Frequently Asked Financial Questions
1. When can I begin to apply for financial aid?
2. How do I apply for financial aid?
3. What is NIU's FAFSA School Code?
4. When should I start working on my FAFSA application?
5. Are financial aid applications accepted after the March 1st recommended deadline?
6. How do I make changes to my financial aid award?
7. What are the tuition and fees for NIU College of Law?
8. How much can I borrow for law school?
9. Which federal loans are available for me to borrow?
10. What is the current interest rate for the Stafford Loans?
11. What is the current interest rate for the Graduate PLUS Loans?
12. Are there any loans after law school to help with the costs associated with the state bar exam?
13. How many students usually obtain graduate or research assistantship positions?
1. When can I begin to apply for financial aid?
You may fill out the FAFSA at any time. You may apply for financial aid once you receive your NIU z-id.
2. How do I apply for financial aid?
Step 1: Fill out the Free Application for Financial Student Aid at www.fafsa.ed.gov. You will need income tax returns and W-2 forms to apply. You must have a Federal Student Aid personal identification number (PIN). Go to www.pin.ed.gov if you do not already have a PIN. Make sure you select NIU (School Code 001737) as a recipient of your FAFSA.
Step 2: The U.S. Department of Education will send you your Student Aid Report (SAR). Review your SAR and, if necessary, make changes or corrections and submit your revised SAR to the U.S. Department of Education.
Step 3: After you fill out the FAFSA, submit changes to your SAR, and submit any necessary paperwork, your financial aid award will be posted to your myNIU account within 3-4 days. You do not need to do anything to make sure that this award posts.
Step 4: You should have received an email from our office with your NIU Z-id and with directions explaining how to log on to myNIU. If for some reason you have not received this email, please contact our office.
Step 5: Log on to myNIU and view your financial aid awards. These awards will be broken down into 3 categories: scholarships, Stafford loans, and Graduate PLUS loans.
Scholarships: Because we place a strong emphasis on providing a quality legal education at an affordable price, we have few scholarships to award. Furthermore, if you have been awarded a scholarship, it will not appear in your myNIU account until later in the summer.
Federal Direct Stafford Loans: You may borrow up to $20,500 per year in Federal Stafford Loans. The interest rate for these loans is 6.8 percent annually, and a 1 percent loan fee is deducted at disbursement. There are no longer any subsidized Direct Stafford Loans: as soon as your loan is disbursed, interest begins to accrue. After you graduate, these loans have a six-month grace period before repayment begins. A Stafford Loan has forbearance and deferment options, may be consolidated, may be paid back under several different repayment plans, and may be eligible for forgiveness under the Public Service Loan Forgiveness Program.
Graduate PLUS Loans for Law Students: If you do not have adverse credit, you may secure the additional amount of aid for which you are eligible by applying for Graduate PLUS Loans. A Graduate PLUS loan is federally guaranteed, interest accrues while you are in school, and repayment begins following graduation. The interest rate is fixed at 7.9 percent, and a 4 percent loan fee is deducted from the disbursement. A Graduate PLUS loan has forbearance and deferment options, may be consolidated, may be paid back under several different repayment plans, and may be eligible for forgiveness under the Public Service Loan Forgiveness Program.
Step 6: Accept or decline your awards. For the 2011-2012 school year, student loan eligibility was $35,100 if you were an in-state resident and $49,956 if you were an out-of-state resident. These amounts will be slightly higher for the 2012-2013 school year. This eligibility is the maximum amount you are allowed to borrow for a year, but it is by no means necessary that you take out the full amount. If you are an out-of-state resident, think about securing residency in time to become an in-state resident for your second semester. For information on residency requirements, please visit http://www.reg.niu.edu/regrec/residency/index.shtml. Also, you should consider carefully the cost of living and how much you will need. If you have received a scholarship, remember that this amount will be deducted from your total loan eligibility.
Step 7: After you have accepted or declined your awards, you must complete a Master Promissory Note (MPN) for your Stafford Loans. The link to the MPN can be found on the NIU Student Financial Aid office web page at http://www.niu.edu/fa/fafsa/index.shtml, or you can access the link directly from the federal web site at https://studentloans.gov/myDirectLoan/index.action.
Step 8: You must complete online entrance counseling for Graduate PLUS loans. The link to the entrance counseling can be found on the NIU Student Financial Aid office web page in Step 8: each year, you must complete the Graduate PLUS loan form located on the NIU Student Financial Aid Office web page at http://www.niu.edu/fa/forms/index.shtml. Do not try to apply for a Graduate PLUS loan directly from the studentloans.gov website. NIU uses its own “Loan Request Form.” Additionally, you must complete an MPN for Graduate PLUS Loans.
Step 9: Your awards will be applied to your account. If you set up direct depositing, you will receive any excess in the form of a reimbursement during the first several weeks of classes.
3. What is NIU's FAFSA School Code?
001737.
4. When can I start working on my FAFSA?
The FAFSA is available each January at http://www.fafsa.ed.gov. Complete the form online as soon as possible. The priority deadline for completing the FAFSA is March 1st.
5. Are financial aid applications accepted after the March 1st recommended deadline?
Absolutely. The online FAFSA is accepted until June 30th. The March 1st deadline is just a priority deadline.
6. How do I make changes to my financial aid award?
All students can view and make changes to their financial aid awards on their MyNIU accounts at http://www.niu.edu/myniu/index.shtml.
7. What are the tuition and fees for NIU College of Law?
Tuition and fees increase on a yearly basis. To help you determine the cost of attending NIU College of Law, use the NIU Bursar’s Tuition Estimator at http://www.niu.edu/bursar/tuition/estimator.shtml. In addition, NIU College of Law provides the estimate of tuition and fees here.
8. How much can I borrow for law school?
Qualified borrowers may borrow up to the cost of attendance as set by the Department of Education. The cost of attendance varies between universities and, for public law schools, it varies depending on whether you pay in-state or out-of-state tuition. For an itemization of the student loan budget see Itemization.
9. Which federal loans are available for me to borrow?
Please see Types of Financial Aid.
10. What is the current interest rate for the Stafford Loans?
For Direct Subsidized and Unsubsidized Stafford Loans, the interest rate is fixed at 6.8%.
11. What is the current interest rate for Graduate PLUS Loans?
For Graduate PLUS loans, the interest rate is fixed at 7.9%.
12. Are there any loans after law school to help with the costs associated with the state bar exam?
Loan assistance from private lenders is available to you for purposes of assisting with bar exam expenses, bar application fees, and associated living expenses. Bar loans are made payable directly to you and, because they are not a component of your financial aid package from NIU College of Law, you may choose to borrow from $500 to $15,000. These loans are commercial loans and are based upon your credit worthiness and, as such, the interest rate/fees will vary from lender to lender based upon your credit criteria. NIU does not recommend any particular lender; however, the following lenders have been used by other law students:
Law Student Loan Program
(800) 984-0190
www.salliemae.com
Citibank Law Student Loans
(800) 824-0019
www.studentloan.com/law
PNC Bar Study Loan
http://www.pnconcampus.com/
Wells Fargo Bar Exam Loan
(800) 378-5526
www.wellsfargo.com
As always, the NIU College of Law Office of Admissions & Financial Aid strongly encourages you to minimize borrowing. To this end, we encourage you to carefully think through the impact of borrowing additional money, because cumulative borrowing can significantly impact your post-graduation lifestyle for the ten or more years you will be in repayment.
13. How many students usually obtain graduate or research assistantship positions?
Up to half of second- and third-year students have been known to have RA or GA positions.