Southwestern Law School Los Angeles, CA
 

Loans

Federal Direct Stafford Loans
(Unsubsidized)

The federal government offers eligible students Federal Direct Stafford Loans through the U.S. Department of Education. Graduate students may apply for up to $20,500 per academic year. Interest on unsubsidized loans begins up on disbursement. Students may borrow up to a combined aggregate maximum of $138,500 for both undergraduate and graduate loans through this program. The current interest rate is 6.21%.

Students will be charged a 1.073% loan origination fee by the Department of Education for this loan at the time of disbursement.


Federal Direct Graduate PLUS Loans (Grad PLUS)

The federal government offers eligible students Federal Direct Graduate PLUS Loans through the U.S. Department of Education. Graduate students may apply for a loan amount up to the cost of education less any other financial aid per academic year. The interest accrues while the student is in school and during grace periods and eligible deferment periods. There is no aggregate maximum on this loan. The current interest rate is 7.21%.

Students will be charged a 4.292% loan origination fee by the Department of Education for this loan at the time of disbursement.

Your credit report will be pulled and reviewed by your lender when you apply for the Grad PLUS loan.

To qualify, your credit report cannot reflect any of the following adverse items:

  • Currently 90 days or more delinquent on repayment of any debt
  • Debt discharged in bankruptcy during the past 5 years
  • Evidence of a default, foreclosure, tax lien, repossession, wage garnishment, or write-off of a Title IV debt during the past 5 years


Federal Perkins Loans

The Federal Perkins Loan program allows Southwestern to extend loans to continuing students on a first come, first serve basis who demonstrate exceptional financial need. These loans are subject to availability. The interest rate on these loans is 5% and does not begin to accrue until six to nine months after the recipient ceases to attend at least half-time. Loans range from $1,000 to $8,000 per year, to an aggregate maximum of $60,000, including undergraduate study. The minimum repayment rate on these loans is $40 per month, but may be more in order to meet the 10-year maximum repayment requirement. Repayment commences nine months (six months for students who have outstanding balances on NDSL/Perkins Loans prior to 1987) after the borrower ceases to attend at least half-time.


Private Student Loans

Lenders have several loan programs for students who are unable to finance the entire cost of their education with traditional forms of financial aid. These loans are not guaranteed nor subsidized by the federal or state government. Private loans are not based on need, but other financial aid is taken into consideration when determining maximum amounts for which a student is eligible. Student loans, including those from private lenders, may never exceed total cost of education for an academic year through any combination of financial assistance. To obtain the most complete, current information on terms and conditions, the lenders should be contacted directly.

Credit Scoring

Most private loan lenders use credit scoring (the most widely used method is Fair Isaac, Inc.) as a means to determine the amount of risk they are assuming on a borrower level. Using this risk model, creditors receive a "credit score" for each borrower. That score is then used to determine if the borrower is too risky, and therefore requires either a higher guarantee fee, a co-signer or a denial of credit.

Even though lenders will not release the student's score to them, there are some preemptive steps students can take. Students should review a copy of their credit report for erroneous information and reduce outstanding debt as much as possible. In addition, students should not apply for additional credit, as inquiries hurt the credit score. For assistance, students can visit Fair Isaac, Inc.'s website.


Bar Exam Study Loans

Lenders offer private, non-federal loans for bar study. Students are encouraged to contact their lender of choice for more program details.

Bar Exam Study Loan Information (PDF)

Your credit will be pulled by the lender when you apply for this loan.


Institutional Loans

Southwestern administers several institutional loan programs for its students who find themselves in need of additional assistance. The current interest rate for institutional loans is 5% (fixed). Repayment begins 9 months after the student graduates or separates. These loans cannot be consolidated with any federal loans.

William Randolph Hearst Endowed Revolving Loan Fund
This fund was made available by the William Randolph Hearst Foundation to provide loans of up to $5,000 per year to students who meet the need, scholarship, and leadership criteria. The interest rate is a minimum of 5%, or the prevailing rate for externally funded private loans for law students, whichever is higher, the rate to be determined annually and applied to new loans made during that academic year. No interest accrues while the recipient is enrolled at least half-time at Southwestern and during the 9 month grace period. Recipients must be in the top 60% of their class, have need and be enrolled at least half-time.

W.M. Keck Foundation Endowed Revolving Student Loan Fund
The W.M. Keck Foundation provided a grant for the establishment of a revolving loan fund to assist continuing law students at Southwestern. The program provides loans of up to $5,000 per year. The interest rate is a minimum of 5%, or the prevailing rate for externally funded private loans for law students, whichever is higher, the rate to be determined annually and applied to new loans made during that academic year. No interest accrues while the recipient is enrolled at least half-time at Southwestern and during the 9 month grace period. Recipients must be in the top 60% of their class, have need and be enrolled at least half-time.

Victor L. Mindlin Memorial Endowed Revolving Loan Fund
Financial aid from this fund, established in memory of Mr. Victor L. Mindlin '32, is available to eligible students in the form of loans. The interest rate is a minimum of 5%, or the prevailing rate for externally funded private loans for law students, whichever is higher, the rate to be determined annually and applied to new loans made during that academic year. No interest accrues while the recipient is enrolled at least half-time at Southwestern and during the 9 month grace period. Recipients must be in the top 60% of their class, have need and be enrolled at least half-time.

Ignatius F. Parker Revolving Loan Fund
This revolving loan fund was established in memory of the late Ignatius F. Parker, Dean Emeritus of Southwestern Law School. The program provides loans of up to $5,000 per year ($7,500 for SCALE students). The interest rate is a minimum of 5%, or the prevailing rate for externally funded private loans for law students, whichever is higher, the rate to be determined annually and applied to new loans made during that academic year. No interest accrues while the recipient is enrolled at least half-time at Southwestern and during the 9 month grace period. Recipients must be in the top 60% of their class, have need and be enrolled at least half-time.

Irving D. and Florence Rosenberg Endowed Revolving Loan Fund
This fund was established by Mrs. Florence Rosenberg and the estate of Irving D. Rosenberg to provide loans of up to $5,000 per year to students who meet the need ans scholarship criteria. The interest rate is a minimum of 5%, or the prevailing rate for externally funded private loans for law students, whichever is higher, the rate to be determined annually and applied to new loans made during that academic year. No interest accrues while the recipient is enrolled at least half-time at Southwestern and during the 9 month grace period. Recipients must be in the top 60% of their class, have need and be enrolled at least half-time.

Themis Society Revolving Loan Fund
The Southwestern Themis Society created a revolving loan fund to assist continuing students who are in their last year of law school. The program provides loans of up to $5,000 per year. The interest rate is a minimum of 5%, or the prevailing rate for externally funded private loans for law students, whichever is higher, the rate to be determined annually and applied to new loans made during that academic year. No interest accrues while the recipient is enrolled at least half-time at Southwestern and during the 9 month grace period. Recipients must be in the top 60% of their class, have need and be enrolled at least half-time.


Short-Term Loan Advance

Southwestern offers short-term, interest-free loans to students who demonstrate emergency need. These loans are targeted for emergencies, not regular expected bills (such as rent), which may come up from time to time. These loans may not be used for tuition payments and the loan must be repaid during that semester.

Bing Crosby Emergency Loan Fund
This fund was established by the trustees of the Bing Crosby Youth Fund to provide emergency loans to enrolled students.

Marilyn Garland Emergency Loan Fund
Established by members of the Southwestern community in memory of Mrs. Marilyn Garland (deceased wife of Professor Norman Garland) who died in 1982, this fund provides emergency loans of up to $1,000.


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