Types of Financial Aid for Law Students
Paying for law school is a big investment, and Stetson Law offers a variety of financial aid options to help support you. As a law student, you may be eligible for federal student loans, part time federal work study opportunities, scholarships, and veterans benefits. Florida residents may also qualify for Bright Futures funding toward graduate study. This page will guide you through the different types of financial aid available and how to access them.
You may be eligible for two types of Federal Student Loans while attending Stetson Law: the Federal Direct Unsubsidized Loan and the Federal Direct Graduate PLUS Loan. Both offer the same borrower benefits, but the Graduate PLUS Loan does require credit approval. To apply, you will need to complete the Free Application for Federal Student Aid (FAFSA).
Before your loan funds can be disbursed, you must accept your loan offer through your MyStetson portal. If you are borrowing federal loans at Stetson Law for the first time, you’ll also need to complete a Master Promissory Note and Entrance Loan Counseling.
Private Student Loans help bridge the gap between the actual cost of your education and the amount the government allows you to borrow through the federal student loan program. Private loans are offered by private lenders and eligibility is dependent on your credit score. Students should turn to private student loans as a last resort when federal student loans do not cover all of their expenses. Detailed information regarding private student loans can be found on the Department of Education’s website.
- Consider a private student loan after your federal student loan eligibility has been exhausted but you need additional funds to help cover the cost of your living expenses.
- Consider a private student loan if you will need help funding summer enrollment.
- Consider a private student loan if you will be enrolled in a Study Abroad program and need additional funds for expenses associated with your study abroad program.
- Consider a private student loan if you have excellent credit and your only wish is to get an interest rate lower than the interest rate of federal student loans and borrower benefits are not a priority.
What You Need To Know
1. Disclosure forms – Lenders must provide required disclosures to the student and cosigner, if applicable, at three different times during the private loan origination process:
- Application and Solicitation Disclosure – Provided during the online loan application process or via mail included with the Promissory note.
- Approval Disclosure – Provided after the loan is approved and the lender has received the promissory note, the Application and Solicitation Disclosure, the Private Education Loan Applicant Self-Certification Form, and the school certification. The applicant and any cosigner have 30 days to return the approval disclosure.
- Final Disclosure – Provided after the lender receives the Approval Disclosure from the borrower and any cosigner, indicating that the loan has been accepted by the student and cosigner, if applicable. The loan will not disburse until at least 2 business days after this disclosure is received by the borrower and any cosigner.
2. Private Education Loan Applicant Self-Certification Form – requires information on your cost of attendance, as determined by the school you attend. Refer to our cost of attendance chart to help estimate your educational expenses. A credit-approved student borrower must submit a completed Private Education Loan Applicant Self-Certification form to the lender before school certification is requested.
3. Timing Requirements – Federal regulations extend the loan processing timeline so meeting deadlines for specific steps will be critical to the successful and timely disbursement of your loan funds. Private loan requests from lenders who do not use Education Loan Management Resources (ELM) to electronically certify and disburse private loans will have a processing time frame of 4-6 weeks. Please contact your private loan lender to verify if they certify and disburse loans through ELM in order for you to plan accordingly.
Things to Consider
1. Exhaust your eligibility for federal loans before taking a private loan:
- Private student loans usually have a higher interest rate, and can have a variable interest rate, unlike federal student loans, which have fixed interest rates.
- Federal student loans offer better borrower benefits including repayment plans, grace periods, financial hardships and loan forgiveness options.
2. Check to see how frequently your intended lender compounds interest on private loans. A low interest rate that is compounded daily is usually a costlier loan.
3. Fees charged by some lenders can significantly increase the cost of the loan. A loan with a relatively low interest rate but high fees can cost more than a loan with a higher interest rate and no fees. (Lenders that do not charge fees often roll the difference in the interest rate.)
4. Private loans require that you have a credit history and verifiable income; if you do not meet the qualifying requirements, a co-signer may be required. It is better to apply for a private student loan with a cosigner, even if you could qualify for the loan on your own. Applying with a cosigner usually results in a slightly lower rate, because the loans are not as risky for the lender.
5. Keep in mind that private student loans are only available to students whose cost of attendance has not already been met with other aid.
How to Apply
1. Research private loans with the lender of your choice. AccessLex’s Guide to Private Student Loans is a valuable resource to help guide you when researching and applying for a private student loan. Students can also visit the ElmSelect website to see lenders who have previously disbursed loans for Stetson University College of Law students.
2. Apply for the loan.
- Do not apply earlier than 30-45 days prior to the start of the semester (credit approvals are only good for 120 days)
3. Your lender will send us an electronic certification to complete.
4. We will complete the certification and return it electronically to your lender.
5. Depending on your lender, the process can take 3-6 weeks from the time you apply until receipt of funds. Your lender will send your loan proceeds to us electronically.
If you are interested in part-time Federal Work Study (FWS) employment, you’ll need to submit a Free Application for Federal Student Aid (FAFSA) and demonstrate financial need. If you indicate on your FAFSA that you want to be considered for Federal Work Study, it will appear in your award package if you qualify. If you don’t indicate interest on your FAFSA but would still like to participate, you’ll need to contact the Office of Student Financial Planning to check your eligibility.
Keep in mind that Federal Work Study funds are not applied directly to your student account. Instead, you earn the award through your student employment. You can search for available Federal Work Study jobs using our Simplicity job search engine. For more details, be sure to review both Stetson Law’s Federal Work Study Policy and the guidelines for student work schedules.
If you were a Florida Academic Scholar or Florida Medallion Scholar, you may be eligible to use Bright Futures funding for one semester of graduate study at Stetson Law. To qualify, you must have earned your bachelor's degree in seven semesters or fewer (or the equivalent in credit hours) and graduated from a Florida high school no more than five years before starting law school. Bright Futures will cover up to 15 credit hours at the undergraduate rate.
It is important to note that you cannot drop any courses during the semester you receive Bright Futures funds. If you do, you will be required to repay all of the funds.
To check your remaining eligibility, log in to your Bright Futures account. If you still qualify, you can submit Stetson Law's Bright Futures Form for processing.
Stetson Law awards multi year merit scholarships to selected law students when you are admitted. You are automatically considered for these scholarships with no separate application required. Stetson Law Admissions makes its decisions based on your academic achievements, personal accomplishments and experiences, and how well your application reflects the mission of the Stetson Law.
You may also be eligible for endowed scholarships, which are awarded each year at the end of the fall term. The Stetson Law Office of Student Financial Planning will announce when applications open midway through the semester. You can view the full list of endowed scholarships on our scholarship page.
As a United States military veteran, you have access to many services and benefits, including tutorial assistance as well as educational and vocational counseling. To learn more, visit our Veterans Resources webpage.