To help finance the cost of a legal education, the College of Law and the
University of Illinois offer scholarships and loan assistance to qualifying students.
Because the study of law is so demanding of time and energy, students are strongly
encouraged to not work during the first year.
There is a general distinction between financial programs managed through the
College of Law and those managed through the University's Office of Student Financial Aid.
- Federal Direct Loan (subsidized and unsubsidized)
- Private Loans (e.g., Law Access)
- Scholarships
- Long-Term Loan Program
The University of Illinois at Urbana-Champaign participates in the
Federal Direct Student Loan Program. Established by the Student Loan Reform Act of 1993,
this program provides a simpler way for students to obtain and repay student loans.
Instead of borrowing from private lending institutions, students will borrow through
the University from the U.S. Department of Education. The University will approve the loan,
receive the funds from the USDE, and credit the loan proceeds directly to the student's
University account. The total amount one can borrow under the Federal Direct Program
is $18,500. Loan amounts cannot exceed the cost of attendance minus other financial aid
the student may receive, including work study assistance and scholarships. If there is a
balance after University charges are paid in full for the semester, a check will be
issued to the student. All federal loans are administered through the Office of Student
Financial Aid (OSFA). To be considered for federal loans, you must complete 2006-07 Free
Application for Federal Student Aid (FAFSA). This is the only application required.
FAFSAs are available at most college and university financial aid offices and local libraries,
or you may complete the application on the World Wide Web. For more information on
electronic filing, please refer to the OSFA's Web site
http://www.osfa.uiuc.edu.
Federal Direct Subsidized Loans are available to applicants demonstrating need. The maximum
award per year is $8,500. While the student is in school, there is no interest charge.
Repayment begins six months after leaving school.
Federal Direct Unsubsidized Loans are not based on need. A maximum amount of $10,000
may be borrowed. The interest rates for Subsidized and Unsubsidized loans are variable
and are adjusted July 1. The interest rate for 2006-2007 is set at 4.7% for the
Federal Direct unsubsidized loans. For more information, refer to the USDE
website: http://www.studentaid.ed.gov.
Borrowers are responsible for all interest charges,
including those accruing while the student is in school.
Students will need to find private loans if their cost of attendance is greater than
the amount offered under the Federal Direct Student Loan Program. The maximum amount
that can be borrowed must be certified by the Office of Student Financial Aid.
The following companies, among others, offer private loans:
- Access Group, Box 7430, Wilmington, DE 19903, 1-800-282-1550
- Sallie Mae Law Loans, P.O. Box 64337, St. Paul, MN 55164-0337, 1-800-984-0190
- Key Education Resources, P.O. Box 9285, Boston, MA 02205-9285, 1800-539-5363
The College of Law has a variety of scholarships available for incoming as well as
current students. All students are automatically considered for scholarships.
Scholarships range from $2,000 to full tuition and are awarded to students who
show the greatest promise for success in the study of law. Previous academic success
is a primary consideration; the Committee also considers other relevant factors.
Applications for these loans are available from the Director of Admissions
and Financial Aid. This loan program is designed for students who face an
emergency situation while in law school. Students must exhaust all other loan
resources before applying for a long-term loan.
Provided by the Illinois Federation of Business and Professional Women's Clubs,
these fellowships are granted to women who are Illinois residents. Awards range
from $500 to $8,500 per year and are renewable. More details are at www.celiamhowardfellowship.com.
Applications are due by November 15.
This annual scholarship is for students who are interested in public interest law. These
funds, payable over a three-year period, enable an incoming student who intends to pursue a
career in public interest law to have a significant portion of his or her tuition and
related expenses covered by scholarship funding. Applications are due by April 15.
View further details.
Provided by the Peoria County Bar Association, this scholarship will be presented
to one entering law student and is renewable for the next two years. Complete
information can be found here.
