Loans

William D. Ford Direct Loan Program

Loans are issued to a  student and must be repaid.  Repayment typically begins six months after leaving school.  For Stafford loans approval is premised on student need.  For Graduate Plus and private loans approval is based on credit. You must maintain a 2.0 or better to be eligble for all loans.

To apply for federal student loans, applicants must complete the Free Application for Federal Student Aid (FAFSA). Complete this form as soon as possible after January 1 and submit it to the Department of Education (DOE). The DOE will send the information to Loyola University New Orleans College of Law after the FAFSA form is processed. Finanicial Aid can then issue an award letter. However, an award letter will not be issued until you have been admitted into the first year class. As long as you have never defaulted on a federal student loan you are eligible to borrow the federal lending limit of $20,500.

Law students typically need to borrow more than the federal lending limit of $20,500. The additional dollars can be borrowed from the William D. Ford Direct Graduate Plus Loan Program.

Computer Loan Program            

A one-time allowance for an increase in your budget up to $2500 is allow to purchase a computer. You must buy the computer and provide Finanical Aid with a receipt and your budget will be increased by the amount of the computer. You may borrow under this program one time while attending the College of Law. If you are interested in additional information about this program please contact the Financial Aid Office at (504) 861-5551.

Loan Repayment Assistance Program

The Loan Repayment Assistance Program (LRAP) was established in 1991 by the Loyola College of Law.  Loyola recognized that the high cost of legal education requires many students to get educational loans.  Financial grants are provided to qualified Loyola graduates who are working in public interest jobs in order to help pay off their loans.  This program is funded by Loyola University, the Loyola Gillis Long Poverty Law Center, the Kendall Vick Public Law foundation and the John & June Makdisi Loan Repayment programs.