LOANS

Texas A&M University School of Law participates in the William D. Ford Federal Direct Student Loan programs. You must fill out the Free Application for Federal Student Aid (FAFSA) to be eligible to receive any type of federal financial assistance toward your law school education.

• First time borrowers for any federal loan must have completed federally required Loan Entrance Counseling, available at https://studentloans.gov/myDirectLoan/index.action. This must be completed before release of federal loan funds.
• Students may add Texas A&M University to an existing loan entrance counseling record to meet the requirement.
• Loan funds are released at the start of the semester and are deposited directly to your account at your financial institution. You are strongly encouraged to set up direct deposit in the Howdy Portal under My Finances.
• Qualified personnel also are available to answer students’ questions during the new student orientation at the start of the fall semester.

Different Loans Available:

Federal Unsubsidized Loans
Federal Graduate PLUS Loans
College Access Loans
Private Loan Programs
Bar Examination Preparation Loans

Federal Unsubsidized Loans

• Fixed interest loans.
• Repayment can be deferred until six months after completion of the program of study or enrollment drops to less than half time.
• Up to $20,500 per year.
• Standard repayment is 10 years, though borrowers can obtain extended repayment terms up to 25 years if needed and they qualify.
• Eligible for income-driven repayment options.
• May be included in a federal consolidation loan after the student is out of school. Depending on your total debt, the consolidation loan repayment term can be up to 30 years.
• Deferrable during future qualified enrollment after law school.
• If you are eligible to receive a Federal Unsubsidized Loan, we will offer an award for the eligible amount in the Scholarships & Financial Aid section of the Howdy Portal. You should accept any desired amount there. A valid Master Promissory Note (MPN) and loan entrance counseling must be completed at https://studentloans.gov/myDirectLoan/index.action for Texas A&M University.

Federal Graduate PLUS Loans

• Fixed interest loans.
• Repayment can be deferred until six months after completion of the program of study or enrollment drops to less than half time.
• Standard repayment is 10 years, though borrowers can obtain extended repayment terms up to 25 years if needed and they qualify.
• Eligible for income-driven repayment options.
• Available for cost of attendance, less other aid.
• Must meet credit criteria. Although a credit score is not used to determine eligibility, you must not have adverse credit as defined in federal regulations. If you do not qualify for credit approval, an endorser may be obtained to achieve approval.
• May be included in a federal consolidation loan after the student is out of school. Depending on your total debt, the consolidation loan repayment term can be up to 30 years.
• Deferrable during future qualified enrollment after law school.
• If you are offered eligibility to borrow through a Federal Graduate PLUS Loan, you will need to obtain a credit approval and complete a Grad PLUS Master Promissory Note (MPN). To accept the Grad PLUS loan award and borrow funds, visit https://studentloans.gov/myDirectLoan/index.action and select the option to Request a Direct PLUS Loan.
• Approval usually is displayed immediately.
• If you do not qualify for an immediate approval, you may be approved later, or may be eligible for an approval with a qualified loan endorser.
• The MPN should be completed in the same website.

College Access Loans

• Available through the state of Texas to students who have been Texas residents for at least one year before entering school.
• Fixed interest rates are available.
• Repayment begins six months after half-time enrollment ceases. Helps pay educational expenses beyond Unsubsidized Loan limits within the university-designated cost of attendance.
• A creditworthy co-signer may be required if you do not meet credit criteria.
• More information is available at www.hhloans.com.

Private Loan Programs 

• Available from several private lenders.
• Each lender sets its own guidelines and criteria.
• Based on your creditworthiness.
• Usually limited to the university-designated cost of attendance.
• Repayment is normally deferred while the student is in school.
• May be available for enrollments of less than half time.
• May have a post-enrollment grace period to delay repayment.

Bar Examination Preparation Loans

• Private loans available from a variety of lenders to fund post-enrollment activities such as bar review courses, the bar exam, and living expenses during bar exam preparation.
• Based on creditworthiness; each lender may have its own criteria for approval.
• Some lenders may permit or encourage co-signers for approval.
• May have a post-enrollment grace period to delay repayment.

Academic Progress Standards

Federal regulations require that students who wish to receive federal financial aid must maintain satisfactory academic progress as established by the institution. Information on the law school’s academic standards is available free of charge from the Student Services office.  Information also is available here.