General
Federal Loans
Private Loans
Work-Study
We understand that a law school education is a significant expense. If you have compared our tuition and fees with those of other law schools, you know that the UALR William H. Bowen School of Law charges less tuition and fees than most law schools. The law school awards numerous scholarships each year to students. For scholarship information, email lawadm@ualr.edu. In addition to these scholarships, law students can also obtain loans from either the federal government or private lenders, and may be able to qualify for a limited amount of work study funds. Approximately 70% of the student body receives some form of financial aid.
If you are applying for loans, apply early and submit all required information well before the deadline. Detailed information about applying for financial aid is available through the University’s Office of Admissions and Financial Aid (http://ualr.edu/financialaid/). To reach a Financial Aid Advisor, call 501-569-3035 (Ms. Gail Johnson is the primary contact for financial aid information specific to law school students). You may also email financialaid@ualr.edu. Students who obtain certain types of public service employment after graduation may obtain loan forgiveness under the terms of the College Cost Reduction and Access Act.
Law students may borrow through the Federal Stafford Loan Program. A portion of the loan amount may be in subsidized loan funds. Subsidized loans are need-based loans. The federal government pays the interest on subsidized loans while the student is in school, during the grace period, and during eligible deferment periods. Unsubsidized loans are not based on need. The student is responsible for paying the interest on these loans. Students may defer the interest payments while they are in school, but interest will continue to accrue throughout the life of the loan, and will be capped and added to principal at the end of the deferment period.
Beginning in 2006-2007, eligible law students may borrow their unmet Cost of Attendance through the Federal Graduate PLUS Loan Program.
To apply for any federal loans, you must complete the Free Application for Federal Student Aid (FAFSA). There are two steps to the FAFSA application process:
We strongly discourage students from completing the paper FAFSA application, as the processing time is several weeks longer than the on-line version.
When should you apply? You can apply beginning January 1 of your expected year of enrollment. Even if you have not applied or been accepted to law school, you should still fill out the FAFSA application. For priority consideration, you must apply by March 1. You should complete your federal income tax return for the year prior to your anticipated enrollment before filling out the FAFSA, because you will need information from your tax return to complete the FAFSA form.
Private education loan programs are available for students who are not eligible for the federal loan programs and who need additional assistance in meeting their Cost of Attendance. Private education loans are typically more expensive, have fewer repayment options than federal loans, and information is subject to frequent change. For current details, contact the UALR Office of Admissions and Financial Aid (phone 501.569.3035).
The College Cost Reduction Act was signed into law on September 27, 2007 with goals of lowering the cost of higher education by increasing grant amounts to students; improving access to student loans; cutting interest rates on student loans; providing for the repayment of loans through employment in areas of public service; and rewarding colleges for lowering costs to students. Virtually every student using federal loans and grants to fund his or her higher education expenses will be affected by the Act. Early reactions to the Act have been positive, as it appears that students will benefit from greater access to federal funds and more repayment options.
The Act:
It is important to consider this law as having TWO separate and distinct components:
1) Income Based Repayment Plan (Section 203) - If your debt is high and your income is low, regardless of whether you work in public service, and regardless of whether your federal loans are FFELP (Federal Family Education Loan Program) or Direct, you are entitled to pay back your federal loans through the Income Based Repayment plan (IBR), beginning July 1, 2009 and the remainder of your debt will be forgiven after 25 years.
2) Loan Forgiveness (Section 401) - If you work full-time in public service for a cumulative 10 years, at the end of the 10 years (or after you have made 120 qualifying payments while working in public service) the remainder of your Federal Direct Consolidation loans will be forgiven. For purposes of this Act, only Federal Direct (as opposed to Federal Family Education Loan Program) Loans can be forgiven. However, you can consolidate or re-consolidate into the Federal Direct Loan Program in order to take advantage of the new law.
These highlights are by no means exhaustive. For more information about this significant piece of legislation, you should consult these sources:
Professor Philip Schrag's Law Review article: http://www.law.georgetown.edu/news/releases/documents/Forgiveness_000.pdf
IBR monthly repayment calculator: http://www.finaid.org/calculators/ibr.phtml
Federal Direct consolidation loan information and applications: http://loanconsolidation.ed.gov/
Equal Justice Works:
http://www.equaljusticeworks.org/node/215
http://www.equaljusticeworks.org/resources
http://www.equqljusticeworks.org/forums/index.php(interactive debt relief discussion)
Podcast Presentation:
http://www.wcl.american.edu/publicinterest/ejw/podcast.cfm
Other helpful links:
http://www.IBRinfo.org
www.studentloanborrowerassistance.org
National Association of Student Financial Aid Administrators: http://www.nasfaa.org/publications/2007/CCRASummary.html
On August 14, 2008, the Higher Education Opportunity Act was signed into law. Several programs are included:
The John R. Justice Prosecutors and Defenders Incentive Act (Section 951) providing up to $10,000 per year to a maximum of $60,000 - full-time state and local prosecutors and public defenders; federal defenders, their juvenille deliquency and tribal counterparts, and those who educate and train.
The Legal Assistance Loan Repayment Program (Section 431) providing up to $6,000 per year to a maximum of $40,000 - full-time Civil Legal Assistance lawyers and those who work with certain disability cases.
438K Loan Forgiveness for Service in Service of National Need (Section 430) providing up to $2,000 per year to a maximum of 5 years – Public interest legal services (including prosecution, public defense, legal advocacy in low-income communities at a non-profit organization.
Perkins Loan Cancellation for Public Service (Section 465) providing up to 100% cancellation of Perkins in 5 years – Federal public and community defenders.
For more detailed information about the Higher Education Opportunity Act, contact Kenneth Goldsmith, Government Liason, ABA Governmental Affairs Office, 202-662-1789, goldsmithk@staff.abanet.org, http://www.abanet.org.
The Federal Work-Study Program provides funds earned through part-time employment to assist students in funding their postsecondary education. UALR has a limited amount of work-study funds available to law students. For more information, contact the UALR Office of Admissions and Financial Aid (phone 501.569.3035).
During 2005-2006, nearly 30% of the student body received scholarships. The most significant are the Bowen Scholar, Academic Scholar and Law Review Editorial Board scholarship programs.
Following is a list of all scholarships available from the law school. In addition, you should investigate whether you are eligible for outside scholarships, awarded by such entities as local bar associations, religious or business organizations, and veterans' groups. Some companies offer tuition reimbursement benefits to employees and to employees' dependents as well.
Revised: 3/6/2009