Financing Law School
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FREQUENTLY ASKED FINANCIAL QUESTIONS

We know that applying for and securing funds for law school can be overwhelming, particularly with Baylor Law School's unique quarter system. Please see the following list of frequently asked questions, and please contact us if you have any more questions!

Getting Started

1. How do I apply for financial aid?
2. When can I begin to apply for financial aid?
Spring and Summer starters may fill out the FAFSA at any time. If you are a Fall starter, you may fill out the FAFSA after you have filed your electronic tax return.
3. What is Baylor's FAFSA School Code?
Baylor's School Code is 003545.
4. If I am a Spring or a Summer Starter, which FAFSA application do I file?
If you are a Spring or a Summer Starter, you file the current academic year's FAFSA (e.g., if you begin in Spring or Summer 2013, you will file the 2012-2013 FAFSA).
5. Are financial aid applications accepted after the March 1st recommended deadline?
Yes. The deadline is just a preferred deadline. Please note that you will not receive your financial aid package until you file the FAFSA.
6. Is an academic year Fall through Summer or Summer through Spring?
It depends. Baylor University views the academic year as Summer as a standalone quarter, followed by the Fall through Spring. For purposes of the FAFSA and your federal loans, though, you should view the academic year as Fall through Summer.



Costs

1. What are the tuition and fees for Baylor Law School?
For a list of tuition and fees, please click here.
2. How much can I borrow for law school?
You may borrow up to the cost of attendance minus any other aid you receive. To view the cost of attendance, please click here.
3. What is the cost of attendance?
The Cost of Attendance is what the school estimates you will spend on tuition, fees, books, supplies, room, board, transportation, and personal expenses. It is the maximum amount you are allowed to take out each quarter.



Scholarships

1. When will I know if I have received a scholarship?
You will receive information about merit-based scholarships during the application process. Most students will receive scholarship information in their admissions letters. If you are interested in the Jaworski scholarship, you must submit a separate application. Click here for details.
2. If I don't receive a scholarship during my first year, will I have the opportunity to apply for any more scholarships?
Yes. If you maintain a 3.6 GPA during your first 3 quarters of law school, you will be eligible for a merit-based scholarship.
3. Are there any other scholarships available for law students?
A number of bar associations and private organizations offer scholarships and writing competitions. A list of current writing competitions can be found here.
4. If I receive a scholarship, may I get it for all four quarters?
Your scholarship will be awarded quarterly, and, assuming you maintain the eligibility GPA, you may use it for whichever 9 quarters you choose.
5. What are the chances that I will retain my scholarship?
Most of our students retain their scholarships. See your scholarship award letter for details.



Loans

1. I've used all of my Federal Direct Loan eligibility. Which loan should I take?
After you have used your federal direct loan eligibility, you can take up to the cost of attendance, minus other aid, in Graduate PLUS loans, in Texas College Access Loans, or in private alternative loans.
2. Which federal loans are available to me?
There are three types of federal loans available to you.

Federal Direct Unsubsidized Loans
You may borrow up to $20,500 per academic year (Fall through Summer) in Federal Direct Unsubsidized loans, with a lifetime limit of $138,500 (subsidized and unsubsidized). The interest rate for these loans is 5.41 percent annually, and a 1 percent loan fee is deducted at disbursement. As of July 1, 2012, there are no longer any Federal Direct Subsidized loans available to graduate or law students: as soon as your loan is disbursed, interest begins to accrue.

After you drop below half-time status, these loans have a six-month grace period before repayment begins. A Federal Direct Unsubsidized loan has forbearance and deferment options, may be consolidated, may be paid back under several different repayment plans, and may be eligible for forgiveness under the Public Service Loan Forgiveness program.

Graduate PLUS Loans
If you do not have adverse credit, you may secure the additional amount of aid for which you are eligible by applying for a Graduate PLUS loan. See studentloans.gov for an application. A Graduate PLUS loan is federally guaranteed, and interest accrues while you are in school. The interest rate is fixed at 6.41 percent, and a 4 percent origination fee is deducted from the disbursement.

After you drop below half-time status, you must immediately begin paying back these loans. A Graduate PLUS loan has forbearance and deferment options, may be consolidated, may be paid back under several different repayment plans, and may be eligible for forgiveness under the Public Service Loan Forgiveness program. If your application for a Graduate PLUS loan is denied, you have several options for reapplication, including obtaining the signature of a cosigner.

Work Study:
You do have the option to select work-study as a financial aid component. However, we strongly recommend that you do not select this option, and please contact us before you select this option.
3. Which Texas loans are available to me?
If you are a Texas resident, you may also choose to secure the additional amount of aid for which you are eligible by applying for College Access loans, funded by the State of Texas. Click here to apply. Texas residency requirements can be found here.

If you apply with a cosigner, you or a cosigner must have favorable credit to secure the loan. If you and your cosigner have favorable credit, there is a 3 percent origination fee. If only you or your cosigner, but not both, has favorable credit, there is a 5 percent origination fee. The interest rate is fixed at 5.25 percent. You may not take out these loans if you have not already used your Federal Direct Unsubsidized loan eligibility. You have a six-month grace period after you drop below half-time status before you must start paying back your loans. These loans may not be consolidated and may not be forgiven under the Public Service Loan Forgiveness program, but they do have several repayment options.
4. Which private loans are available to me?
Check with banks and other lending insitutions. Additional loan sources are listed here.
5. What is adverse credit and favorable credit for purposes of the Graduate PLUS loans and the CAL?
For the government's definition of adverse credit, click here.

For the State of Texas' definition of favorable credit, click here.
6. How do I apply for financial aid?
See our Financial Aid Step-by-Step page for more information.
7. How do I make changes to my financial aid award?
You may contact the Financial Aid Office at 254-710-2611.
8. Are there any loans after law school to help with the costs associated with the state bar exam?
Loan assistance from private lenders is available to you for purposes of assisting with bar exam expenses, bar application fees, and associated living expenses. Bar loans are made payable directly to you and, because they are not a component of your financial aid package from NIU College of Law, you may choose to borrow from $500 to $15,000. These loans are commercial loans and are based upon your credit worthiness and, as such, the interest rate/fees will vary from lender to lender based upon your credit criteria. NIU does not recommend any particular lender; however, the following lenders have been used by other law students:

Law Student Loan Program
(800) 984-0190
www.salliemae.com

Citibank Law Student Loans
(800) 824-0019
www.studentloan.com/law

PNC Bar Study Loan
www.pnconcampus.com

Wells Fargo Bar Exam Loan
(800) 378-5526
www.wellsfargo.com

As always, we strongly encourage you to minimize borrowing. To this end, we encourage you to carefully think through the impact of borrowing additional money, because cumulative borrowing can significantly impact your post-graduation lifestyle for the ten or more years you will be in repayment.
9. I'm a Spring starter. Why am I receiving three financial aid packages during my first three quarters of law school?
Because Baylor University sees the academic year as Summer as a standalone quarter, followed by Fall-Spring, your first three quarters are each in different academic terms and thus are packaged separately.

Contact Admissions
Nicole Neeley
Assistant Dean of Admissions
254.710.3239
Jenny Branson
Associate Director of Admissions & Financial Aid
254.710.4842
Suzy Daniel
Office Manager for Admissions & Registrar
254.710.2529
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