Grants

A Tuition Equalization Grant is a state grant providing funds to Texas residents who are enrolled full time and who show a demonstrated financial need. The Office of Financial Aid determines individual eligibility based on the results of the Free Application for Federal Student Aid and supporting documents. The grant amount varies with a maximum award for 2006-07 of $3,444 per year for full-time enrollment. Awards are made on a first-come, first-served basis and are contingent on appropriation of grant funds by the Texas legislature.

Loans

Federal Stafford Loans: These loans are federally guaranteed, fixed interest loans. Repayment can be deferred until completion of the program of study or until enrollment is less than half time.

There are two types of Federal Stafford Loans. The Subsidized Federal Stafford Loan is based on demonstrated financial need. For a qualified student, the government pays the lender the interest due on the loan while the student is in school and during grace and deferment periods. A student may borrow up to $8,500 annually with this loan.

The Unsubsidized Federal Stafford Loan is for students who may not qualify for the Subsidized Federal Stafford Loan, or who would like to borrow more than their eligible subsidized amount. The student is responsible for all accrued interest.

A graduate student may be eligible to receive Subsidized and Unsubsidized Federal Stafford Loans, up to a combined total of $18,500 per year, increasing to $20,500 after Julty 1, 2007. Each Stafford borrower must select a lender who participates in the program. It is usually a good idea for a student to continue to borrow through the same lender if there are outstanding prior loans. These standard repayment term for these loans is 10 years, though lenders can offer extended repayment terms up to 25 years if needed. These loans may be included in a federal consolidation loan after the student is out of school. Depending on the student's total debt, the consolidation loan repayment term can be up to 30 years.

To apply for a federal loan, click here to visit Free Application for Federal Student Aid (FAFSA).

Graduate PLUS Loans: These loans are also federally guaranteed, fixed interest loans. Standard repayment begins after the loan is fully disbursed, but these loans can be deferred while in school at the student's request. Lenders can grant forebearance to align entry into repayment with Stafford Loans. Graduate PLUS loans can be obtained by the student as borrower for cost of attendance, less other aid, with no aggregate limit. The borrower must meet credit criteria. Although a credit score is not used to determine eligibilty, the student borrower must nothave adverse credit as defined in federal regulations. If the student borrower does not qualify for credit approval, an endorser may be obtained to achieve approval.

College Access Loans: College Access Loans are available through the state of Texas to students who have been Texas residents for at least one year before entering school. They can be used to help pay educational expenses beyond Stafford Loan limits within the university-designated cost of attendance. A credit worthy co-signer is required. The interest rate is currently fixed at 5.25 percent, and repayment begins six months after half-time enrollment ceases.

Private Loan Programs: Private loan programs are available to law students from several private lenders, and each lender sets its own guidelines and criteria. These loans are all based on individual student creditworthiness and are usually limited to the university-designated cost of attendance. Repayment is normally deferred while the student is in school. Contact the financial aid office for further information on these or any other private loan programs.

Bar Examination Preparation Loans: The law school is committed to helping Wesleyan graduates become successful members of the legal profession. Because the law school recognizes the importance of proper preparation for the bar examination, it encourages loans for this purpose. Bar Examination Loans are private loans available from a variety of lenders and are based on the creditworthiness of the student. Some lenders may permit or encourage co-signers for approval. More information is available from the financial aid office.

Scholarships

In addition to loans and grants, scholarship offers are made to admitted students through the Office of Admissions to qualified students. New students are automatically considered for scholarships and awarded students as part of their admissions decision. Scholarship award amounts vary and scholarship awards are maintainable each year subject to academic performance criteria. Students entering without a scholarship may receive a scholarship based on strong law school performance after the first year. All scholarship award offers are based on availability.

For more information about grants, loans or scholarships, contact the Office of Admissions or the Office of Financial Aid.