Types of Financial Aid
To help finance the cost of a legal education, the College of Law and the University of Illinois offer scholarships and loan assistance to qualifying students. Because the study of law is so demanding of time and energy, students are strongly encouraged to not work during the first year.
There is a general distinction between financial programs managed through the College of Law and those managed through the University's Office of Student Financial Aid.
University Office of Student Financial Aid
- Federal Direct Loan (subsidized,unsubsidized, and GradPLUS)
- Private Loans (e.g., Law Access)
College of Law
- Scholarships
- Long-Term Loan Program
Federal Direct Student Loan Program
The University of Illinois at Urbana-Champaign participates in the Federal Direct Student Loan Program. Established by the Student Loan Reform Act of 1993, this program provides a simpler way for students to obtain and repay student loans. Instead of borrowing from private lending institutions, students will borrow through the University from the U.S. Department of Education. The University will approve the loan, receive the funds from the USDE, and credit the loan proceeds directly to the student's University account. The total amount one can borrow under the Federal Direct Program is $20,500. Loan amounts cannot exceed the cost of attendance minus other financial aid the student may receive, including work study assistance and scholarships. A Grad PLUS loan may be borrowed to cover the unmet difference between the Cost of Attendance and all other aid. If there is an excess amount of financial aid funds after University charges are paid in full for the semester, a check or direct deposit will be issued to the student. All federal loans are administered through the Office of Student Financial Aid (OSFA). To be considered for federal loans, you must complete current year's Free Application for Federal Student Aid (FAFSA). This is the only application required. FAFSAs are available at most college and university financial aid offices and local libraries, or you may complete the application on the World Wide Web at http://www.fafsa.ed.gov. For more detailed information on federal loans , please refer to the OSFA's Web site http://www.osfa.uiuc.edu.
Federal Direct Subsidized Loans are available to applicants demonstrating need. The maximum award per year is $8,500. While the student is in school, there is no interest charge. Repayment begins six months after leaving school.
Federal Direct Unsubsidized Loans are not based on need. A maximum amount of $12,000 may be borrowed. The interest rates for Subsidized and Unsubsidized loans are fixed at a sset 6.8%. Tthe Federal Direct Unsubsidized loan begins to accrue interest immediately but does not begin repayment until six months after leaving school. For more information, refer to the USDE website: http://www.studentaid.ed.gov. Borrowers are responsible for all interest charges, including those accruing while the student is in school.
Federal Graduate PLUS loan requires a basic credit check with the Department of Education. The credit check for the Grad PLUS Loan will not be as stringent as that of most private/alternative loans, which often look at debt to income ratio. Grad PLUS loans have a fixed interest rate of 7.9%. Interest rates tend to be lower than many private/alternative loans.
Private Loans
Students will need to find private loans if their cost of attendance is greater than the amount offered under the Federal Direct Student Loan Program. The maximum amount that can be borrowed must be certified by the Office of Student Financial Aid. For information on lenders, visit the Office of Student Financial Aid website at http://www.osfa.uiuc.edu and follow the loans link for alternative educational loans.
College of Law Awards & Scholarships
The College of Law has a variety of scholarships available for incoming as well as current students. All students are automatically considered for scholarships. Scholarships range from $2,000 to full tuition and are awarded to students who show the greatest promise for success in the study of law. Previous academic success is a primary consideration; the Committee also considers other relevant factors.
College of Law Long-Term Loan Program
Applications for these loans are available from the Director of Admissions and Financial Aid. This loan program is designed for students who face an emergency situation while in law school. Students must exhaust all other loan resources before applying for a long-term loan.
Celia M. Howard Fellowship Fund
Provided by the Illinois Federation of Business and Professional Women's Clubs, these fellowships are granted to women who are Illinois residents. Awards range from $500 to $8,500 per year and are renewable. More details are at www.celiamhowardfellowship.com. Applications are due by November 15.
Abraham Lincoln Marovitz Scholarship
This annual scholarship is for students who are interested in public interest law. These funds, payable over a three-year period, enable an incoming student who intends to pursue a career in public interest law to have a significant portion of his or her tuition and related expenses covered by scholarship funding. Applications are due by April 15. View further details (pdf).
Peoria County Bar Association Diversity Scholarship
Provided by the Peoria County Bar Association, this scholarship will be presented to one entering law student and is renewable for the next two years. Complete information can be found here (pdf).
