Financing Your Legal Education at Delaware Law School
Congrats on your acceptance to Delaware Law School! Learn about financing your legal education through scholarships, loans, and federal aid sources. Explore merit-based scholarships, private loan programs, donor scholarships, and federal government funding options. Make informed decisions on funding your legal studies effectively.
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Delaware Law School Financing your Legal Education Eleanor A. Kelly Director of Financial Aid
Financing Your Legal Education Congratulation on your acceptance to Delaware Law School! Congratulation on your acceptance to Delaware Law School! Now Now how do you pay for it? how do you pay for it? Good News There is money available to help pay for Law School Bad News Likely to include loans which must be paid back
Four Sources of Financial Aid 1. Delaware Law School 2. Federal Government 3. Outside Organizations 4. Your own resources
Sources of Financial Aid Delaware Law School Merit Based Scholarship Program Intended to reward the many and distinctive academic, personal and professional accomplishments of our incoming students Based on LSAT Score, Undergraduate GPA and overall Law School Application Renewable for up to three years for full-time students and four years for part-time students provided the student maintains satisfactory academic performance. Notified with acceptance
Sources of Financial Aid Widener Scholar Loan Program Opportunity to borrow a private loan through the Widener Scholar Loan Program awarded based on first year academic performance (cumulative grade point average) No interest accrues on this revolving fund loan during law school and the six month grace period 5% interest rate accrues during repayment
Sources of Financial Aid Donor Scholarships Scholarship Opportunities provided with funds donated by friends and Alumni of Delaware Law School Fellowships Wolcott Scholars Program, Schmutz Fellowship for Corporate and Business Law Institute Fellowship, Domestic Violence Research and Advocacy Fellowship Yellow Ribbon Program for Veterans. - Veterans eligible for Post 911 Education Benefits at 100% will pay zero out of pocket for tuition expenses.
Sources of Financial Aid Federal Government Federal Government Major source of funding for Law Students Federal Direct Federal Direct Unsubsidized Unsubsidized Loan - maximum amount = $20,500 per academic year - no credit check - maximum aggregate loan limit for law student 138,500.00 Loan
Federal Direct Unsubsidized Loan Interest rate: Fixed annually in June, currently 4.30% Fixed annually in June, currently 4.30% Interest accrues on the loan from the date of disbursement Grace period: 6 months 6 months Repayment term: 10 years 10 years (options to extend term available) Lender: Federal Government Federal Government
Federal Direct Graduate PLUS Loan Credit Check required No Credit = good Bad credit may need an endorser (co-signer) May borrow cost of attendance minus financial aid (including unsubsidized loan) Interest is fixed annually and accrues from date of disbursement. Current interest rate for 20-21 is 5.3%
Sources of Financial Aid Outside Organizations may offer scholarship/grant or fellowship opportunities Check out Widener Law s Outside Database on our website. (currently being updated) AccessLex Scholarship Database available at http://accesslex.org Private Lenders Carefully evaluate repayment terms and conditions to be an informed borrower
Applying for Financial Aid Complete Free Application for Financial Aid online at https://studentaid.gov Determines your eligibility for federal financial aid Checks other databases for verification of citizenship or eligible non-citizenship, Selective Service, Veteran s status, ect Complete Delaware Law School Financial Aid Data Form at http://delawarelaw.widener.edu/dataform Provides FAO important info regarding enrollment plans and loan amounts
Applying for Direct Loans Complete Direct Loan Subsidized/Unsubsidized MPN Master Promissory note if you plan to borrow federal loans to help pay your tuition at https://studentaid.gov You will not indicate an amount. The maximum amount for graduate students is $20,500. If you wish to borrow less than the maximum; please indicate amount requested on the Delaware Law School Data Form.
Applying for Direct Loans Graduate PLUS Loan Process two steps! Go to https://studentaid.gov Step 1: Apply for a GradPLUS You will authorize a credit check and indicate an amount that you want to borrow Step 2: Complete a MPN for GradPLUS Loan Please do not request Please do not request GradPLUS May 1, 2021 May 1, 2021 GradPLUS until after until after
How much financial aid can I have? Cost of Attendance includes tuition and fees, books and living expenses for 9 months. Evaluate your own budget to determine if you have other resources that you can use to help pay some expenses. If borrowing loans, your lifestyle choices will determine your level of borrowing.
COA Regular Division 2021-2022 Off-Campus or Commuting from parent s Dorms home $55,200 $55,200 Tuition (32 credits) $60 $60 SBA Fee Books $1,650 $1,650 Room & Board 12,717 $4,563 Personal $3,708 $3,708 Transportation $3,024 $3,024 Loan Fees $1,185 $1,185 Total $77,544 $69,390
COA Extended Division 2021-2022 Off-Campus or Commuting from parent s Dorms home $41,400 $41,400 Tuition (24 credits) $60 $60 SBA Fee Books $1,274 $1,274 Room & Board $12,717 $4,563 Personal $3,708 $3,708 Transportation $3,024 $3,024 Loan Fees $1,185 $1,185 Total $63,414 $55,260
How to minimize borrowing. Understand the difference between the cost of attendance and your tuition bill. Develop a student budget and start living like a law student now. Plan to live on-campus or with a roomate (s) Connect on Widener s accepted applicant facebook page Pay off consumer debt (ie. Credit cards)
Financial Aid Worksheet Financial Aid Fall 2021 Example: Merit Based Scholarship=10,000.00 Unsub Loan = 20,500.00 Grad PLUS = 26,000.00 Spring 2022 Fall 21 Spring 22 Budget Number of Credits Estimated Cost per credit Hour SBA Fee Tuition Living Expenses -Dorm Totals Budget 16 Number of Credits $1,725.00 Estimated Cost per credit Hour $60.00 SBA Fee $27,660 Tuition $0 Living Expenses - Dorm $27,660 Totals 16 $1,725.00 $60.00 $27,660 $0 $0 $0 $0 $27,660 Expected Financial Aid Fall Scholarships Federal Direct Unsubsidized Loan Other-Seat Deposit Gross $5,000.00 $10,250.00 $400.00 Net Expected Financial Aid Spring $5,000.00 Scholarships $10,141.45 Federal Direct Unsubsidized Loan $400.00 Other Gross $5,000.00 $10,250.00 Net $5,000.00 $10,141.45 $0.00 $0.00 Subtotals $15,650.00 $15,541.45 Subtotals $15,250.00 $15,141.45 Tuition Balance Due After Aid Above $12,118.55 Tuition Balance Due After Aid Above $12,518.55 Additional Resources Graduate Plus Loan Additional Resources $13,000 $12,449.32 Graduate Plus Loan $13,000 $12,449.32 Or Private Loan Or Private Loan Totals Estimated Refund/Balance Due $12,449.32 Totals ($331) Estimated Refund/Balance Due $12,449.32 $69
Whats next? When/How will I get my Award When/How will I get my Award Letter Offer? Letter Offer? Award Letter Offers are posted on MyWidener portal You will receive an email with a link to access award letter offer. What is my bill? What is my bill? Cost of Attendance is not your bill from Delaware Law. Widener University Bursar s Office will post an E-Bill for tuition, fees and on-campus housing on MyWidener portal.
Questions???? Thank you.
