The interest rate for new Federal Direct Stafford Loans is a fixed 6.8%. A fee of 1% will be deducted from the loan amount at disbursement. The annual maximum award amount is $20,500. The aggregate maximum, including all prior Stafford Loan debt, is $138,500 combined for both subsidized and unsubsidized loans.  Repayment begins six months after graduation, after withdrawal, or after enrollment drops below half-time. The standard repayment term is ten years but may be extended through various repayment plans. Beginning with student loan periods that commence on or after July 1, 2012, the Federal Direct Subsidized Stafford Loan will no longer be available to law students.

Unsubsidized Federal Stafford Loan

The Unsubsidized Federal Stafford loan accrues interest while you are enrolled in school and during the grace period. The annual maximum loan amount is $20,500.

Students are notified of their Federal Direct Stafford Loan eligibility as part of their Suffolk University Law School award letter. New students awarded Stafford Loans are required to complete a Federal Direct Stafford Loan Master Promissory Note (MPN).

New students are also required to complete Entrance Counseling prior to the disbursement of any Stafford Loan funds.

Suffolk University is committed to the highest standards of professional conduct and ethical behavior.  Ensuring the integrity of the student financial aid process and programs is critical to providing equity and access to higher education.  With the Reauthorization of the Higher Education Act of 1965, Congress required that all colleges post a Code of Conduct relating to financial aid, private lending and student choice.  Hence, the staff in the Office of Financial Aid herein confirms that we adhere to the following sound practices:

I. University employees do not receive any personal benefits from Lending Institutions.  No member of the Student Financial Services staff will accept anything of more than a nominal value on his or her behalf of another person or entity from any Lending Institution.  For example, cash, stocks, gifts, entertainment, expense-paid trips, etc., will never be accepted from a Lending Institution.  Likewise, an individual will never accept payment or reimbursement from a Lending Institution for lodging, meals or travel to conferences or training seminars.

II. The University does not provide any advantage to a Lending Institution.  The Staff in the Student Financial Services does not accept anything of value from any Lending Institution in exchange for any advantage or consideration provided to the Lending Institution related to its student loan activities, including, but not limited to revenue-sharing, printing costs or below-cost computer hardware or software.  Likewise, the university does not allow any Lending Institution to staff the Student Financial Services Office or the Student Services calling center at any time.

III. The University makes appropriate use of any “Suggested Lender Lists”.  The selection of the Lending Institutions for inclusion on the private/alternative loans Suggested Lender List is based solely on the best interests of the university students and their parents without regard to the financial interests of the university.  We abide by the following:

• Students and their parents are free to select the Lending Institution of their choice for private/alternative loans and will suffer no penalty imposed by the university for using a Lending Institution that is not a “Suggested Lender”.

• Students and their parents are not required to use any of the university private/alternative loan “Suggested Lenders” and may borrow through any lender or guarantor they choose.

• The university does not assign a borrower’s loan to a particular lender and will certify all loans based on a borrower’s selection of a lender.

IV. University employees do not serve on lender advisory boards for remuneration.  No officer, trustee or employee of the university who makes financial aid decisions for the university or who is employed in, supervises or otherwise has responsibility or authority over the university Office of Student Financial Services will receive any remuneration for serving as a member or participant on a student loan advisory board of a Lending Institution, or receive any reimbursement of expenses for such service.

Students should apply for Stafford Loans first and then apply for private educational loans, if needed. These loans must be approved by the lender and therefore require the borrower to be credit-worthy. The Office of Financial Aid encourages first-time borrowers to begin the private loan pre-approval process early, as this allows time to resolve any issues on your credit report and to secure a co-signer for the loan (if necessary). Generally, credit checks for private educational loans are more stringent than the credit check for the Federal Direct Graduate PLUS Loan. Therefore, students with credit issues may find it easier to obtain credit approval for a Direct Grad PLUS Loan. Additionally, students planning to pursue a career in public interest legal work should consider borrowing through the Federal Direct Graduate PLUS Loan instead of through a private loan, since federal loan debt can be forgiven after ten years in public interest work. (Click for more information on the public interest loan forgiveness provision of the College Cost Reduction and Access Act).      

Students apply for private educational loans annually and may borrow up to the cost of attendance less other financial aid. Loan fees and interest rates vary by lender and are often based on a student's credit score. Interest begins to accrue upon disbursement of the loan; however, monthly loan payments may be deferred until after graduation.  See the Graduate PLUS and Private Loan Comparison Chart for more detailed information regarding loan terms.

Students should apply for a private educational loan after receiving their award letter from Suffolk University Law School, in order to determine the loan amount to request. The Office of Financial Aid encourages students to review their budget and borrow conservatively. To apply, contact your preferred lender directly to complete the loan application. Suffolk University Law School will process private educational loans through any lender. 

Students should compare private educational loan lenders to determine which lender best meets their needs. Suffolk University Law School has no financial interest in a student’s choice of lender. Students should be aware, however, that each time they apply for a loan with a lender, a credit check is performed. Students denied a private educational loan should contact the credit department of the lender to determine the reason for the denial. Students who cannot resolve their credit issues and obtain the loan can apply for the loan with a co-borrower or can apply for a Federal Direct Graduate PLUS Loan.