/sas/sfs/loans/privbarstudy.pdf .
Regents Bar Loan
UC Davis School of Law offers a Regents Bar Loan to third year students in need of assistance with costs related to Bar Study and the State Bar Examination. The maximum loan available is $4,000 at a 5% fixed interest rate. Interest will begin to accrue as of the date of disbursement of the loan and will continue for the life of the loan. Repayment will begin six months after the date of disbursement and end ten years later. Regents Bar Loan applications are available online.
Law School Emergency Loan
The emergency loan is available to assist any enrolled matriculating re-entry student. The emergency loan is available to help cover any unforeseen educationally related expense. The emergency loan cannot be used to pay any previous debts. Applications may be submitted only during the academic year, thirty days after the start of the semester and up to thirty days prior to the end of a semester. For further information and an application please inquire with the Law School Financial Aid Office.