Complete a
FAFSA as soon as possible after January 1 of each year. (Note:
The University of Akron does not use the GAPS/FAS). After the University
receives information from the College Scholarship Service about financial
need, a Financial Aid award Proposal will be sent to the student. It will
include all forms of financial assistance that have been awarded, plus
notice of the student's eligibility for a Stafford Loan (see below).
The Office of Student Financial Aid will not accept applications until such
time as that office has received information from the College Scholarship
Service and sent an award proposal to the student. New students are
generally processed during April and May. Continuing students will receive
award proposals after the end of the spring semester.
After the FAFSA has been received, it is reviewed and the data verified
before Stafford Loan processing can begin. Delays may occur during peak
periods.
The University of Akron FAFSA Code is 003123.
There are many options available to law students to finance their legal
education.
This brochure (PDF) describes the financing options available to
professional students and provides some helpful information to assist in
researching the available financing options. (Note:
This brochure is produced by Citibank. We make this available for
informational purposes only. The University of Akron does not recommend
nor endorse any lender over another.)
Satisfactory Academic Progress
Students must make satisfactory academic progress to receive or renew
federal financial aid. Essentially, 75 percent of attempted credits must be
successfully completed. The minimum grade-point average is 2.00. A full text
of the policy can be obtained in the
Office of Student
Financial Aid. A copy also will be made available to each student at the
time a Financial Aid Award Proposal is first offered. Generally, academic
progress is measured once each year, at the completion of spring semester.
Federal Loan Programs
The
Stafford Loan Program is a federal, need-based loan program for students
attending at least half-time. Up to $20,500 may be borrowed each year,
$8,500 of which is
subsidized (the federal government pays interest while
the student attend law school), and $12,000 of which is
unsubsidized
(interest accrues while the student attends law school). In order to be considered for Stafford loans, it is necessary to complete
the Free Application for Federal Student
Aid (FAFSA) each year.
A listing of some possible lenders, as well as the benefits each lender
offers to borrowers, is available
here.
The
Graduate PLUS Loan is a credit-based federal loan program for graduate
and professional students, and is available as a supplement to Stafford and
Alternative loans (see below). The fixed rate and terms of these loans can
often provide a more attractive loan product than many alternative loan
programs for eligible graduate and professional students. For more
information about the benefits to eligible Graduate student PLUS loan
borrowers, see the
Grad PLUS Borrower Benefits.
Alternative Loans
Alternative loan programs are designed to bridge the funding gap when
savings, scholarships, grants, federal loans, and other resources are not
sufficient. Applications for Alternative loans can be obtained from the
Office of Student Financial Aid after the student receives an award proposal
stating his/her eligibility for a Stafford Loan.
A listing of some possible lenders, as well as the benefits each lender
offers to borrowers, is available
here.
Note: This information is subject to rapid change. Contact lenders for the
most up-to-date information. The University of Akron is not responsible for
changes in terms of loans. Students should ask questions of the lenders and
do their own investigation and evaluation of which of these or other
commercial loan products best suit their individual needs.
Note: The University of Akron and The University of Akron School of Law
do not endorse or recommend any one lender over another. This information is
supplied for reference purposes only.
Note: Law students at The University of Akron are not eligible for
Perkins loans or federal work-study.
Student Led Debt Consolidation and Management Service
Graduate Leverage ("GL") is a full service debt management provider for your
entire consolidation process. Through their Personalized Reservation System,
they are able to access your loan information and provide a recommendation
on which loans should be consolidated, the optimal timing for consolidation,
and which lenders extend the most favorable terms. This ensures that you
will lock in the lowest possible rate with a lender who offers attractive
incentives.
There are no costs or fees for using this service. If you would like to have
your loans reviewed and receive a consolidation recommendation, simply input
your personal information at the
Personalized
Loan Assessment System.
Debt and Credit
Some Alternative loans are granted based on levels of debt and credit
rating. For information on debt and credit counseling, visit
www.nfcc.org.
To find your FICO (Fair, Isaac & Co.) credit score, and for useful
information about consumer credit, visit
www.myfico.com.
A note regarding debt and Bar Exam clearance:
The fiscal health of a law graduate as it relates to bar admission is a
VERY
REAL and
VERY SERIOUS matter. Law students should take steps to clean up
consumer debt before entering law school and to manage their consumer credit
very conservatively and wisely during law school. It is fair to say that
debt alone will not result in the Supreme Court denying permission to sit
for the bar exam. However, debt coupled with poor decisions, or no plan to
manage or eliminate the debt could create a question for the character and
fitness committee of any given state bar admissions office and ultimately
contribute to a decision to deny permission to sit for the bar exam.
Short-Term Emergency Loan Fund
The School of Law Dean's Office has an emergency loan fund to assist law
students unexpectedly faced with pressing financial obligations.
Interest-free loans are available from $25 up to $250 and are usually due to
be repaid within four to eight weeks. To borrow, students must be in good
academic standing and currently enrolled in the School of Law.
See the School of Law Receptionist in room 136 (the School of Law Dean's
Office) for more information on Short-Term Emergency Loans.
Loan Inquiries
The University of Akron
Office of Student Financial Aid
Akron, Ohio 44325-2901
800.621.3847
Student Financial Aid Contacts:
Pamela Arrington
Assistant Director of Student Financial Aid
330.972.6336
pamela8@uakron.edu
Michelle Ellis
Senior Associate Director of Student Financial Aid
330.972.5860
mellis@uakron.edu
