Loans
Please note that free individual student loan counseling is available for all admitted students, current students, and alumni. It is available through the Baylor Law Office of Admissions and Financial Aid, and it is available through AccessLex Connex.
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, for loans disbursed between July 1, 2023 and June 30, 2024, is 7.05 percent annually, and a 1.057 origination fee will be deducted at disbursement as for loans disbursed prior to October 1, 2023. 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 (with an exception for the period of March 2020-August 30, 2023, as all federal loans went to 0% interest through August 30, 2023).
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 this website for an application. A Graduate PLUS loan is federally guaranteed, and interest accrues while you are in school (with an exception for the period of March 2020-August 30, 2023, as all federal loans went to 0% interest through August 30, 2023).The interest rate for these loans, for loans disbursed between July 1, 2023 and June 30, 2024, is 8.05 percent annually, and a 4.228 percent origination fee will deducted from the disbursement for loans disbursed prior to October 1, 2023.
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.
College Access Loans
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 or for more information. Residency requirements can be viewed here.
You or a cosigner must have favorable credit (including a credit score of 650 or higher), must not have public records such as tax liens or bankruptcy proceedings, must have a minimum of 4 credit trade lines, and must not have defaulted on any federal or private education loans. There is no origination fee. The interest rate is fixed at 5.35 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.
Private Alternative Loans
Some private lenders offer loans. However, we strongly advise you to check on repayment plans and interest rates, and please note that these loans probably have credit requirements and are not eligible for consolidation, income-based repayment, or federal loan forgiveness programs. To explore these types of loans, please visit here.
Dreamers Graduate Loans
The Dreamers Graduate Loan Program is a first-of-its kind program for those with DACA or TPS status. The loans offered are modeled on those available to U.S. citizens via the federal government’s Direct PLUS loan program. The advantages of the Dreamers program include 1) no fees; 2) no cosigner or minimum credit score requirements; 3) no prepayment penalties; and 4) free one-on-one financial coaching and support throughout the entire loan process for participating students. To learn more, please visit here.