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Several need-based resources exist for students who require assistance paying for their law school education. Since different sources of aid have different terms and requirements, it is important to familiarize yourself with each aid source to determine what you qualify for, and what is expected of you.
Scholarships and grants
Scholarships and grants are typically awarded to students and do not need to be repaid. Visit the scholarships page for a complete listing of scholarships available to Pace Law JD candidates. The following grants are available through Pace Law School:
- Pace Law School Trustee Tuition Grant – Funded by Pace Law School, this need-based grant program typically awards students $4,000 per year on a first-come, first-served basis. The award may apply only towards tuition and may be granted only to students enrolled in six hours or more during the fall or spring semester. Awards are made on a first-come, first-served basis. It is renewable each year for on-time applicants who show no substantial increase in their financial strength.
Veterans’ Benefits G.I. Bill – Veterans who have served active duty in the armed forces for more than 180 days are eligible to receive monthly payments through the Veterans Administration. Amount of payment varies depending upon enrollment status. The Office of Veteran Affairs is located in the Registrar's Office on campus.
Typically, student loans can be borrowed at a low interest rate to help students pay for school, but must eventually be paid back. Several loans are available to qualifying students, including federal student loans and loans from private sources. For more information on applying for both federal and private loans, visit how to apply.
- Federal Perkins Loan – Pace awards Perkins Loans up to $6,000 annually and are fixed at 5% with a nine month grace period. The loans are awarded on a first-come, first-served basis to early applicants who exhibit exceptional financial need. Be sure to complete your FAFSA by February 15th to be considered for this loan.
- Federal Unsubsidized Stafford Loan – Students may borrow unsubsidized loans while they complete their program of study. Unsubsidized loans have a fixed interest rate of 6.21% with a 1.073% origination fee. Interest accumulates on unsubsidized loans while the student is attending college. Students should pay this interest while they are in school. Students may get unsubsidized loans regardless of financial need. Stafford Loans must be repaid over time. Repayment begins when the student stops attending school at least half-time. Federal Direct Unsubsidized Stafford Loans are processed through the Office of Financial Aid. The money is borrowed directly from and repaid to the U.S. Department of Education. Stafford loans offer a variety of repayment options; the most common is to repay within 10 years.
- Graduate PLUS Loan - Graduate and Professional students are eligible to borrow under the Direct PLUS Loan Program up to their Cost of Attendance (COA) minus other estimated financial aid. The 2014-2015 FAFSA must be filed prior to applying for this loan. These loans are not guaranteed and are subject to credit approval. Students must exhaust their federal Stafford loan eligibility before applying for a Direct PLUS. The fixed interest rate on the Direct PLUS loan is 7.21% with a 4.292% origination fee. Payment on the Direct PLUS can be deferred until 6 months after the student graduates or falls below half-time enrollment (6 credits).
- Private Loans – A number of private organizations offer need-based loans to students based on varying qualifications. All private loans have different guidelines, limits, interest rates, and incentives, and require that borrowers have satisfactory credit history.
Federal Work-Study (FWS) is a program that allows graduate students to earn money for education expenses by working part-time. FWS eligibility is offered based on financial need and available funding. Students are paid hourly, and are usually employed by Pace Law School – they must be paid at least the current federal minimum wage. A student works with their college to determine where they will work and base a student’s hours on financial need, class schedule, and academic progress. Typically, students work on campus. If a student works off-campus, it is usually at a private, non-profit, or public organization whose work is in the public interest.
After graduation, Pace Law School extends a loan each year to students who would otherwise be unable to accept qualifying employment. Please see post-graduate support for more details.