Loan Programs
Long-term educational loans are the primary source of financial assistance. Nearly 85% of Cardozo students receive some kind of loan. Federal Stafford, Federal Graduate PLUS, Cardozo, and private loan programs ensure that virtually every student who needs financial aid for tuition and/or living expenses can receive it.
It is recommended that you visit Cardozo's Debt Management webpage for helpful information on budgeting, loan repayment (including Income Based Repayment and Pay As You Earn), loan forgiveness (including Public Service Loan Forgiveness and Cardozo's LRAP), and other important financial aid details.
Federal Stafford Loans
William D. Ford Direct Loan Program
Federal Stafford loans do not require a credit check, and include benefits such as a fixed interest rate, six month grace period, deferment options, and a variety of repayment and forgiveness options to help you succeed in repayment.
Eligible students can take out a Federal Stafford Loan to help cover the cost of their education. The loan limit is set at $20,500 per academic year.
You must have completed a FAFSA and received a Student Aid Award Letter from the Office of Student Finance before you can accept your Stafford loan!
Terms:
Unsubsidized: As of July 1, 2012, graduate students are eligible to receive only unsubsidized Stafford loans! Subsidized Stafford loans are no longer available to Graduate Students. For details pertaining to this federal student loan change, please click HERE.
Interest Rate: 6.8% (fixed). Interest starts accruing once the loan is disbursed.
In-School Deferment.
Origination Fee: A 1% fee is deducted by Direct Loans (as of July 1, 2012). Example: a $20,500 Stafford loan will net $20,295. Please keep this fee in mind while budgeting!
Repayment: Automatic 6 month grace period following graduation. Borrowers will have several federal repayment plan options, including Income Based Repayment and Pay As You Earn.
Eligibility: Unlike the federal Graduate PLUS loan, the Stafford loan does not require a credit check.
Please note the following:
Students are required to be enrolled in at least 6 credits per semester while in a degree seeking program.
Students must meet the citizenship requirement (U.S. Citizen or Permanent Resident).
Students can not currently be in default on any federal student loan!
You must have completed a FAFSA and received a Student Aid Award Letter from the Office of Student Finance before you can accept your Stafford loan.
Reference: For helpful information on budgeting, loan repayment, and other important details, please visit Cardozo's Debt Management website.
Accepting Stafford Loan: To accept your Stafford loan, please complete the following steps:
Step 1: Click HERE to complete your Direct Loan Entrance Counseling and Direct Loan Stafford loan Master Promissory Note. All first time Stafford loan borrowers (at Cardozo) are required to complete the Entrance Counseling and Master Promissory Note. Your Stafford loan cannot be officially processed until both of these requirements are completed.
Step 2: Please complete the online Cardozo Federal Stafford Loan Request Form by clicking HERE. Refer to your Student Aid Award Letter to determine your eligible Stafford loan amount. Your Stafford loan can not be officially processed if any of the required steps (as indicated above) are not completed!
If you have any questions, please contact the Office of Student Finance: clfinaid@yu.edu or 212-790-0392.
Federal Graduate PLUS Loans
William D. Ford Direct Loan Program
Students are eligible to borrow Graduate PLUS loans up to the cost of attendance less any other financial aid you receive. The Graduate PLUS loan has a fixed interest rate and no aggregate limits. Credit checks are required to be eligible for this loan, but the credit criteria are less stringent than with most private student loans. And, if you don't meet the credit requirements, you can still obtain the loan with an endorser who does meet the credit requirements.
To help determine the amount that you may need to apply for, please refer to your financial aid award letter and the Tuition and Expenses section of the website for Cardozo's estimated cost of attendance.
Applicants are required to apply for their annual Stafford loan maximum eligibility before applying for a Graduate PLUS loans
Terms:
Interest Rate: 7.9% (fixed). Interest starts accruing once the loan is disbursed.
In-School Deferment.
Origination Fee: A 4% fee is deducted by Direct Loans (as of July 1, 2012). Example: a $15,000 Graduate PLUS loan will net $14,400. Please keep this fee in mind while calculating the actual net amount needed!
Repayment: Automatic 6 month grace period following graduation. Borrower will have several federal repayment plan options, including Income Based Repayment and Pay As You Earn!
Credit Requirement: Unlike the Stafford loan, the Graduate PLUS loan requires a credit check. To determine eligibility for the Graduate PLUS loan, your credit report cannot reflect any of the following:
Currently 90 days or more delinquent on repayment of any debt.
Debt discharged in bankruptcy during the past five years.
Evidence of a default, foreclosure, tax lien, repossession, wage garnishment, or write-off of a Title IV debt during the past five years.
Collection accounts or charge offs with a balance greater than $0.
If you do not qualify for this loan based on the credit criteria outlined above, you may still be able to receive the loan with an endorser, who will be subject to the same credit criteria.
Apply for a Federal Graduate PLUS Loan:
To apply for a Graduate PLUS loan through the Direct Loan program, please complete the following steps:
PLEASE NOTE: DO NOT COMPLETE THE GRADUATE PLUS LOAN APPLICATION ON THE DIRECT LOAN WEBSITE! THE ONLY APPLICATION REQUIRED IS PROVIDED BELOW UNDER STEP 2.
Step 1: Click HERE to complete your Direct Loan Entrance Counseling and Direct Loan Graduate PLUS Master Promissory Note.
All first time Graduate PLUS loan borrowers (at Cardozo) are required to complete the Entrance Counseling and Master Promissory Note. Your Graduate PLUS loan cannot be officially processed until both of these requirements are completed.
Continuing Cardozo students who have previously completed these two steps do not have to repeat this process. If a previous Graduate PLUS loan was approved with an endorser, a new Master Promissory Note will be required!
Step 2: Please download and complete the Direct Graduate PLUS Loan Application by clicking on the following link:
2012 - 2013 Academic Year Only: DL GPLUS Application - 2012-2013.pdf
2013 - 2014 Academic Year Only: DL GPLUS Application - 2013-2014.pdf
All sections of this application need to be completed! Once completed, please email (as an attachment), fax, or mail the form directly to the Office of Student Finance:
Email: clfinaid@yu.edu
Fax: 212-790-0366
Benjamin N. Cardozo School of Law
Office of Student Finance
55 Fifth Avenue
New York NY 10003
Your Graduate PLUS loan can not be officially processed if any of the required steps (as indicated above) are not completed.
If you have any questions, please contact the Office of Student Finance: clfinaid@yu.edu or 212-790-0392.
Cardozo Loans
Institutional loans are based on financial need, academic standing, and availability of funds. No interest accrues on these loans while attending Cardozo and for six months following graduation. The interest rate on these loans is currently fixed at 5%. Repayment is up to 10 years. All J.D. students who file the Free Application for Federal Student Aid (FAFSA) or complete the International J.D. Student Financial Aid Application are considered for these loans.
Bar Loans
Some private educational loan lenders offer Bar Exam Loans, which are designed to help cover costs pertaining to Bar Review courses, Bar application fees, and other related expenses. Graduating J.D. and LL.M students may consider applying for a Bar Loan if these related expenses cannot be covered by other means. The Office of Student Finance recommends that interested students first review their financial aid account with our office before applying for a Bar Loan. Approval of a Bar Loan is determined by the private loan lender, and is based on the results of a credit check.
Important Information:
Borrow up to $15,000 (maximum amount - check with lender!)
Must be creditworthy
Disbursements are sent directly to the borrower
Please Note: a Bar Loan is not a federal loan, and therefore would not be eligible for any potential federal loan forgiveness or federal repayment options! Please contact us if you have any questions.
Lender Options: Please feel free to search online for various lender options. It's very important to compare the loan terms between each lender before applying! Terms to keep in mind: credit requirements, interest rates, fees, and repayment options.