Aid Programs - Law Students
Once financial aid eligibility is determined, the Financial Aid Office offers students a Financial Aid Package which is posted on their myMemphis account. It consists mainly of student loans to meet as much of the student's need as possible. Enrolled hours, residency classification, cumulative grade point average, and other financial assistance already received or expected will affect the amount and type of financial aid students can receive to meet their financial need.
Note: Effective, 7/1/2012, Subsidized Stafford Loans are no longer available to graduate/professional students.
Unsubsidized Stafford Loan
A variable interest loan available to degree seeking students enrolled at least half-time, not based on financial need. The interest rate changes every July 1st and will be charged from the time the loan is disbursed until it is paid in full. The interest can be paid while the student is in school. Repayment of principal and interest begins 6 months after enrollment ceases to be at least half-time. The interest rate on loans disbursed 7/1/2021 - 6/30/2022 is 5.28%
MAXIMUM LOAN LIMITS for an ACADEMIC YEAR:
|Law Academic Year Loan Limits|
Total Unsub Loan
|Law Aggregate Loan Limits|
|Base Loan||Base + Extended|
- Borrowing the maximum amount for Fall and Spring leaves zero eligibility for Summer.
- Your total financial aid, including Federal Direct Loans, cannot exceed your cost of education (as determined by the institution).
- The aggregate lifetime limit includes the total amount of undergraduate loans borrowed.
- Loans are awarded per academic year and students are not eligible to receive more than half a year's limit in one semester. For example, a law student may not receive more than $10,250 in Loans (half of $20,500) during one semester.
- Monitor your loan history on the National Student Loan Data System here.
Graduate PLUS Loan
A supplemental loan made available to graduate or professional students who need to borrow more than the maximum unsubsidized loan amounts to meet educational costs that are not covered by other financial aid. Students interested in this loan must complete the FAFSA and must be enrolled at least half time in a graduate or professional program. Students in the teacher certification program do not qualify. There is no grace period for the Graduate PLUS loan. The interest rate for the PLUS loan disbursed 7/1/2021 - 6/30/2022 is 6.28% and a credit check is required.
The Graduate PLUS application must be completed on-line: https://studentloans.gov.
Federal Work Study and Regular Student Employment
For more information, you may view the Student Employment web site.
The Student Financial Aid Office only handles undergraduate programs. Check SCHOLARSHIPS under the Cecil C. Humphreys School of Law website for information on what scholarships are available at The University of Memphis.
Many foundations, corporations, and service organizations provide funds for scholarships or tuition assistance. Students generally apply directly to the potential donor, and usually there is a direct relationship between the student and the sponsoring organization. FastWEB is a searchable database for more than $1 billion in private sector scholarships, fellowships, grants and loans.
Private loans is an option for law students who do not show financial aid eligibility for other types of financial aid, or who need additional funds to meet educational expenses. Most private alternative loans require a credit check.
Many of these alternative loan programs also look at what financial aid you are already receiving for that particular period. Other financial aid assistance is deducted from the cost of attendance (as determined by the institution) before aid eligibility is determined for other programs. The following link includes the names and contact information of lenders frequently used by students.
Partial list of Alternative Loan Lenders
NOTE: Our office does NOT endorse any particular lender. This information is only provided for your convenience and can change without notice. You should request current information directly from the lender or company offering the program.
The Federal Tax Reform Act of 1986 significantly changed the tax status of scholarships, fellowships, and grants you receive from the university. Prior to the Act, they were generally not subject to income tax. Since then scholarship, fellowship, and grant amounts exceeding tuition, fees, and course-related books, supplies, and equipment have become taxable.
Financial assistance received from other sources includes vocational rehabilitation benefits, veteran's benefits, outside scholarships, employee fee waivers, teacher/child tuition discounts, graduate assistant fee waivers and any other assistance. All outside aid amounts must be considered in determining total aid eligibility.