Students who are U.S. citizens and permanent residents are eligible for all education loan programs. International students may borrow from private sources, but not from federal programs. 

The Office of Financial Aid strongly encourages all students to carefully review their budget needs and to borrow conservatively.

Federal Perkins Loan Program

The Federal Perkins Loan Program provides low interest (5%) educational loans to students with financial need. Consideration for Perkins Loans is given to students who complete the financial aid application process by Suffolk Law's priority deadline. The annual maximum Perkins Loan award is $8,000. The aggregate maximum for Perkins Loans, including all prior debt, is $60,000.

For students enrolled for a standard academic year consisting of a fall and spring semester, loan funds will be awarded to be credited to a student's account in installments equal to 50% of the annual amount at the start of each semester.

Repayment begins nine months after graduation or if enrollment drops below half-time. The minimum monthly payment is $40 with the repayment period determined by the amount borrowed, with a standard period of ten years.  Based on available funds, eligible students will be awarded a Federal Perkins loan as a part of their financial aid award. 

Federal Direct Loan Program
General Information

Suffolk University Law School processes all Federal Stafford and Graduate PLUS loans through the Federal Direct Loan Program.

Federal Direct Loan Program Information
Information from the U.S. Department of Education on federal student Stafford and PLUS loan programs.

Federal Direct Loan Repayment Estimator
Whether you’re just thinking about taking out a federal student loan or you’ve already received one, it’s important to know just how much you will repay and what your options may be. Use the U.S. Department of Education's Repayment Estimator to quickly calculate estimated monthly payment amounts under several repayment plans using either your actual loan information (which can be access directly from the site) or using the estimated information you enter.

The College Cost Reduction and Access Act (CCRAA)
Information on public service loan forgiveness and income-based loan repayment for Federal Direct Student Loan Program borrowers.

Federal Direct Stafford Loan Program

The interest rate for 2014-15 Federal Direct Unsubsidized Stafford Loans for graduate students is a fixed 6.21%.  A government program fee of 1.073% 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 of principal and interest 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. As of  July 1, 2012, the Federal Direct Subsidized Stafford Loan is no longer available to graduate or law students. 

Unsubsidized Federal Stafford Loan

The Unsubsidized Federal Stafford loan accrues interest from the time of initial disbursement while you are enrolled in school and during the grace period. You may opt to pay the interest on a quarterly basis or have the accruing interest capitalized. 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 loan Entrance Counseling prior to the disbursement of any Stafford Loan funds.

For students enrolled for a standard academic year consisting of a fall and spring semester, loan funds will be awarded to be credited to a student's account in installments equal to 50% of the annual amount at the start of each semester.

Federal Direct Graduate Plus Loan

Students should apply for a Direct Unsubsidized Stafford Loan first by completing the FAFSA, and after receiving their initial annual award letter from Suffolk University Law School, if additional funds are needed, complete a separate application for the credit-based Federal Direct Graduate PLUS Loan. To borrow through the Direct Grad PLUS Loan program, the student must be eligible for federal aid and pass a basic credit check. The credit approval criteria for the Federal Direct Grad PLUS Loan are less stringent than for most private educational loans. Basically, to be approved for a Grad PLUS Loan, the student must not have adverse credit. Adverse credit, for the purpose of this loan, is defined by regulation as 90 days or more delinquent on any debt or having a credit report that shows a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt, during the five years preceding the date of the credit report.

Students apply for Federal Direct Graduate PLUS Loans annually and may borrow up to the cost of attendance less other financial aid. The Federal Direct Grad PLUS Loan has a fixed interest rate of 7.21%. A government program fee of 4.292% will be deducted from the loan at disbursement. Interest begins to accrue upon disbursement of the loan.

Repayment begins within 60 days of the final disbursement of the loan; however, students enrolled at least half-time may defer payments while in school. The standard repayment term is 10 years. See the Graduate PLUS and Private Loan Comparison Chart for more detailed information regarding loan terms.

For students enrolled for a standard academic year consisting of a fall and spring semester, loan funds will be awarded to be credited to a student's account in installments equal to 50% of the annual amount at the start of each semester.

To Apply For A Federal Direct Graduate Plus Loan:

Complete the application, e-signing of the MPN and the loan entrance counseling for the Federal Direct Graduate PLUS loan . You will need your FAFSA PIN to access the site.

There are 3 steps that must be completed to receive a Direct Graduate PLUS Loan:

1.
Start the application process to be approved for the loan. Please be sure to apply for a loan to cover the full academic year. For most students the loan period would be September to May.  For students enrolled in a summer program, the loan period would be different.  If you are enrolled in the summer semester immediately preceding the fall/spring academic year, please check with Office of Financial Aid, 617-573-8147, for help in determining your loan period.

2.
E-sign the Direct Graduate PLUS Master Promissory Note (MPN), once approved*

3.
Complete loan Entrance Counseling

*Students denied a Federal Direct Graduate PLUS Loan should contact Applicant Services at 1-800-557-7344 to determine the reason for the denial. Students should verify what needs to be cleared up on their credit report in order to be approved for the loan. Students who cannot resolve their credit issues and obtain the loan may apply for the loan with an endorser (co-borrower).

Loan Deferments

Students with prior education loans may choose to defer loan payments while enrolled at Suffolk University Law School. To defer your loans, contact your current lenders to find out how they process deferments. Suffolk transmits enrollment records to the National Student Loan Clearinghouse. Therefore, if your lenders also participate in the Clearinghouse, your loan deferment should occur automatically. However, if the lender does not participate in the Clearinghouse, you will need to submit a paper deferment form to the Office of the Registrar for manual processing. After the semester begins, all paper deferment forms are forwarded to the National Student Loan Clearinghouse for enrollment to be manually certified. You should continue to make loan payments until you are notified by your lender that the deferment has been approved.

For further detailed information on managing your federal student loans, please visit the U.S. Department of Education.