William D. Ford Federal Direct Stafford Loan
The Direct Stafford Loan provides loan assistance to law students through the federal government. Students may borrow an Unsubsidized Stafford loan up to $20,500 per year.
| Interest Rate |
- Loans first disbursed on or after July 1, 2019 and before July 1, 2020: fixed at 6.08% for life of loan. 1
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| Fees |
- 1.059% per disbursement (as of 10/1/19). 2
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| Interest Accrual |
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| Grace Period |
- 6 months after graduation or cease to be enrolled at least half-time.
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| Repayment Options |
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| Loan Forgiveness |
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| Other Notes |
- Annual maximum is $20,500.
- Eligible for deferment and forbearance options.
- Disbursed in equal amounts per term of at least half-time enrollment.
- Be enrolled at least half-time and maintain satisfactory academic progress.
- Loan must be requested and originated prior to the end of the academic year (or last term enrolled of academic year) per federal regulations. Requests made at the end of the academic year may not be able to be processed due to time limits.
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| Application Process |
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1. The interest rate as of July 1, 2019 is fixed at 6.08% based on the 10-Year Treasury Note Index + a 3.6% add-on (capped at 9.5%). New interest rate is calculated each year for new loans.
2. Due to sequestration, the origination fees increase annually each October 1 (amount to be determined) for new loans first disbursed on or after that date.
Please see Direct Loans for more information on the Federal Direct Stafford loan.
Federal Direct Graduate and Professional Student PLUS Loan
Graduate students may borrow the Federal Direct Graduate and Professional Student PLUS Loan (Grad PLUS) up to the cost of attendance less other financial aid. Please see Credit-based Loans for more information, including a comparison of benefits between the Grad PLUS and private loans.
| Interest Rate |
- Loans first disbursed on or after July 1, 2019 and before July 1, 2020: fixed at 7.08% for life of loan. 3
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| Fees |
- 4.236% per disbursement (as of 10/1/19). 4
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| Interest Accrual |
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| Grace Period |
- 6 months after graduation or cease to be enrolled at least half-time.
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| Repayment Options |
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| Loan Forgiveness |
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| Other Notes |
- Borrow up to the cost of attendance less other financial aid.
- Eligible for deferment and forbearance options, similar to Federal Direct Unsubsidized Loan.
- Credit check is required. 5
- An endorser (co-signer) may be required (if so, a new promissory note is required for each loan with an endorser).
- Disbursed in equal amounts in the fall and spring unless requested otherwise in writing and approved.
- Apply for the Grad PLUS or a private loan - students do not apply for both concurrently.
- Loan must be requested and originated prior to the end of the academic year (or last term enrolled of academic year) per federal regulations. Requests made at the end of the academic year may not be able to be processed due to time limits.
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| Application Process |
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3. The interest rate as of July 1, 2019 is fixed at 7.08% based on the 10-Year Treasury Note Index + a 4.6% add-on (capped at 10.5%). New interest rate is calculated each year for new loans.
4. Due to sequestration, the origination fees increase annually each October 1 (amount to be determined) for new loans first disbursed on or after that date.
5. We strongly encourage you to request a copy of your credit report. Checking your credit rating now will help eliminate surprises later and will give you time to correct any errors or resolve any problems.
- To request a free credit report visit AnnualCreditReport.com.
- For a more in depth report you will be charged a small fee, unless you have been denied credit recently.
- You may contact either Experian at 888.397.3742, Equifax at 800.685.1111, or TransUnion at 800.888.4213.
For answers to any questions you have about financial aid, please contact Student Financial Services at lawfa@seattleu.edu or 206.398.4250.