Aid Programs
Most graduate students need to take out loans to finance their educational costs. These loans can be guaranteed by the federal government or approved through private lenders. All loans have to be repaid, however, federal guaranteed loans are usually at a lower interest rate.
There are two types of loans available under the Federal Stafford Loan Program:
- The Subsidized Loan is a low interest, variable-rate, need-based loan. The federal government waives the interest on these loans while students are in school at least halftime and during certain other times, such as grace periods and deferments.
- The Unsubsidized Loan is available to students who may not qualify for a Subsidized Loan or who qualify for less than the full subsidized annual loan maximum. Students can get these loans regardless of financial need but interest charges will be accruing.
You may be eligible to receive both Subsidized and Unsubsidized Loans, but the yearly total of both loans must not exceed the federal loan limits of $20,500 (maximum $8,500 subsidized). In addition, the lifetime limits for all Subsidized and Unsubsidized loans may not exceed $138,500 (maximum $65,500 Subsidized). The lifetime debt limit includes loans received for undergraduate study. You must be enrolled at least half-time (five credits) to receive the Stafford Loan.
Alternative Loans
Alternative loans are non-need credit-based loans, which may be used
to supplement other forms of financial assistance. To be eligible for
an alternative loan, you must meet the criteria established by the
specific lender. Although annual loan minimums and aggregate loan limits
vary from lender to lender, the maximum annual limit for an alternative
loan must not exceed a student's cost of education minus any other
aid received. The lender sets aggregate loan limits. Some alternative
loan applications are available on line at http://www.law.msu.edu/finaid/altpriv_loans.htm or
they may be picked up in our financial aid office.
Federal Work Study
The Federal Work-Study (FWS) Program is a need-based work program subsidized
by the state or federal government. Past employers have been the American
Civil Liberties Union, County Probate Court Offices, Attorney Generals
Office and Legal Aid of Central Michigan. Employers usually are private,
non-profit organizations or local, state or federal public agencies,
and the work performed must be in the public interest. Work awards
are paid directly to the student in bi-weekly paychecks. Additional
information about Work-Study can be obtained here.
Scholarships and Grants can come from many sources, including MSU Law, state agencies, private foundations, professional and service organizations and the federal government. These funds do not have to be repaid.
- Further information may be obtained in the Federal Student Guide.