Types of Loans
- William D. Ford Federal Direct (Stafford) Loan Program Unsubsidized has an interest rate of 5.84 percent and there is a one-time U.S. Department of Education Loan fee of 1.073% - 1.068% which is subtracted prior to disbursement. Payment on the principal and interest may be deferred, but interest does accrue from the time of disbursement. If payment on the interest is deferred, the interest is capitalized. Students must show eligibility through the FAFSA process. The maximum for the Unsubsidized Ford Federal Direct (Stafford) Loan program is $20,500.
- The Federal Perkins Loan is awarded, as funds are available, to a very limited number of students who demonstrate exceptional financial need through the FAFSA process. The interest rate is 5 percent. Interest does not accrue and principal payments are deferred until nine months after you are no longer enrolled at least half-time. Federal Perkins Loan awards range from $1,000 to $4,000.
- The Grad PLUS Loan is a federal educational loan that may be available to assist those students who have not had their entire student financial aid budget met through other financial aid programs. In addition, students must not have an adverse credit history (a credit check will be done). The student is considered to have an adverse credit history if the student is 90 or more days delinquent on any debt or if, within 5 years of the date of the credit report, the student have been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Federal Student Aid debt (for example, a Direct Loan or Federal Stafford Loan). A student with an adverse credit history may still receive a Direct PLUS Loan if the student obtains an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the loan if the student does not repay it. The interest rate is 6.84 percent and there is a one-time Department of Education Loan fee of 4.29% - 4.272% which is subtracted by the Department of Education prior to each disbursement. Interest does accrue while the student is in school.
- Bar Exam Loans are private educational loans. They are available for third-year students only and enable them to borrow funds for the costs associated with taking the bar, bar registration, bar review, and living expenses. A credit check is required, and you may need a creditworthy cosigner.
Information for Law Students Graduating with Student Loans
Equal Justice Works provides free, online resources and information about student loans and debt-relief programs, including downloadable checklists, podcasts, and an interactive forum.
You can manage your loans online. The University of Iowa Billing Office provides access to online loan management of your Perkins Loan or Iowa Law School Foundation Loan with Educational Computer Systems Incorporated (ECSI).
Loan Forgiveness and Management
- College Cost Reduction and Access Act: This Act benefits many people working in public service, especially if they have high federal student loan debt. For details, please see:
- Iowa Lawyer Law Foundation Loan Forgiveness Pilot Program
- Public Interest Iowa Law Foundation Loan Forgiveness
- Federal Direct Consolidation Loans
- UI Financial Literacy Services
- WiseBorrower tutorials from Access Group, Inc.
Questions and inquiries?
Office of Financial Aid
University of Iowa College of Law
276 Boyd Law Building
Iowa City, IA 52242-1113
319-335-9142 / 800-553-IOWA, Ext 9142